Commercialization of Innovation by Western Universities

Abstract

It is shown that the vast majority of foreign researchers consider university structures to be an important and economically sustainable mechanism for the transfer of new industrial technologies, that these structures accelerate the economic development of territories by creating new knowledge-intensive (high-tech) jobs, and increase tax revenues to local budgets. Thanks to government funding and public support, university research structures demonstrate higher survival rates compared to firms affiliated to corporate organizations. The structures affiliated to universities are very active in using state aid programs, remain residents of business incubators for longer, and are beneficiaries of funds supporting research and development. Private venture funds are more likely to finance them. University-affiliated structures are more innovative than firms associated with corporate organizations. These structures have a greater number of patented inventions, demonstrate a higher survival rate and a higher liquidity rating, but have lower profitability. University-related structures are innovative firms and can commercialize both specific inventions and more implicit knowledge obtained as a result of scientific research. It is noted that the biggest challenge for such a firm is the transformation of technological assets into marketable offers.