Shaping China’s Innovation Future

Shaping China’s Innovation Future

University Technology Transfer in Transition

Elgar Intellectual Property and Global Development series

John L. Orcutt and Hong Shen

Shaping China’s Innovation Future employs a thorough analysis of a combination of factors including: the role of law and China’s legal system; economic theory and the development of China’s economy; China’s educational, intellectual property, and financial systems; China’s innovation capacity; and Chinese culture. Though the recommendations on how to improve China’s technology commercialization system are unique to China, the scope of the research makes the conclusions found here applicable to other countries facing similar challenges.

Chapter 8: China’s Emerging Venture Capital Industry

John L. Orcutt and Hong Shen

Subjects: asian studies, asian economics, asian innovation and technology, asian law, business and management, entrepreneurship, development studies, development economics, law and development, economics and finance, asian economics, development economics, innovation and technology, asian innovation, innovation policy, intellectual property, technology and ict, law - academic, asian law, intellectual property law, internet and technology law, law and development

Extract

Innovations fail to create value when they cannot attract the resources required to develop them. – Paul A. Gompers and Josh Lerner1 As we have tried to highlight throughout this book, one of the biggest challenges to the future success of China’s Bayh–Dole efforts will be the business sector’s R&D strength.2 In this chapter, we want to focus on one particular element of China’s business sector that tends to be a very natural technology transfer partner for universities in developed countries: high-technology start-up firms. In the United States, for example, such smaller, high-growth firms are critical licensees for university-developed technology (see Table 8.1). While such detailed statistics are not readily available in China for a Table 8.1 University-developed technology licensees in the United States (based on AUTM’s annual U.S. licensing activity surveys) 2005 U.S. universities that responded to survey Commercial licenses & options: Total executed Executed to small companies (excluding university-created start-ups) % executed to small companies Executed to university-created start-ups % executed to university-created start-ups Executed to large companies % executed to large companies 158 2006 161 2007 161 2008 159 4201 2193 4192 2127 4419 2150 4376 2139 52.2% 586 13.9% 1203 28.6% 50.7% 698 16.7% 1327 31.7% 50.0% 764 17.8% 1383 32.2% 48.9% 733 16.8% 1504 34.4% Sources: The Association of University Technology Managers (AUTM), U.S. Licensing Activity Surveys – FY 2005–FY 2008. 179 M2468 - ORCUTT PRINT.indd 179 22/11/2010 11:19 180 Shaping China’s innovation future direct comparison, it is clear the role played by China’s...

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