Bernard Surlemont

A stage model of academic spin-off creation

Abstract The commercialisation of scientific and technological knowledge produced within publicly funded research institutions such as universities, laboratories, research centres, and so forth, is increasingly considered by policymakers as raw material for developing and sustaining regional economic growth. This paper focuses on one of the most promising ways to transfer research results to the market place, namely, the creation of academic spin-offs. Its main aim is to identify, understand, and distinguish the major issues raised by the creation of such companies from the point of view of both public and academic authorities. To achieve this, some well-known international spin-off support programmes have been benchmarked. We used these observations to build up a general model that puts forward the major issues involved in the transformation of research results into the creation of economic value within the perimeter of universities. Based on inductive research, the model is composed of four successive stages interacting in a sequential manner.

Toward a Typology of University Spin-offs

This paper discusses existing definitions of USOs in order to reconcile them and to provide criteria for classifying and understanding the different facets of this multi-headed concept. Drawing the boundaries of this concept and elucidating its variety through a typology are therefore the two main objectives of this paper. USOs are defined as new firms created to exploit commercially some knowledge, technology or research results developed within a university. The proposed typology is based on two key discriminatory factors, namely (1) the status of individuals involved in the new business venturing process (researchers or students) and (2) the nature of knowledge transferred from university to the new venture (codified or tacit), inducing the nature of the USO activities (product or service-oriented).

Public versus private venture capital: seeding or crowding out? A pan-European analysis

Abstract This paper analyzes the relationship between public and private sources of venture capital in Europe and the development of the industry, controlling for characteristics of the legal systems, in 15 European countries over the period 1990–1996. Large public participation is correlated with smaller VC industries, but analyses do not support the view that public venture capitalists are acting to seed the industry or that are they crowd-out private funds. On the contrary, public involvement seems to cause greater amounts of money to be invested in the industry as a whole. We argue that the effects of public intervention, whatever the motives, are real and probably result from demonstrating/sanctioning the social merit of venture capital and from signaling an enduring commitment to it.

Behind the Stars A Concise Typology of Michelin Restaurants in Europe

The Michelin star system in Europe is the best-known and most respected ranking system for high-quality or haute cuisine restaurants. This study examines Michelin’s grading procedures and how chefs and restaurateurs perceive the ranking system and the Michelin awards. The study surveyed chefs in thirty-six restaurants ranked as having two or three Michelin stars over the period of ten years in France, Belgium, the United Kingdom, and Switzerland. The chefs identified the following key factors that attributed to the success of their restaurants: investment and investment types, sources of financing, pursuit of excellence, and culinary craftsmanship involved. While the Michelin star chefs were tremendously successful as culinary artisans, this study revealed that the financial success of the Michelin star-rated restaurants was far more heterogeneous.

Facets of Technology Incubation

The authors review the different facets of the incubation process for high-tech companies and highlight its complex and multidimensional nature. They then assess what are the most critical factors in incubation in the context of the market supply and demand for incubation facilities. They identify two key facets, selectivity and productivity requirements, and through these construct a typology that is founded on non-ambiguous factors. They discuss the implications of this typology using data from exploratory research and suggest areas of focus for further empirical studies.