Government, University and Business Linkages
New Horizons in Entrepreneurship series
Edited by Scott Shane
Chapter 2: Government Policies to Encourage Economic Development through Entrepreneurship: The Case of Technology Transfer
Scott Shane INTRODUCTION The federal and state governments in the United States have long partnered with universities to promote economic development through entrepreneurship. In fact, even the land grant system that led to the formation of many American universities is, itself, based on the idea that universities should be established so as to create knowledge that entrepreneurs could use to improve local agriculture and manufacturing (Golub, 2003; Rosenberg and Nelson, 1994). Over the past 25 years, American universities have become even more important contributors to economic development through entrepreneurship. Moreover several policies that have been put in place to encourage the formation of companies to exploit new knowledge created in academia by faculty, staff and students of research universities (university spin-offs) over this period have contributed to this increase in the contribution of university entrepreneurship to economic development. This chapter reviews many of the policies adopted by federal and state governments to enhance economic development through the creation of university spin-off companies to identify some best practices for the enhancement of economic development through the encouragement of university entrepreneurship. The chapter is divided into three parts. The ﬁrst section reviews evidence that the creation of spin-off companies indeed enhances economic development. The second section reviews the policies designed to promote economic development through the creation of new companies to exploit academic inventions to evaluate the case for the value of different policies. The third section offers some implications from the review of policies about best 33 34 Economic development through...
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