Academic Spin-Offs

Top PDF Academic Spin-Offs:

DO VENTURE CAPITALISTS HAVE A BIAS AGAINST INVESTMENT IN ACADEMIC SPIN-OFFS? EVIDENCE FROM THE MICRO- AND NANOTECHNOLOGY SECTOR IN THE UK

DO VENTURE CAPITALISTS HAVE A BIAS AGAINST INVESTMENT IN ACADEMIC SPIN-OFFS? EVIDENCE FROM THE MICRO- AND NANOTECHNOLOGY SECTOR IN THE UK

three different types of business model: product-based, technology-based and service-based. This classification matches the distinction proposed by Stankiewicz (1994), which is based on the main modes of activities in which firms operate; academic spin-offs can be product- oriented, technology-oriented or consultant. The product-oriented mode is organised around a well-developed product concept, the technology-oriented mode relates to the development of technologies sold through licenses/partnerships and the consultancy mode supplies services exploiting distinctive competencies. On one hand, research services require activities which are not generally based on patents and do not demand significant technological development. In contrast, creating a product/technology requires huge investment in each step of the development process (Druilhe and Garnsey, 2004). Thus, product-oriented business models are considered “high potential companies” created to exploit commercial research findings. Service-oriented companies, also labelled “lifestyle”, are instead created to exploit tacit knowledge accumulated from academic experience (Timmons, 1994). Thus, this last group strengthens the non-commercial nature of academic spin-offs. Moreover, service-based spin- offs present a limited growth potential compared with product- and technology-based ones, given that they require the direct involvement of the founders. This is likely to create constraints in terms of the business and geographical scope of activities. For these reasons, we argue that VC firms should be less confident in investing in academic spin-offs adopting service-oriented business models. Thus, the following hypothesis is suggested:
Show more

46 Read more

Time to take stock : external capital and subsequent performance of academic spin-offs – participants of FORNY program

Time to take stock : external capital and subsequent performance of academic spin-offs – participants of FORNY program

Creating new ventures lies in the foundations of entrepreneurship. However, young firms are known to face many constraints during their early stages of development and formation. “Financial gap”, or the lack of the financing resources, is considered to be the most important of them. These firms seek financing from different sources. It is believed that the choice between them can influence the subsequent performance of the organizations. I am exploring this issue by investigating the external financing attracted and the further performance of the 72 Norwegian academic spin-offs, participants of the FORNY program. The results clearly indicate that external equity financing increases the chance of survival while debt financing decreases it. These findings do not support the traditional pecking order theory of Myers and Majluf (1984) but rather the reverse pecking order of Garmaise (2001). The presence of venture capital (VC) as shareholders and on the board of directors significantly helps the organizations to grow sales-wise, something which is discussed in light of agency theory of Eisenhardt (1989).
Show more

114 Read more

Wage Determination in High-tech Start-ups Does it Differ for Academic Spin-offs?

Wage Determination in High-tech Start-ups Does it Differ for Academic Spin-offs?

 Academic spin-offs are a vehicle to commercialise research results generated at universities and other scientific institutions..  Academic spin-offs exhibit better innovation perform[r]

18 Read more

Triple Helix and academic entrepreneurial intention: understanding motivating factors for academic spin-off among young researchers

Triple Helix and academic entrepreneurial intention: understanding motivating factors for academic spin-off among young researchers

innovation process, the THM emphasized the importance of academia and government. In addition to that, these actors play a crucial role in the creation of entrepreneurial (Yurtkoru et al, 2014) society. This is why, Academic Entrepreneurial Intention (AEI) is considered fundamental. To start a new entrepreneurial adventure which is based on the outcome of academicians, research is considered a fascinating research issue and has recently attracted a growing number of researchers in entrepreneurship (Mosey; Ozgul and Kunday 2015). Academic literature has paid great attention towards under- standing the characteristics of academic spin-offs and to the process behind their cre- ation (Di Gregorio and Shane 2003; Grandi and Grimaldi 2005). However, limited research has been conducted for analyzing a subject involved in the academic field de- veloping intention for new venture creation based on the results of his or her academic research (Feola et al. 2017a, 2017b; Prodan and Drnovsek 2010). Literature review shows various studies have been conducted to understand AEI (Clarysse et al. 2011; Meoli and Vismara 2016; Siegel and Wright, 2015). Despite a large number of literature on entrepreneurship intention, only a few studies on AEI focused on the determinants, and many of them did not even incorporate the role of government, industry and aca- demia together. Based on the call from Siegel and Wright (2015), for rethinking on the- oretical and empirical models of academic entrepreneurship, and suggestions (Feola et al. 2017a, 2017b) to understand AEI in the context of Triple Helix in different cultural settings to understand different helices impact on Academic Entrepreneurial Intention. This study incorporates the components of THM to operationalize the three helices of THM in predicting AEI from developing country perspective. For addressing this prob- lem, the study on AEI in developing countries like Pakistan can have a huge impact to understand the commercialization of the innovations of young entrepreneur re- searchers and develop a platform to analyze how the intention of young entrepreneurs starts their own venture businesses which has a huge impact on society at large.
Show more

15 Read more

Nurture or nature? The growth paradox of research-based spin-offs

Nurture or nature? The growth paradox of research-based spin-offs

Initial capital was the capital raised within 18 months of start-up. The period of 18 months is introduced to allow for management discretion in the founding of academic spin-offs (Clarysse et al. 2007). The exact date of legal founding of a spin-off does not necessarily reflect its ambition. Often in Belgium neither investors nor universities want to take the risk of founder’s liability. A common way to get around this is to start-up the company with minimum capital and only the individual entrepreneurs as founders of the company. Six months later the capital of the company can be increased to the real target and the university and/or investors are included as shareholders. To circumvent these issues Clarysse et al (2005) suggested that a period of 18 months after the official legal founding date of the company is appropriate if one wants to measure the real initial capital. The logarithm was also used for parametric statistical tests in order to subscribe to the normality assumption.
Show more

30 Read more

Opportunities for Managing Human Capital in University Spin-offs. A Dynamic Analysis

Opportunities for Managing Human Capital in University Spin-offs. A Dynamic Analysis

The creation of new businesses generally has a number of positive effects such as job generation, economic and social development and innovation, among others. Likewise, businesses created within a university environment, which are known as ‘university or academic spin-offs’ , have several advantages over other, more traditional technology transfer mechanisms such as patents. Businesses of this type are usually located close to where they are created, thus fostering local economic development (Zucker et al., 1998); they generate revenue that benefits both the founders and the host universities (Bray & Lee, 2000); they drive changes in institutions (Brooks & Randazzese, 1998); and they increase the level of interaction between universities and their social environments (Dorfman, 1983). In addition, spin-offs provide alternative job opportunities for staff working in public research human capital in USOs. If successfully implemented, such policies can contribute to a more efficient management of the market value of such organisations. So, after diagnosing what the human capital component of Spanish USOs is considered to be, a causal analysis was performed. The approach taken to the analysis was that acquiring and retaining human capital is a strategic problem for such organisations. The outcome of the analysis is a series of policy proposals that, taking account of the differential characteristics of USOs, aim to foster the recruitment, development and retention of human capital as the basis of such organisations’ business competitiveness.
Show more

18 Read more

Informational approach of family spin-offs in the funding process of innovative projects: an empirical verification

Informational approach of family spin-offs in the funding process of innovative projects: an empirical verification

In this context, innovator entrepreneurs believe that qualitative information is more relevant than quantitative information in investment decisions (hypothesis H.5 confirmed). This information approach by innovator entrepreneurs seems to have originated from the very nature of the latter. In fact, firms in the selected sample have originated from academic spin-offs. This fact implies that the selected entrepreneurs have a story and training as scientists and, probably, little business orientation. Therefore, this type of entrepreneurs wants to be valued more for their skills relating to the innovative project they proposed than for the expected future profitability and the favor of the potential consumers of the product. Furthermore, it must be noted that most of the quantitative information is of an economic and financial nature, and anyway, it is related to an assessment of the business. Scientist entrepreneurs deem this information less relevant than the quality of human resources (star scientists and researchers) involved in the project. In fact, it is well known that in the scientific world, what counts is the quality of human resources involved, rather than the economic and financial potential of the project. The more the research project is ‘speculative’ , the more the principle is true.
Show more

23 Read more

Dutch University Spin Offs and the probability to receive governmental funding : a study of entrepreneurial orientation and human capital key determinants

Dutch University Spin Offs and the probability to receive governmental funding : a study of entrepreneurial orientation and human capital key determinants

Because of the reasons mentioned, many academic entrepreneurs apply to national governmental funding programmes that fund USO’s. A considerable amount of these applications receive this early phase funding (Ayoub, Gottschalk & Müller, 2017), however it still seems that a considerable amount of the applicants get rejected but still manage to attract other sources of (governmental) funding. Because the success factors of the business proposals that do get funded are not clear, this leaves academic entrepreneurs unaware on how to increase their chances to receive governmental funding. In order to clarify on this matter, this paper tries to identify which elements of entrepreneurial orientation (EO; Lumpkin & Dess, 1996) will give academic entrepreneurs increased chances of governmental funding. Also I will research if human capital (HC; Becker, 1975) present within a USO increases its chances to receive governmental funding. In both cases, governmental funding is depicted by a Dutch valorisation grant programme for academic entrepreneurship. Finally then, from the research problem as described above, the following research question emerges:
Show more

21 Read more

[N294.Ebook] Free PDF Cycles Sequels Spin Offs Remakes And Reboots Multiplicities In Film And Television From University Of Texas Press.pdf

[N294.Ebook] Free PDF Cycles Sequels Spin Offs Remakes And Reboots Multiplicities In Film And Television From University Of Texas Press.pdf

How if your day is started by reviewing a publication Cycles, Sequels, Spin-offs, Remakes, And Reboots: Multiplicities In Film And Television From University Of Texas Press Yet, it remains in your gadget? Everyone will still touch and also us their gadget when awakening and also in early morning tasks. This is why, we suppose you to also read a book Cycles, Sequels, Spin-offs, Remakes, And Reboots: Multiplicities In Film And Television From University Of Texas Press If you still confused ways to obtain guide for your gizmo, you could adhere to the way right here. As below, we provide Cycles, Sequels, Spin-offs, Remakes, And Reboots: Multiplicities In Film And Television From University Of Texas Press in this internet site.
Show more

9 Read more

Spin-offs and the Market for Ideas

Spin-offs and the Market for Ideas

wage and the price at which they can sell their idea — if they do not spin off — only if the idea is particularly good. Hence the best ideas will result in spin-offs and the not-so-good ideas will be sold to existing firms. In this sense, our theory determines entry through spin-offs and firm growth. Most of the previous efforts to study firm dynamics have taken a different approach. The seminal works of Jovanovic (1982), Hopenhayn (1992), and Ericson and Pakes (1995) study firm dynamics that result from an exogenous stream of productivity levels. So do more recent papers like Luttmer (2006), Klette and Kortum (2004), and Rossi-Hansberg and Wright (2006), although these papers do endogenize the characteristics of entrants. Firms do not determine their productivity; they act conditional on it or on what they know about it. In contrast, what we propose is a theory in which the quality of the projects that firms implement, as well as the quality of the projects of new entrants (spin-offs), is determined endogenously by the selection of projects. This mechanism leads to a theory of firm behavior in which firm dynamics are determined by the quality and quantity of the implemented projects. Franco and Filson (2006) also provide a theory of spin-offs but focus on imitation of existing ideas by workers. Silveira and Wright (2007) study the market for ideas in the context of a search model and analyze its effects on wages and employment. None of these studies focus on private information and adverse selection as a determinant of entry through spin-offs and the size distribution of firms, which is the main focus of this paper.
Show more

38 Read more

Research on the relationship of institutional innovation, organizational learning and synergistic effect: An empirical study of chineses university spin-offs

Research on the relationship of institutional innovation, organizational learning and synergistic effect: An empirical study of chineses university spin-offs

Design/methodology/approach: Firstly, we found that following the procedural view, each one of these three elements can be divided into two parts. Then, we established structural equation modeling with the connections between these six subdivisions. Secondly, by taking 270 university Spin-offs in China as samples, we verified the fit of the model through statistical data on the questionnaire survey. Thirdly, we analyzed the relationship and influence path of the institutional innovation, organizational learning and synergistic effect.

15 Read more

Determinants of bondholder wealth effects in corporate restructurings: evidence from spin-offs as compared to mergers and acquistions

Determinants of bondholder wealth effects in corporate restructurings: evidence from spin-offs as compared to mergers and acquistions

Cumulative abnormal returns (CAR) for all the nonconvertible bonds of a sample of 37 firms that announced and completed a spin-off between 1979 to April 30, 1998. Spin-offs are identified from the CRSP tapes, the Security Data Company's (SDC) Worldwide Acquisition database, publications such as Moody's Dividend Records, Mergers and Acquisitions, and news wires and articles from Lexis- Nexis and the Wall Street Journal for the period 1979 to early 1998. All nonconvertible bonds of the parent firm that have trader quotes available in and around the spin-off announcement month are Identified from the monthly bond price data in the Fixed Income Database (FID). Monthly total return is obtained from the Fixed Income Database for each event month. The announcement is Identified as month 0. An industry-maturity- adjusted benchmark index is constructed from six Lehman Brothers Corporate Bond indexes in the dimension of industry and maturity. For each bond the return on the industry-maturity- benchmark index is subtracted from the corresponding monthly raw return in each event month to calculate the abnormal return. The abnormal returns are computed on a per firm basis, by first aggregating across all bonds for the same firm and then taking the average across firms in each event month. Cumulative abnormal returns are then calculated for three event windows, i.e., for three months, seven months, and 13 months, around the spin-off announcement month. The parametric test statistic of Barber and Lyon (1997) is used to test the significance of the mean cumulative abnormal return.
Show more

172 Read more

Spontaneous processes of reproduction of family-based entrepreneurship: an empirical research on the cognitive nature of the spin-offs

Spontaneous processes of reproduction of family-based entrepreneurship: an empirical research on the cognitive nature of the spin-offs

This would lead to a spontaneous entrepreneurial process that has at its basis the reproduction of the parent company’s cognitive map. Hypothesis H1, while highly cor- relating that capacity of synthesizing a cognitive script with the latent constructs ‘ pro- pensity to spin off ’ and ‘ cognitive map reproduction ’ , of course does not exclude co- participation in the spin-off process of the classical motivations that lead an individual towards independent entrepreneurship (desire for more prestige, increased income, greater autonomy, confidence in one ’ s own business idea possibly not shared by family members, etc.). The critical point in the development of the empirical analysis was, therefore, to prove first of all the existence of a possible correlation between the accu- mulation of knowledge (of which the cognitive script acquisition is a direct expression) and the propensity to spin off, linked to a precise determination of the new entrepre- neur to reproduce the parent company ’ s cognitive map. The confirmatory model devel- oped (Table 2) clearly shows these close correlations (cognitive script acquisition, propensity to spin off (Φ = 0.75); cognitive script acquisition, cognitive map reproduction (Φ = 0.87)), demonstrating the ability of the individual holding the scripts to turn from employee to entrepreneur, following the ‘ footprints ’ of the parent company ’ s success. Thus, the model consists of two moments: the first, in which the holder of certain knowledge aspires to develop outside of the family business, and the second in which the family member concerned with the spin-off attempts (even only potentially) to reproduce in his spin-off firm the critical knowledge accumulated in the parent company. Such knowledge makes up the cognitive map of a process that the new entrepreneur considers vital for the new company. The confirmatory model pro- vided a valid support for hypothesis H1, showing an undoubtedly high value of the Φ coefficient in the correlation between the various constructs (Table 2).
Show more

14 Read more

The influence of academic subcultures on researchers' intentions to start a spin off

The influence of academic subcultures on researchers' intentions to start a spin off

has changed during that time. An intention as determined earlier may thus not be relevant anymore, which prevents the implementation of that former intention. A researcher may want to start a spin-off and have the intention, but when he sud- denly becomes bankrupt and thus thinks he cannot afford the start of a spin-off anymore, his/her perceived behavioural control has changed. His/her intention will also change: he/she does not intend to start a spin-off anymore. A second reason for preventing the implementation of intention into behaviour can be that certain behaviour is just not realistic. In case of the example, a researcher wants to start a very large spin-off company that produces human robots. This person has a positive attitude, relevant persons around him/her agree on this being a good idea and he/she thinks he has the abilities to do this. Nevertheless, it is not possible to really start such spin-off, as such robots do not exist yet, there is no demand for these products and the company would be way too large. This actor will thus not turn intention into behaviour, because the behaviour is not realistic. The last reason that the intensity of the relation between intention and behaviour is questionable, is custom behaviour. Some behaviour is performed so many times that it has become a customary, which means the actor does not rationally think about the conversion of intention into behaviour, but just behaves in a certain way without thinking about it. Nevertheless, just as with the first cri- tique, a model is always a simplification of real life. In order to study something, models are useful additions to find out relations between factors.
Show more

73 Read more

Combining spin out and spin in activities – the spin along approach

Combining spin out and spin in activities – the spin along approach

Cisco believes that although the approach reduces the upside for entrepreneurially mo - tivated employees, it mitigated enough risk to make the employment decision attractive from a risk/reward standpoint. Spin-outs are mainly motivated to break-off from the par- ent company by having a competitive advantage mostly in a technological field, but these organizations often lack business and management skills and expertise. For that reason, Cisco founded a special Business Development Group (BDG) with the aim to provide the needed management expertise to coach the spin-out through the market-entry develop- ment process [32, 34].
Show more

13 Read more

Spin transport and spin torque in antiferromagnetic devices

Spin transport and spin torque in antiferromagnetic devices

Furthermore, since it is an even function of magnetization, it is equally present in antiferromagnetic materials. 16 However, until recently, the effect had remained elusive because of the difficulty in controlling the magnetic moment direction in antiferromagnets. Nevertheless, AMR has now been demonstrated in several antiferromagnets. Marti et al. 17 used antiferromagnetic FeRh for the demonstration of AMR. This material becomes ferromagnetic when heated and responds to applied magnetic fields. By then cooling back into the antiferromagnetic phase with the field still applied, the antiferromagnetic spin direction can be controlled. Other experiments used antiferromagnets exchange coupled to a ferromagnet, 18, 19 large magnetic fields 20,21 or electrical current 2 (as we discuss in depth later) to manipulate the antiferromagnetic moments. The full functional form of AMR, shown in Fig. 2a, was demonstrated by Kriegner et al. 21 in antiferromagnetic MnTe.
Show more

22 Read more

The Spin Spin Interaction and the New Concept of Photon

The Spin Spin Interaction and the New Concept of Photon

S        S e  1 (8) Since the spin inherence of electron, comparing (8) with Pauli rule it is shown that after changing its spin, the electron must be in different energy state, which is cor- responding to the difference of spin, , that means the electron should transit down to lower level and transfer its energy to photon. The new photon appears.

5 Read more

Spin Force on Pseudo Spin Current in Graphene

Spin Force on Pseudo Spin Current in Graphene

Abstract The present study investigated spin force by using pseudo spin-orbit coupling in an artificial atomic structure for graphene. This spin force, which is applied on pseudo spin current, can be controlled by graphene gap and electric field due to charged nanodot. It seems that, by this force can be constructed a logical system from graphene and semiconductors. In addition, this force can be used for understanding the Zitterbewegung of electron wave packet with pseudo spin-orbit coupling in graphene and create of the charge Hall effect in semiconductors and graphene.
Show more

6 Read more

Spin dynamics of quantum spin ladders and chains

Spin dynamics of quantum spin ladders and chains

This thesis mainly focuses on the investigation of the spin dynamics of ideal quasi one- dimensional (1D) systems. Two different groups of materials are studied causing the experimental section of this thesis to be divided into two parts: The study of magnetism in cuprates upon hole-doping and the interplay of quantum and thermal effects in cop- per nitrate. The similarity of the two groups of materials is their quasi 1D character presenting the simplest case and providing the possibility of an accessible theoretical description. The common goal consists of the measurement of the excitation spectrum and the allocation of a physical picture. In both groups a complete experimental and complementary theoretical description has not been available so far, but this thesis pro- vides a detailed experimental investigation. While some theoretical work exists and is used for comparison, this investigation serves as a guideline for the development of advanced theories necessary to describe all features of the data. However, the devel- opment of those theories is beyond the scope of this thesis leading to a qualitative de- scription of the data where theory is not available. The systems presenting the study of magnetism in cuprates upon hole doping are the spin-ladder materials La 4 Sr 10 Cu 24 O 41
Show more

212 Read more

Monetary policy with sectoral trade offs

Monetary policy with sectoral trade offs

To this end, the model lends itself to account for three options: i aggregate in‡ation, according to which the sectoral in‡ation rates are aggregated depending on the relative size of ea[r]

38 Read more

Show all 8627 documents...