The importance of financial resources and ownership of intellectual property rights for university spin-offs: the cases of Finland and Sweden

Abstract

PurposeThis paper focuses on medical device university spin-offs (USOs), taking into account the peculiarities of financial and nonfinancial support and intellectual property rights (IPRs). The authors declare that these parameters play a significant role in business development at the early stages.Design/methodology/approachThis empirical data consist of individual and group interviews in Finland and Sweden, which are later inductively analyzed.FindingsThe results show that public financial support contributes to the formation and start of sales stages in small countries and local markets. However, at the validation stage, approaches for supporting entrepreneurship in the field of medical devices may differ. The ownership of IPRs assists in the development of entrepreneurship in the region due to the transfer of research results and researchers to the industry and increases the number of spin-offs and the cooperation of universities with business.Originality/valueThis contribution is in the identification of the key parameters for the formation, support and development of the USOs from the point of view of the availability of financial resources and the ownership of IPRs.