The Formation of High-Tech University Spinouts Through Joint Ventures
Ajay VOHORA, Mike WRIGHT(1)* and Andy LOCKETT(2)
(1) Prof. (2) Dr.
Nottingham University Business School
Jubilee Campus
Wollaton Rd.
Nottingham NG8 IBB
Abstract:
This paper explores the joint venture route to commercialising university owned intellectual property. We present four in-depth case studies of university high-tech spinout companies, which have emerged from elite research universities in the UK. Comparisons are made between two spinouts formed as joint ventures between universities and established firms with two spinouts formed with venture capital finance. The research employs a resource-based framework, with new high tech spinout firms (or firms in gestation) facing severe resource constraints. In order for these firms to achieve high growth their resource bases have to develop accordingly. However, spinouts typically lack the financial means and managerial expertise to acquire such resources in order to fully exploit the commercial potential of their technologies. We argue that creating a spinout company as a joint venture, with an industrial partner, may be a means of overcoming some of the potential problems associated with overcoming resource constraints.
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