Johan Braet

The Evolution Of Spin-Off Ventures: An Integrated Model

The article aims to give an overview of the main models in the spin-off research field. The main evolution models known in literature will be analyzed. The evolution models will be discussed in increasing order of complexity. However, the existing models will prove to be inadequate to reflect the real-life situation. Therefore, a new integrative model will be discussed in detail, illustrated by using 17 case studies of Belgian academic spin-offs. The model incorporates the dynamic nature of academic spin-off evolution and the major peripheral aspects. It can be used by practitioners and academics to enhance reproducibility and decision making.

Taxonomizing performance measurement systems’ failures

Purpose - – After more than 30 years of research, literature on performance measurement systems (PMS) is characterized by diversity and fragmentation. Due to the multidisciplinarity of stakeholders and researchers involved the basis of literature is expanding, but not converging. The purpose of this paper is to dispersedly discuss failures of PMS in the abundance of literature written. Design/methodology/approach - – Over 250 articles related to PMS have been analyzed in order to shortlist failures of PMS. Two criteria have been used: explicitly referenced being a failure; or mentioned as being essential for a successful PMS. Next steps were clustering, cross-checking with academics and professionals and re-allocation to appropriate levels. Findings - – This paper identifies 36 failures and proposes an easy taxonomy for further referencing by attribution to three levels: metric, framework and management. Failures range from uncertainties in data gathering, lack of knowledge and dealing with complexity, toward the allocation of necessary resources. Research limitations/implications - – Limitations are attributed to the abundance of research published on PMS. Consequently, incorporated papers are a subset representing the current state of the research domain. Furthermore, the completeness of the list can be discussed as well as the level of generalization of the proposed taxonomy. Originality/value - – Both academics and professionals can benefit from this study as it creates an awareness of the risks involved when constructing, implementing and managing a PMS. Therefore, this original research ought to be seen as a catalyst for a learning curve, as it puts the research of PMS in a different perspective.

The Technological Background of Venture Capitalist Teams: Literature Myths versus Reality

Existing literature on Venture Capitalists (VCs) suggests a minor interest in technological aspects of new business proposals during the evaluation process. The largest attention is—by far—directed toward management and market criteria. This study attempts to overcome some mistakes in the existing literature, investigating the technological background of VC teams. Except for banking backed VC funds, our results suggest an equilibrated composition of both advising and decision-making teams in VC firms between technologically, financially, and economically oriented team members. Additionally, almost 90% of the VC teams declare they use technological decision criteria during the evaluation process of new business proposals.

Success Factors in New Product Development: How Do They Apply to Company Characteristics of Academic Spin-Offs?

The specific characteristics of academic spin-offs might yield (dis)advantages in specific circumstances over portfolio firms when considering New Product Development (NPD) trajectories. This article aims to tackle that issue. Based on 17 Belgian cases, the authors explore under which circumstances NPD has more promising prospects in academic spin-offs or portfolio companies. The conclusion is that academic spin-offs can provide added value in translating research results into new products under very specific circumstances, especially when the market(ing) issue is tackled soundly. In different situations, other commercialization modes, such as portfolio companies, might be better suitable and provide more benefit to both the company and the mother organization.

The Due Diligence Process— Guiding Principles for Early Stage Innovative Products and Venture Capital Investments

Mergers and acquisitions of small, innovative firms require special treatment of the due diligence process. The asymmetry in organisational order of magnitude would otherwise force the smaller, ‘target’ venture to become a puppet in the hands of the larger, often multinational company. The aim of this article is to provide a guideline for smaller, new technology-based firms to face the power disequilibrium. After a brief introduction to the nature of the due diligence process, the article will discuss dangers of due diligence as perceived by both the disclosing and the receiving party. Special attention will be paid to the concepts of the White Room, the White Book and the need for gradually increasing disclosure of one party and growing commitment – both financially and contractually – of the other. For each phase of the due diligence process, content of the disclosure is discussed, as well as legal, financial and procedural aspects.

The influence of government subsidies and risk capital on survival of university spin-offs: findings from 16 early stage case studies

Scholar research seems to confirm that the type of funding of a university spin-off venture influences these survival chances. This study aims to investigate whether the basic type of funding used for young university spin-offs influences the survival chances. The reasoning is that screening by a previously independent party such as government agencies, business angels or venture capitalists provides additional evidence on the potential of a project or venture. The preliminary results, based on 16 case studies with Belgian university spin-offs, seem to confirm that successful application for government subsidies for the development of a technology, product or business increases the likelihood of venture survival. On the other hand, access to risk capital seems not to positively influence survival chances.

IPR in Joint Research Projects: Evidence from Practice

1. Sven H De Cleyn 1. is a PhD fellow of the Research Foundation Fladens on the Faculty of Applied Economics Department of Environment and Technology Management, University of Antwerp, Antwerp, Belgium. (sven.decleyn{at}ua.ac.be) 2. Johan Braet 1. is on the faculty of Applied Economics

What can we learn from academic spin-off failures? Insights from five case studies

Todays academic literature on new technology-based firms is rather growth and success-oriented, despite the fact that many valuable lessons can be learned from failures. This study aims at contributing to our understanding of failure processes by documenting five case studies of spin-offs that originated from European universities. Within the framework of the resource-based view of the firm and social capital theory, the ventures resource base is used as a central element in explaining the failures through the presence or absence of certain resources or by inappropriate application. The analysis mainly illustrated the negative influence of the lack of a champion, poor market development, the absence of market(ing) experience in the venture team and an unbalanced shareholder structure. The relatively small financial base seems rarely to be the main issues in the failure process.

Reducing postharvest losses of apples: Optimal transport routing (while minimizing total costs)

Display Omitted Planning transport routes based on costs related to transport and losses of apples.Avoiding vibrations coming from road roughness (poorly maintained road segments)Results of simulations indicate Belgian industry profits of 2501500 thousand euros. Fresh products may suffer considerable damage during postharvest transportation caused by vibrations and shocks (i.e. transient vibrations that damp out over time). The Belgian apple industry is yearly worth 125140M euro (EBITDA to apple growers) and experiences losses between 10 and 25% corresponding to 1025M euro. Apple losses can be attributed to fungal diseases that enter the apple through bruised or punctured tissue and contaminate the fruit. Vibrations occurring during transports are a major contributor to bruises or punctures on apples, and, as a consequence, need to be avoided.An effective method to reduce the apple loss rate is by minimizing the number and intensity of vibrations that occur during the transport route. In this paper, we suggest planning transport routes based on transportation costs as well as costs related to the loss rate of apples. As a consequence, the transport vehicle is able to avoid road segments with poorly maintained road segments or road segments that are more susceptible to induce higher vibration amplitudes. The results of transport simulations illustrate that the Belgian apple growers can gain industry profits of 2501500 thousand euros. Both from an economical as well as an ecological perspective our findings are substantial and relevant. The methods used in this research can be adopted by other fruit varieties by transforming the input parameters.

Reuse of bituminous pavements: A mini-review of research, regulations and modelling

Bituminous pavement can be recycled – even multiple times – by reusing it in new bituminous mixtures. If the mechanical properties of the binder get worse, this reclaimed asphalt is often used in the sub-structure of the road. Apparently, up till now, no end-of-life phase exists for the material. Actually, defining the end-of-life and the end-of-waste stage of a material is important for life cycle assessment modelling. Various standards and scientific studies on modelling life cycle assessment are known, but the crucial stages are not yet defined for reclaimed asphalt pavement. Unlike for iron, steel and aluminium scrap, at this moment, no legislative end-of-waste criteria for aggregates are formulated by the European Commission. More research is necessary in order to develop valuable end-of-life criteria for aggregates. This contribution is a mini-review article of the current regulations, standards and studies concerning end-of-life and end-of-waste of reclaimed asphalt pavement. The existing methodology in order to define end-of-waste criteria, a case study on aggregates and the argumentation used in finished legislative criteria are the basis to clarify some modelling issues for reclaimed asphalt material. Hence, this contribution elucidates the assignment of process environmental impacts to a life cycle stage as defined by EN15804, that is, end-of-life stage (C) and the supplementary information Module D with benefits and loads beyond the system boundary.