By Scott Andrew Shane
In the course of my tenure at Cornell University's Entrepreneur In place of dwelling, i discovered Scott Shane's booklet to be a beneficial source jam-packed with info and perception.
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Additional info for Academic Entrepreneurship: University Spinoffs and Wealth Creation (New Horizons in Entrepreneurship Series,)
NOTES 1. Lowe (2002) points out that the University of California system generates more spinoffs than MIT. However, the University of California is a collection of universities (for example, University of California at Berkeley, University of California Los Angeles, University of California at San Diego, and so on), whereas MIT is a single university. 38 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Academic entrepreneurship However, this number might also vary by technical field. For instance, Louis et al. (1989) surveyed life science faculty at US universities and found that 7 percent held equity in a company based on their research.
Take, for example, the 134 new companies founded to exploit inventions assigned to the Massachusetts Institute of Technology (MIT) between 1980 and 1996. 2 identifies the MIT spinoffs founded between 1980 and 1996 that went public during that time period. As the table shows, 24 of the new companies, or 18 percent, experienced an initial public offering (IPO). 2 The MIT spinoffs founded between 1980 and 1996 that went public Name of company Algos Pharmaceuticals Alpha-Beta Pharmaceuticals American Superconductor Ariad Pharmaceuticals Arris Pharmaceuticals Aspen Technologies Aware Inc.
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.
Academic Entrepreneurship: University Spinoffs and Wealth Creation (New Horizons in Entrepreneurship Series,) by Scott Andrew Shane