The Capitalization of Knowledge

The Capitalization of Knowledge

A Triple Helix of University–Industry–Government

Edited by Riccardo Viale and Henry Etzkowitz

This ground-breaking new volume evaluates the capacity of the triple helix model to represent the recent evolution of local and national systems of innovation. It analyses both the success of the triple helix as a descriptive and empirical model within internationally competitive technology regions as well as its potential as a prescriptive hypothesis for regional or national systems that wish to expand their innovation processes and industrial development. In addition, it examines the legal, economic, administrative, political and cognitive dimensions employed to configure and study, in practical terms, the series of phenomena contained in the triple helix category.

Chapter 7: A Company of their Own: Entrepreneurial Scientists and the Capitalization of Knowledge

Henry Etzkowitz

Subjects: business and management, entrepreneurship, knowledge management, economics and finance, economics of innovation, innovation and technology, economics of innovation, knowledge management

Extract

Henry Etzkowitz INTRODUCTION: THE ACADEMIC WORLD HAS TURNED The capitalization of knowledge is an emerging mode of production (Etzkowitz, 1983). Until the past few decades, a sceptical view of firm formation was the taken-for-granted perspective of most faculty members and administrators at research universities. Since 1980, an increasing number of academic scientists have broadened their professional interests, from a single-minded interest in contributing to the literature, to making their research the basis of a firm. Formerly largely confined to a specialized academic sector, firm formation has spread to a broad range of universities: public and private; elite and non-elite. In addition, a complex web of relationships has grown up among university-originated startups in emerging industries and older and larger firms in traditional industries. Often the same academic scientists are involved with both types of firms, managing a diversified portfolio of industrial interactions (Powell et al., 2007). An entrepreneurial science model, combining basic research and teaching with technological innovation, is displacing the ‘ivory tower’ of knowledge for its own sake. In the mid-1980s, a faculty member at Stanford University reviewed his colleagues’ activities: ‘In psychiatry there are a lot of people interested in the chemistry of the nervous system and two of them have gone off to form their own company.’ Another Stanford professor, during the same period, estimated that In electrical engineering about every third student starts his own company. In our department [computer science] it’s starting as well. That’s a change in student behaviour and faculty acceptance because the...

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