Signaling in academic ventures: the role of technology transfer offices and university funds

University spinoffs, an important subset of high-tech start-up companies, operate in a context characterized by marked information asymmetries that limit their chances of obtaining financing. Given the uncertainty and imperfect information that characterize these investment opportunities, signals about their potential value deserve further attention. We investigate the relationship between the main stakeholders involved in the process of creating a university spinoff—that is, the academic founders, the university technology-transfer office, and private investors—focusing on the role of public grants as effective signals that attract private venture capital (VC) funding. Using the database of all spinoff companies established to exploit inventions assigned to the University of Michigan from 1999 to 2010, we determine how the funds provided through the university technology-transfer office influence VC follow-on funding and consequent spinoff growth, controlling for the spinoff’s technology, the founders’ human capital, and the network’s resources. The empirical results support a signaling effect of the commercialization funds provided by the university and suggest an indirect impact on the growth of the spinoff’s sales through the mediating effect of VC financing.     

The activities of university knowledge transfer offices: towards the third mission in Italy

Establishing deeper engagement with industry and society has recently become a key concern of universities. To pursue this goal, universities—as well as other public research organizations—have started to reorganize internal resources, to redefine their activities and policies, and to redesign their overall knowledge transfer (KT) business models. As a consequence, in several countries a wide heterogeneity exists in the types of KT models adopted and in the outcomes arising from KT activities. By performing a cluster analysis and a multinomial logit regression on an extensive dataset that almost covers the entire population of Italian universities, in this study we analyze (1) whether models of KT characterized by a broader engagement with society are gradually substituting models more focused on technology commercialization, and (2) which factors related to the availability of resources and universities’ strategic intention better explain existing differences. Insights from the study might help university managers to define the most appropriate actions to fully undertake the implementation of the university third mission.     

What drives the university use of technology transfer offices? Evidence from Italy

Over the last 20 years, universities have made steady progress in their efforts to foster the process of technology transfer through collaboration with industry. The establishment of technology transfer offices (TTO) has become routine for supporting the commercialization of academic research. However, the literature shows that there are many factors that affect the efficiency and effectiveness of these offices. Based on original data from interviews with 197 university departments in Italy, this paper investigates the determinants of universities university use of TTOs. We take account of the effects of universities’ and TTOs characteristics, of research and geographic indicators.     

Technology transfer offices and university patenting in Sweden and Germany

This paper analyses the factors that impact on the decision of researchers to patent their research results. Particular emphasis is put on the role of technology transfer offices. It builds on a survey of university professors in Sweden and Germany. The regression results show that researchers that received support from the public infrastructure and researchers that have experience with the patenting system—through own previous patents or joint patent applications with firms—are much more likely to apply for patents.     

Technology transfer offices as providers of science and technology entrepreneurship education

The Journal of Technology Transfer - Universities show an increasing commitment to stimulate science- and technology-based entrepreneurship with the aim of contributing to societal and economic...     

Technology transfer and value creation: Extending the theory beyond information exchange

Most interfirm models of technology transfer involve the exchange of information. As technology gains increasing importance in competitive strategy, however, the information-exchange perspective becomes increasingly limited. This paper conceptually extends the interfirm technology-transfer process to include aspects of commercialization and value creation. Like other areas of organizational science, much of the problem associated with technology transfer involves implementation. The model developed in this study, in its simplest form, links the technology-transfer process to the well-developed process models of new-product and new-venture development.     

Determinant factors of university spin-off: the case of Korea

Increasingly more research has examined the creation of university spin-off firms as are seen as an important source of regional and national economic growth. However little is known about the factors influencing the formation of university spin-off in Asian countries, especially in Korea. This paper contributes to the literature on academic entrepreneurship by deepening our understanding on determinant factors of university spin-off in the case of Korea. We investigate organizational and institutional factors highlighted in the literature as influencing the creation of university spin-off companies. The Korean government has implemented the INNOPOLIS Research Institute Spin-off (IRIS) program to enable universities to create new firms within special research and development (R&D) zones to commercialize public R&D output. The capability of universities to establish new firms through the program varies; consequently, this study utilized 122 universities from 2013 to 2015 to analyze determinant factors that affect university spin-offs. Panel logit and negative binomial analysis results indicate that university location has the highest positive influence on IRIS. Government-sponsored funding has a negative impact; however, the likelihood that universities create spin-offs and the number of IRIS firms are positively and significantly affected by publications, patents, research funding, and number of university spin-offs.     

Patenting and spin-off creation by Canadian researchers in engineering and life sciences

This paper examines the determinants of patenting and spin-off creation using survey data of 479 researchers in engineering and 449 researchers in life sciences funded by the Natural Sciences and Engineering Research Council of Canada (NSERC). The results show that research novelty and laboratory size are the only two variables significantly explaining patenting and spin-off formation in both engineering and life sciences. Network capital explains spin-off formation in engineering and in life sciences as well as patenting in life sciences, but not in engineering. Furthermore, the results suggest that many categories of resources explain patenting and spin-off formation in engineering and in life sciences, but that the combinations of resources required differ for patenting and spin-off formation and between engineering and life sciences. The results of this paper suggest that customized policies would be required to accommodate differences between spin-off formation and patenting as well as between engineering and life sciences.      

Skilled unemployment and the creation of academic spin-offs: a recession-push hypothesis

Push factors associated with necessity entrepreneurship are largely neglected in the academic entrepreneurship literature. We link research on technology transfer to the literature on opportunity and necessity entrepreneurship, showing that the rate of academic spin-off creation is positively associated with the skilled unemployment rate. This longitudinal study of 559 spin-offs launched between 1999 and 2013, which controlled for several university- and context-level factors, showed that a higher level of unemployment reduced the probability of academic spin-off creation up to a threshold, beyond which the effect was reversed. By contrast, the relative skilled unemployment level was related positively to the probability of academic spin-off, particularly high-tech spin-off, creation. The relationship between the level of skilled unemployment and the creation of high-tech spin-offs was moderated positively by university research orientation and regional research and human capital intensity.     

Technology transfer and academic education with a focus on diversity

This paper describes the “Presence on Campus” technology transfer experiment that Hughes Electronics Corporation is conducting with a large minority institution, California State University, Los Angeles (CSLA). It presents the experiment in the context of the company's workforce diversity objectives and its internal and other external education diversity efforts, as well as CSLA's minority education and research and development programs. The article summarizes progress toward the promotion of resource-leveraging joint R&D projects and student intern involvement, as well as the definition of industry-relevant thesis topics. Some lessons learned are reported.     

Performance of technology transfer offices in Germany

The aim of this study is to empirically analyze the performance of technology transfer offices (TTO) in Germany. Although being one of the largest and innovative economies in the world, there is only scarce evidence about the role and performance of TTO in university–industry technology transfer. While policy makers and university managers are often quite optimistic about the impact of TTO in fostering technology transfer into the region, consulting firms and research institutes report such institutions in Germany as superfluous and counterproductive. Using the number of invention disclosures as a performance measure, we analyze how variance in performance can be explained by different organizational structures and variables of TTO. Controlling for regional endowment and university specific effects, our results reveal that TTO performance is mainly a function of the kind of labor division within the TTO and the research intensity of the university. Knowing the drivers of TTO performance may help policy makers and university managers to reflect their strategies, mitigate weak points and thus foster performance.     

Engines need transmission belts: the importance of people in technology transfer offices

The Journal of Technology Transfer - Over the last 20 years, universities and Public Research Organizations have increased their efforts to transfer their research results towards...     

Innovation and internationalization: the case of Italy

The aim of this paper is to analyze the impact of international activities on knowledge output. For this purpose, we employ a dataset containing exclusively qualitative information about a sample of small and medium Italian manufacturing firms. In the econometric analysis, a probit model is used. The results of the estimations highlight that firms active in international markets generate more knowledge than their counterparts which sell in the national market only. There are two possible explanations of this result. First, globally engaged firms employ more knowledge inputs, such as higher innovation expenditures. Second, international firms are more innovative because they can access to a larger flow of ideas from external sources.     

Technology contracts: An academic perspective

As university-industry ties broaden and strengthen it becomes more important for technology managers on both sides to understand the nature and obligations of the other, and thus its needs, policies, and limitations. This paper discusses some relevant aspects of the nature of universities, the needs of industry, current technologytransfer laws, and in consequence, university policies. It also provides standard language in selected clauses of research and licensing agreements that address these issues. In explicating this fundamental information, the paper might be a useful basis for starting negotiations.     

University Third mission in Italy: organization,faculty attitude and academic specialization

In the last decades Third mission of Universities (encompassing Technology and Knowledge Transfer) has come abreast of the two traditional tasks of Universities. Organization of Universities and attitude of researchers in this field still needs to undergo research. The present work provides experimental evidence of the differences existing in such terms between a specialized technological University and a generalist “Humboldtian” one (with particular regards to its scientific departments). The experimental study is performed on two Italian Universities with similar formal structure and external environment, but with different specialization and research/teaching subjects. Two databases—one agent-based, the second institutional-based—are exploited in order to highlight characters. Results show different organization and attitudes. This may be due either to different organization of internal competencies and responsibilities, or to a different historical path of external relations. Results might prove relevant for the organization of Third mission activities with particular regard to Technology Transfer.     

Academic spin-off activities and research performance: the mediating role of research collaboration

The Journal of Technology Transfer - Studies on the effect of entrepreneurial activities on scientists’ subsequent research performance have reported mixed findings. Given the misalignment...     

Institutions and Mafia in Italy: The case of Messina

Professor Marcello Saija is the director of the Department of European and International Studies at the University of Messina; Dr Daniela Irrera is a researcher at the Department of European and International Studies of the University of Messina.     

Universities and start-up creation by Ph.D. graduates: the role of scientific and social capital of academic laboratories

The Journal of Technology Transfer - This paper investigates how the characteristics of university laboratories influence the propensity of Ph.D. students to entrepreneurship, and thus, contribute...