798
Views
0
CrossRef citations to date
0
Altmetric
Editorial

Academic institutions and the changing entrepreneurial finance landscape

, , &
Pages 205-217 | Received 09 Jun 2023, Accepted 11 Jun 2023, Published online: 21 Jun 2023

References

  • Adomdza, G. K. 2016. “Choosing Between a Student–Run and Professionally Managed Venture Accelerator.” Entrepreneurship Theory and Practice 40 (4): 943–956. https://doi.org/10.1111/etap.12145 .
  • Algieri, B., A. Aquino, and M. Succurro. 2013. “Technology Transfer Offices and Academic Spin-Off Creation: The Case of Italy.” The Journal of Technology Transfer 38 (4): 382–400. https://doi.org/10.1007/s10961-011-9241-8.
  • Atkinson, S. H. 1994. “University-Affiliated Venture Capital Funds.” Health Affairs 13 (3): 159–175. https://doi.org/10.1377/hlthaff.13.3.159.
  • Belitski, M., A. Aginskaja, and R. Marozau. 2019. “Commercializing University Research in Transition Economies: Technology Transfer Offices or Direct Industrial Funding?” Research Policy 48 (3): 601–615. https://doi.org/10.1016/j.respol.2018.10.011.
  • Belleflamme, P., T. Lambert, and A. Schwienbacher. 2014. “Crowdfunding: Tapping the Right Crowd.” Journal of Business Venturing 29 (5): 585–609. https://doi.org/10.1016/j.jbusvent.2013.07.003.
  • Berbegal-Mirabent, J., U. Rizzo, and F. Rossi. 2022. “How Universities’ Third Mission Engagement Can Support Inclusive Innovation and Sustainable Development: Addressing Some Open Questions.” International Journal of Intellectual Property Management 12 (1): 1–12.
  • Berbegal-Mirabent, J., and F. Sabate. 2015. “Balancing Basic and Applied Research Outputs: A Study of the Trade-Offs Between Publishing and Patenting.” Technology Analysis & Strategic Management 27 (10): 1143–1158. https://doi.org/10.1080/09537325.2015.1060313.
  • Bertoni, F., S. Bonini, V. Capizzi, M. G. Colombo, and S. Manigart. 2022. “Digitization in the Market for Entrepreneurial Finance: Innovative Business Models and New Financing Channels.” Entrepreneurship Theory and Practice 46 (5): 1120–1135. https://doi.org/10.1177/10422587211038480.
  • Bock, C., A. Huber, and S. Jarchow. 2018. “Growth Factors of Research-Based Spin-Offs and the Role of Venture Capital Investing.” The Journal of Technology Transfer 43 (5): 1375–1409. https://doi.org/10.1007/s10961-017-9635-3.
  • Bonini, S., and V. Capizzi. 2019. “The Role of Venture Capital in the Emerging Entrepreneurial Finance Ecosystem: Future Threats and Opportunities.” Venture Capital 21 (2–3): 137–175. https://doi.org/10.1080/13691066.2019.1608697.
  • Breznitz, S. M., P. A. Clayton, D. Defazio, and K. R. Isett. 2018. “Have You Been Served? The Impact of University Entrepreneurial Support on Start-Ups’ Network Formation.” The Journal of Technology Transfer 43 (2): 343–367. https://doi.org/10.1007/s10961-017-9565-0.
  • Brown, R. 2016. “Mission Impossible? Entrepreneurial Universities and Peripheral Regional Innovation Systems.” Industry and Innovation 23 (2): 189–205. https://doi.org/10.1080/13662716.2016.1145575.
  • Brundenius, C., B. Göransson, and J. M. C. de Mello, eds. 2016. Universities, Inclusive Development and Social Innovation: An International Perspective. Springer. https://doi.org/10.1007/978-3-319-43700-2.
  • Carayannis, E. G., and D. F. Campbell. 2009. “’Mode 3’ and ‘Quadruple Helix’: Toward a 21st Century Fractal Innovation Ecosystem.” International Journal of Technology Management 46 (3–4): 201–234. https://doi.org/10.1504/IJTM.2009.023374.
  • Cartaxo, R. M., and M. M. Godinho. 2017. “How Institutional Nature and Available Resources Determine the Performance of Technology Transfer Offices.” Industry and Innovation 24 (7): 713–734. https://doi.org/10.1080/13662716.2016.1264068.
  • Cassar, G. 2004. “The Financing of Business Start-Ups.” Journal of Business Venturing 19 (2): 261–283. https://doi.org/10.1016/S0883-9026(03)00029-6.
  • Cattaneo, M., M. Meoli, and A. Signori. 2016. “Performance-Based Funding and University Research Productivity: The Moderating Effect of University Legitimacy.” The Journal of Technology Transfer 41 (1): 85–104. https://doi.org/10.1007/s10961-014-9379-2.
  • Colombo, M. G., and M. Delmastro. 2002. “How Effective are Technology Incubators? Evidence from Italy.” Research Policy 31 (7): 1103–1122. https://doi.org/10.1016/S0048-73330100178-0.
  • Colombo, M. G., L. Grilli, and C. Verga. 2007. “High-Tech Start-Up Access to Public Funds and Venture Capital: Evidence from Italy.” International Review of Applied Economics 21 (3): 381–402. https://doi.org/10.1080/02692170701390361.
  • Colombo, M. G., and E. Piva. 2020. “Student Entrepreneurs: The Impact on Entrepreneurial Entry of University Education in STEM Fields.” Research Policy 49 (6): 103993. https://doi.org/10.1016/j.respol.2020.103993.
  • Corsi, C., and A. Prencipe. 2018. “Internal Funding, Debt and External Equity: Which of These Effectively Improve the Growth of University Spin-Offs?” International Journal of Entrepreneurial Venturing 10 (6): 638–662. https://doi.org/10.1504/IJEV.2018.095315.
  • Crișan, E. L., I. I. Salanță, I. N. Beleiu, O. N. Bordean, and R. Bunduchi. 2021. “A Systematic Literature Review on Accelerators.” The Journal of Technology Transfer 46 (1): 62–89. https://doi.org/10.1007/s10961-019-09754-9.
  • Croce, A., L. Grilli, and S. Murtinu. 2014. “Venture Capital Enters Academia: An Analysis of University-Managed Funds.” The Journal of Technology Transfer 39 (5): 688–715. https://doi.org/10.1007/s10961-013-9317-8.
  • Degroof, J. J., and E. B. Roberts. 2004. “Overcoming Weak Entrepreneurial Infrastructures for Academic Spin-Off Ventures.” Journal of Technology Transfer 29 (3–4): 327–352. https://doi.org/10.1023/B:JOTT.0000034126.23592.23.
  • Etzkowitz, H. 2017. “Innovation Lodestar: The Entrepreneurial University in a Stellar Knowledge Firmament.” Technological Forecasting and Social Change 123:122–129. https://doi.org/10.1016/j.techfore.2016.04.026.
  • Etzkowitz, H., M. Weston-Smith, J. Beddows, E. Albats, H. Lawton-Smith, J. Wilkinson, J. Yang, et al. 2023. “University Venture Capital in Big Data, Regional and Historical Perspective: Where and Why Has It Arisen?” Venture Capital 1–36. https://doi.org/10.1080/13691066.2023.2184287.
  • Etzkowitz, H., and C. Zhou. 2018. “Innovation Incommensurability and the Science Park.” R&D Management 48 (1): 73–87. https://doi.org/10.1111/radm.12266.
  • Goddard, J., E. Hazelkorn, L. Kempton, P. Vallance, J. Goddard, E. Hazelkorn, L. Kempton, and P. Vallance. 2016. The Civic University. The Policy and Leadership Challenges. Cheltenham: Edward Elgar Publishing. https://doi.org/10.4337/9781784717728.
  • Gompers, P. A., W. Gornall, S. N. Kaplan, and I. A. Strebulaev. 2020. “How Do Venture Capitalists Make Decisions?” Journal of Financial Economics 135 (1): 169–190. https://doi.org/10.1016/j.jfineco.2019.06.011.
  • Gubitta, P., A. Tognazzo, and F. Destro. 2016. “Signaling in Academic Ventures: The Role of Technology Transfer Offices and University Funds.” The Journal of Technology Transfer 41 (2): 368–393. https://doi.org/10.1007/s10961-015-9398-7.
  • Guerrero, M., D. Urbano, J. Cunningham, and D. Organ. 2014. “Entrepreneurial Universities in Two European Regions: A Case Study Comparison.” The Journal of Technology Transfer 39 (3): 415–434. https://doi.org/10.1007/s10961-012-9287-2.
  • Hallen, B. L., S. L. Cohen, and C. B. Bingham. 2020. “Do Accelerators Work? If So, How?” Organization Science 31 (2): 378–414. https://doi.org/10.1287/orsc.2019.1304.
  • Hallen, B. L., S. L. Cohen, and S. H. Park. 2023. “Are Seed Accelerators Status Springboards for Startups? Or Sand Traps?” Strategic Management Journal. Forthcoming. https://doi.org/10.1002/smj.3484.
  • Hayter, C. S., A. J. Nelson, S. Zayed, and A. C. O’Connor. 2018. “Conceptualizing Academic Entrepreneurship Ecosystems: A Review, Analysis and Extension of the Literature.” The Journal of Technology Transfer 43 (4): 1039–1082. https://doi.org/10.1007/s10961-018-9657-5.
  • Herber, D. L., J. Mendez-Hinds, J. Miner, M. C. Sedam, K. Wozniak, V. L. McDevitt, and P. R. Sanberg. 2017. “University Seed Capital Programs: Benefits Beyond the Loan.” Technology and Innovation 18 (4): 305–314. https://doi.org/10.21300/18.4.2017.305.
  • Hockaday, T. 2020. University Technology Transfer: What It is and How to Do It. Baltimore, Maryland: Johns Hopkins University Press.
  • Huynh, T. 2016. “Early-Stage Fundraising of University Spin-Offs: A Study Through Demand-Site Perspectives.” Venture Capital 18 (4): 345–367. https://doi.org/10.1080/13691066.2016.1229772.
  • Jacob, M., M. Lundqvist, and H. Hellsmark. 2003. “Entrepreneurial Transformations in the Swedish University System: The Case of Chalmers University of Technology.” Research Policy 32 (9): 1555–1568. https://doi.org/10.1016/S0048-73330300024-6.
  • Jefferson, D. J., M. Maida, A. Farkas, M. Alandete-Saez, and A. B. Bennett. 2017. “Technology Transfer in the Americas: Common and Divergent Practices Among Major Research Universities and Public Sector Institutions.” The Journal of Technology Transfer 42 (6): 1307–1333. https://doi.org/10.1007/s10961-016-9516-1.
  • Kaplan, S. N., P. A. Sensoy, and P. Strӧmberg. 2009. “Should Investors Bet on the Jockey or the Horse? Evidence from the Evolution of Firms from Early Business Plans to Public Companies.” The Journal of Finance LXIV (1): 75–115. https://doi.org/10.1111/j.1540-6261.2008.01429.x.
  • Klofsten, M., A. Fayolle, M. Guerrero, S. Mian, D. Urbano, and M. Wright. 2019. “The Entrepreneurial University as Driver for Economic Growth and Social Change-Key Strategic Challenges.” Technological Forecasting and Social Change 141:149–158. https://doi.org/10.1016/j.techfore.2018.12.004.
  • Knockaert, M., M. Wright, B. Clarysse, and A. Lockett. 2010. “Agency and Similarity Effects and the Vc’s Attitude Towards Academic Spin-Out Investing.” The Journal of Technology Transfer 35 (6): 567–584. https://doi.org/10.1007/s10961-009-9138-y.
  • Kremer, M., A. K. Achleitner, and R. Braun. 2022. “University Venture Capital–The Promise and Pitfalls of University Direct Investments.” SSRN Electronic Journal. Available at SSRN 4016443. https://doi.org/10.2139/ssrn.4016443.
  • Leiva, J. C., R. Mora-Esquivel, and M. Solís. 2023. “Nascent Entrepreneurship in University Students: The Role of the Context.” Venture Capital 1–30. https://doi.org/10.1080/13691066.2023.2171318.
  • Lepori, B. 2022. “The Heterogeneity of European Higher Education Institutions: A Configurational Approach.” Studies in Higher Education 47 (9): 1827–1843. https://doi.org/10.1080/03075079.2021.1968368.
  • Lerner, J. 2005. “The University and the Start-Up: Lessons from the Past Two Decades.” Journal of Technology Transfer 30 (1–2): 49–56. https://doi.org/10.1007/s10961-004-4357-8.
  • Lerner, J., and R. Nanda. 2020. “Venture Capital’s Role in Financing Innovation: What We Know and How Much We Still Need to Learn.” Journal of Economic Perspectives 34 (3): 237–261. https://doi.org/10.1257/jep.34.3.237.
  • Lockett, A., G. Murray, and M. Wright. 2002. “Do UK Venture Capitalists Still Have a Bias Against Investment in New Technology Firms.” Research Policy 31 (6): 1009–1030. https://doi.org/10.1016/S0048-73330100174-3.
  • Magomedova, N., N. Villaescusa, and A. Manresa. 2023. “Exploring the Landscape of University-Affiliated Venture Funds: An Archetype Approach.” Venture Capital 1–33. https://doi.org/10.1080/13691066.2022.2163001.
  • Mansoori, Y. 2017. “Enacting the Lean Startup Methodology: The Role of Vicarious and Experiential Learning Processes.” International Journal of Entrepreneurial Behavior & Research 23 (5): 812–838. https://doi.org/10.1108/IJEBR-06-2016-0195.
  • Metcalf, L. E., T. M. Katona, and J. L. York. 2021. “University Startup Accelerators: Startup Launchpads or Vehicles for Entrepreneurial Learning?” Entrepreneurship Education and Pedagogy 4 (4): 666–701. https://doi.org/10.1177/2515127420931753.
  • Moray, N., and B. Clarysse. 2005. “Institutional Change and Resource Endowments to Science-Based Entrepreneurial Firms.” Research Policy 34 (7): 1010–1027. https://doi.org/10.1016/j.respol.2005.05.016.
  • Munari, F., M. Pasquini, and L. Toschi. 2015. “From the Lab to the Stock Market? The Characteristics and Impact of University-Oriented Seed Funds in Europe.” The Journal of Technology Transfer 40 (6): 948–975. https://doi.org/10.1007/s10961-014-9385-4.
  • Munari, F., E. Rasmussen, L. Toschi, and E. Villani. 2016. “Determinants of the University Technology Transfer Policy-Mix: A Cross-National Analysis of Gap-Funding Instruments.” The Journal of Technology Transfer 41 (6): 1377–1405. https://doi.org/10.1007/s10961-015-9448-1.
  • Munari, F., M. Sobrero, and L. Toschi. 2017. “Financing Technology Transfer: Assessment of University-Oriented Proof-Of-Concept Programmes.” Technology Analysis & Strategic Management 29 (2): 233–246. https://doi.org/10.1080/09537325.2016.1241874.
  • Mustar, P., and M. Wright. 2010. “Convergence or Path Dependency in Policies to Foster the Creation of University Spin-Off Firms? A Comparison of France and the United Kingdom.” The Journal of Technology Transfer 35 (1): 42–65. https://doi.org/10.1007/s10961-009-9113-7.
  • Nico, S. 2020. “Knowledge as a Public Good and Knowledge as a Commodity.” Epistemology & Philosophy of Science 57 (4): 40–51. https://doi.org/10.5840/eps202057455.
  • Nicotra, M., M. Del Giudice, and M. Romano. 2021. “Fulfilling University Third Mission: Towards an Ecosystemic Strategy of Entrepreneurship Education.” Studies in Higher Education 46 (5): 1000–1010. https://doi.org/10.1080/03075079.2021.1896806.
  • Oh, D. S., F. Phillips, S. Park, and E. Lee. 2016. “Innovation Ecosystems: A Critical Examination.” Technovation 54:1–6. https://doi.org/10.1016/j.technovation.2016.02.004.
  • Orecchini, F., V. Valitutti, and G. Vitali. 2012. “Industry and Academia for a Transition Towards Sustainability: Advancing Sustainability Science Through University–Business Collaborations.” Sustainability Science 7 (S1): 57–73. https://doi.org/10.1007/s11625-011-0151-3.
  • O’Shea, R. P., T. J. Allen, A. Chevalier, and F. Roche. 2005. “Entrepreneurial Orientation, Technology Transfer and Spinoff Performance of US Universities.” Research Policy 34 (7): 994–1009. https://doi.org/10.1016/j.respol.2005.05.011.
  • Pierrakis, Y., and G. Saridakis. 2019. “The Role of Venture Capitalists in the Regional Innovation Ecosystem: A Comparison of Networking Patterns Between Private and Publicly Backed Venture Capital Funds.” The Journal of Technology Transfer 44 (3): 850–873. https://doi.org/10.1007/s10961-017-9622-8.
  • Pique, J. M., J. Berbegal-Mirabent, and H. Etzkowitz. 2018. “Triple Helix and the Evolution of Ecosystems of Innovation: The Case of Silicon Valley.” Triple Helix 5 (1): 1–21. https://doi.org/10.1186/s40604-018-0060-x.
  • Ranga, M., and H. Etzkowitz. 2013. “Triple Helix Systems: An Analytical Framework for Innovation Policy and Practice in the Knowledge Society.” Industry and Higher Education 27 (4): 237–262. https://doi.org/10.5367/ihe.2013.0165.
  • Revest, V., and A. Sapio. 2012. “Financing Technology-Based Small Firms in Europe: What Do We Know?” Small Business Economics 39 (1): 179–205. https://doi.org/10.1007/s11187-010-9291-6.
  • Ryan, J. C., and J. Berbegal-Mirabent. 2016. “Motivational Recipes and Research Performance: A Fuzzy Set Analysis of the Motivational Profile of High Performing Research Scientists.” Journal of Business Research 69 (11): 5299–5304. https://doi.org/10.1016/j.jbusres.2016.04.128.
  • Soetanto, D., and M. Van Geenhuizen. 2015. “Getting the Right Balance: University networks’ Influence on Spin-offs’ Attraction of Funding for Innovation.” Technovation 36:26–38. https://doi.org/10.1016/j.technovation.2014.10.008.
  • Swamidass, P. M. 2013. “University Startups as a Commercialization Alternative: Lessons from Three Contrasting Case Studies.” The Journal of Technology Transfer 38 (6): 788–808. https://doi.org/10.1007/s10961-012-9267-6.
  • Troise, C., S. Bresciani, A. Ferraris, and G. Santoro. 2023. “Equity Crowdfunding for University Spin-Offs: Unveiling the Motivations, Benefits, and Risks Related to Its Adoption.” Journal of Small Business Management 1–35. Forthcoming. https://doi.org/10.1080/00472778.2023.2182443.
  • Widding, L. O., M. T. Mathisen, and O. Madsen. 2009. “University-Affiliated Venture Capital Funds: Funding of University Spin-Off Companies.” International Journal of Technology Transfer and Commercialisation 8 (2–3): 229–245. https://doi.org/10.1504/IJTTC.2009.024387.
  • Wise, S., and D. Valliere. 2014. “The Impact on Management Experience on the Performance of Start-Ups within Accelerators.” The Journal of Private Equity 18 (1): 9–19. https://doi.org/10.3905/jpe.2014.18.1.009.
  • Wright, M., A. Lockett, B. Clarysse, and M. Binks. 2006. “University Spin-Out Companies and Venture Capital.” Research Policy 35 (4): 481–501. https://doi.org/10.1016/j.respol.2006.01.005.
  • Wright, M., A. Vohora, and A. Lockett. 2004. “The Formation of High-Tech University Spinouts: The Role of Joint Ventures and Venture Capital Investors.” The Journal of Technology Transfer 29 (3–4): 287–310. https://doi.org/10.1023/B:JOTT.0000034124.70363.83.
  • Zamora-Polo, F., and J. Sánchez-Martín. 2019. “Teaching for a Better World. Sustainability and Sustainable Development Goals in the Construction of a Change-Maker University.” Sustainability 11 (15): 4224. https://doi.org/10.3390/su11154224.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.