How Technology and Entrepreneurship are Shaping the Development of Industries and Companies
Elgar original reference
Edited by François Thérin
Chapter 12: Companies spun out of universities: different typologies for different performance patterns
Scientific and technological inventions produced by universities and moved to the market by new firms represent an option increasingly used for wealth creation that departs from the transfer of knowledge generated from research (Carayannis et al., 1998; Siegel et al., 2003; Vohora et al., 2004; Clarysse et al., 2005; Lockett et al., 2005). In the past, this knowledge transfer from the university to the company was made through research contracts or patents, but in the last two decades spin-offs from universities have become an increasingly popular alternative for the exploitation of research outputs (Etzkowitz et al., 2000). This is partly due to a general societal and scholarly movement into an ëentrepreneurial societyí (Audretsch, 2009). The growing awareness over the past decades of the importance of new firms and small and medium-sized enterprises (SMEs) for economic development has stimulated Western governments (at all administrative levels) to provide policies and activities to support the creation of new businesses (Bercovitz and Feldman, 2006; Cassia et al., 2012; Honjo and Harada, 2006; Rothwell and Zegveld, 1982). For instance, Veciana (2007) studied how policies to support the creation of new businesses could have a positive impact on creating jobs, economic growth and innovation potential. Moreover, the transfer of university-industry knowledge has become one of the main factors underpinning European innovation policies (Mueller, 2006).
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