University venture capital in big data, regional and historical perspective: where and why has it arisen?
Etzkowitz, Henry; Weston-Smith, Miranda; Beddows, Jim; Albats, Ekaterina; Lawton-Smith, Helen; Wilkinson, Jim; Yang, Jialei; Miller, Joe; Gardner, Cannon; Foster-Palmer, Emma; Zhou, Chunyan (2023-05-03)
Routledge
03.05.2023
Etzkowitz, H., Weston-Smith, M., Beddows, J., Albats, E., Lawton Smith, H., Wilkinson, J., … Zhou, C. (2023). University venture capital in big data, regional and historical perspective: where and why has it arisen? Venture Capital, 25(3), 219–254. https://doi.org/10.1080/13691066.2023.2184287
https://creativecommons.org/licenses/by-nc/4.0/
This is an Accepted Manuscript version of the following article, accepted for publication in Venture capital. Etzkowitz, H., Weston-Smith, M., Beddows, J., Albats, E., Lawton Smith, H., Wilkinson, J., … Zhou, C. (2023). University venture capital in big data, regional and historical perspective: where and why has it arisen? Venture Capital, 25(3), 219–254. https://doi.org/10.1080/13691066.2023.2184287. It is deposited under the terms of the Creative Commons Attribution-NonCommercial License (http://creativecommons.org/licenses/by-nc/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited.
https://creativecommons.org/licenses/by-nc/4.0/
This is an Accepted Manuscript version of the following article, accepted for publication in Venture capital. Etzkowitz, H., Weston-Smith, M., Beddows, J., Albats, E., Lawton Smith, H., Wilkinson, J., … Zhou, C. (2023). University venture capital in big data, regional and historical perspective: where and why has it arisen? Venture Capital, 25(3), 219–254. https://doi.org/10.1080/13691066.2023.2184287. It is deposited under the terms of the Creative Commons Attribution-NonCommercial License (http://creativecommons.org/licenses/by-nc/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited.
https://creativecommons.org/licenses/by-nc/4.0/
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:oulu-202502041452
https://urn.fi/URN:NBN:fi:oulu-202502041452
Tiivistelmä
Abstract
This article contributes to the international comparative analysis of university venture capital (UVC), providing a quasi-experimental design for follow-up research and practice. The US venture capital industry, with its unicorn focused high-growth format opened up a venture capital gap. UVC transmutes academic innovation into high-tech firms, industries and regional renewal, filling interstitial funding gaps among angel, public and private venture capital offers. It is a knowledge-based industrial policy by Another Name, with direct/explicit and indirect/implicit versions, on a continuum with variation depending upon shifting ideological and competitive concerns. Beyond as of right “womb” provision, UVC capstones an academic innovation ecosystem of technology transfer, incubation and acceleration, translational research, proof of concept funds and entrepreneurship education. Venture capital, exemplified by Sand Hill Road, de-emphasizes classic regional development objectives, neglecting appropriability conditions such as academic and regional circumstances that UK and China prioritize. More modest firm formation outcomes are dismissed as failures, with entrepreneurs encouraged to return to the entrepreneurial churn. We examine the origin and development of UVC from macro, meso and micro, historical and comparative perspectives. Multi-method/multi-sample, comparative case study, and big data analytics show the constraint, variety, and early affinity of UVC to academic icons with significant untapped potential to inspire widespread economic and social advance.
This article contributes to the international comparative analysis of university venture capital (UVC), providing a quasi-experimental design for follow-up research and practice. The US venture capital industry, with its unicorn focused high-growth format opened up a venture capital gap. UVC transmutes academic innovation into high-tech firms, industries and regional renewal, filling interstitial funding gaps among angel, public and private venture capital offers. It is a knowledge-based industrial policy by Another Name, with direct/explicit and indirect/implicit versions, on a continuum with variation depending upon shifting ideological and competitive concerns. Beyond as of right “womb” provision, UVC capstones an academic innovation ecosystem of technology transfer, incubation and acceleration, translational research, proof of concept funds and entrepreneurship education. Venture capital, exemplified by Sand Hill Road, de-emphasizes classic regional development objectives, neglecting appropriability conditions such as academic and regional circumstances that UK and China prioritize. More modest firm formation outcomes are dismissed as failures, with entrepreneurs encouraged to return to the entrepreneurial churn. We examine the origin and development of UVC from macro, meso and micro, historical and comparative perspectives. Multi-method/multi-sample, comparative case study, and big data analytics show the constraint, variety, and early affinity of UVC to academic icons with significant untapped potential to inspire widespread economic and social advance.
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