From lab bench to innovation: Critical challenges to nascent academic entrepreneurs

摘要

University spinoffs created by academic researchers are an increasingly important approach to transform discoveries from university lab benches into new innovations that generate economic growth and societal impact. While late in their development these ventures may be similar in many respects to typical technology-based startups, limited research exists on how these startups emerge and the obstacles they encounter as they move from idea inception to initial commercialization. This inductive multicase study involves examining the process and key challenges faced by 10 nascent academic entrepreneurs (NAEs) at the Massachusetts Institute of Technology. The research has four key findings. First, there is evidence that NAEs undergo a unique process and spend most of their time in a research phase where they must finish creating the technology before they can use it. Second, the phases of the process differ in their objectives, views of opportunities, structure, resources needed, funding sources, and role of the NAE. Third, in contrast with most explanations in the literature, almost all the NAEs studied were PhD students pursuing ventures based on their research. The study reveals that their decision to launch a venture evolves during a discovery process where they gain confidence in their abilities as entrepreneurs and business leaders as well as the realization that their technology discovery is embryonic and unlikely to be licensed effectively by others. Finally, the study demonstrates that NAEs may experience serious conflicts, particularly with their faculty advisors, on issues surrounding intellectual property and equity participation. Among the conclusions are that academic ventures are different from other high-technology startups because they launch in a distinctive phase with unique challenges. Nascent academic entrepreneurs are initially motivated to exploit technological rather than market-based entrepreneurial opportunities. Students are increasingly important in bringing university technology to commercialization and, as career options become more limited, more students may become NAEs, which will likely result in an increasing number of conflicts if they form and launch companies before they graduate. These results may be of interest to NAEs who are either considering or engaged in an emerging venture. The results also have important policy implications, particularly for university leaders seeking to increase the economic impact of their institutions. The research makes contributions to management knowledge in the areas of innovation and entrepreneurship, especially by providing insights into the genesis of technology-based organizations and opportunities.