Sven H. De Cleyn

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.

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.

Founding Angels as an Emerging Investment Modelin High-Tech Areas

Several hurdles hamper the commercialization of (scientific) knowledge, especially in Europe. Both from a financial and operational perspective, opportunities emerge for new business models to support new technology-based firms’ (NTBFs) development, including academic spin-offs (ASOs). This article introduces the founding angels (FA) concept and provides empirical evidence based on expert interviews and survey data collected from key stakeholders to elucidate the potential of this business model. The results suggest FAs could provide more early-stage support for NTBFs and ASOs to complement the support from business angels or venture capitalists. A survey of technology transfer offices indicates that they might see a relevant role for the FA in successfully bringing more technologies to the market.

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.

Introduction: what is the current state of knowledge transfer at research institutions in Europe, what are the main challenges and why does it matter?

Research institutions, including universities and others, have engaged in knowledge transfer outside their boundaries for centuries, mostly through education and scientific publications. In recent decades, they have tried to find other, more direct ways to bring new knowledge to business and society, often facilitated by a technology transfer office (TTO) or industrial liaison office (ILO). As such, research organizations have been increasingly engaging in more entrepreneurshiprelated activities: establishing spinoff ventures, setting up investment funds, etc. This additional role has been described as the third mission of research institutions alongside research and education (Etzkowitz, 1998). However, TTOs most commonly adopt a technologypush or insideout approach, where new knowledge is ‘pushed’ from the research institution towards third parties. Common methods applied in this regard include the sale of intellectual property (IP), licensing or creating spinoff ventures to commercialize new technologies. This technologypush approach imposes specific challenges and many research institutions struggle to derive sufficient benefits from their knowledge transfer activities, both in the short as well as the long term. Deriving sufficient (or more) benefits from knowledge transfer is far from a trivial concern. Several hurdles can hamper the successful transfer of knowledge from research institutions to private companies (or wider still, from one research organization to another). The first important factor impeding knowledge transfer is the cultural difference between the supplying organization and the receiver. The receiver is often a commercial

A Critical Assessment of the Non-Disclosure Agreement in the Framework of the Technology Transfer Process: A Longitudinal Study

Information and knowledge have become precious goods in the transitional era toward knowledge-intensive economies. However, protection of confidential information has become a topic of major concern. Confidentiality and the use of the non-disclosure agreement (NDA) are topics touching and influencing day-to-day business life. This study aims to provide a practical overview of the most common and most requisite elements of the NDA within the framework of the technology transfer process, beyond the borders of industry sector or country. The evolution of the content of the average NDA is analyzed, and reflection on the rather unusual elements reveals interesting topics for discussion.

Product Iterations in Venture Capital Funded Technology-Based Start-Ups: Pivoting as Critical Success Factor?

1. Vincent Jocquet 1. is vice president of finance and operations at Sentiance in Antwerp, Belgium. (vincent.jocquet{at}sentiance.com) 2. Sven H. De Cleyn 1. is professor of entrepreneurship at the University of Antwerp in Antwerp, Belgium, and incubation programs manager at iMinds in