Edited by Alain Fayolle and Dana T. Redford
Chapter 14: The potential of and framework for promoting a business angel university and intellectual property exploitation: a case study from Wales
Universities have had long experience of directly utilizing internal knowledge to turn discovery and technology into application. Their strategic resources provide support for commercialization and technology transfer to industry through the use of physical spaces including equipment, laboratory space, human resources, and to utilize investment capital derived from outside sources (Bird et al., 1993). Higher Education Institutions (HEIs) have, however, also increasingly been encouraged to take a larger role in local economic development (e.g., see Lazzeretti and Tavoletti, 2005; Lenger, 2008) particularly through innovation (Boucher et al., 2003; Benneworth, 2007). Increased government policy efforts have therefore been focused in many countries to more directly commercialize the outputs of university research in some way. Authors such as Lambooy (2004) have examined the transmission of university-created knowledge to their surrounding regions via a network approach. Wright et al. (2004) also suggest a range of formal and informal mechanisms in which knowledge creation and dissemination can be encouraged more widely through, for example, licensing and technology transfer. The arguments surrounding this can be seen as strongly related to the knowledge spillover theory of entrepreneurship (Acs et al., 2004). This argues, essentially, that knowledge developed in one institution may be commercialized by others, and that entrepreneurship is one way that the ëeconomic agent with a given endowment of new knowledgeí can best appropriate the returns from that knowledge.
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