By Scott Andrew Shane
In the course of my tenure at Cornell University's Entrepreneur In place of dwelling, i discovered Scott Shane's e-book to be a worthy source packed with facts and perception.
Read Online or Download Academic Entrepreneurship: University Spinoffs and Wealth Creation (New Horizons in Entrepreneurship Series,) PDF
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Extra info for Academic Entrepreneurship: University Spinoffs and Wealth Creation (New Horizons in Entrepreneurship Series,)
As a result, inventors are more inclined to work with new companies seeking to commercialize their university inventions than they are to work with established companies seeking to commercialize their inventions. Second, start-up firms focus more of their attention on technology development as opposed to other aspects of business, and university researchers are more interested in technology development than in other aspects of business. Consequently, university inventors generally believe that they fit in better with spinoff companies and can contribute more to their development of technologies than they can to the development of technologies by established firms.
Why do university spinoffs matter? 35 Lastly, this inventor–founder adds, even if the potential champion can get the technology licensed and does not leave the company, that person might not ‘have the vision, resources, and commitment to elaborate the technology so that it will see the light of day’. Some large sample empirical evidence also suggests that universities earn greater returns from creating spinoffs than they do from licensing to established companies. The best data on university returns from taking equity in spinoffs and from royalties from licensing to established companies come from the United Kingdom.
Third, established companies will not pay very much to license university inventions. In general, universities can charge licensees only small milestone payments, measured in the thousands of dollars, and royalties as a small percentage of sales from successfully commercialized inventions. In part, the low prices for university inventions reflect the fact that few university inventions attract multiple bidders (Jansen and Dillon, 1999), leaving universities to take the offers that they receive, or fail to license their technologies.