Abstract
This paper describes how a team of university professors and graduate students created a technology-based company (spin-off) to as a means to deliver their research findings to the agricultural sector. The spin-off company was based on the use of new methodologies, equipment, instrumentation and sensors initially developed for various research projects. Successful field tests and positive feedback from farmers initially prompted the development of the spin-off. The spin-off progress has been observed and recorded from the idea phase through the company start-up until the second round of financing (October 2007 to January 2010). Since limited time scales are commonly found in agriculture, the spin-off company provided a way to deliver timely research results to the agricultural community. Although university research results may eventually end up in the agricultural sector, in many cases this process requires a lot of bureaucracy and time. Spin-off companies can be flexible tools to transfer this knowledge and technology to the agricultural sector, as well as providing direct career opportunities for graduate students and PhD students.
Highlights
The creation of spin-off companies has become an important mechanism for the commercialization of university research (Elfring and Hulsink 2001; Hulsink and Elfring 2003)
European governments are presently innovative in creating initiatives, programs and laws that foster the creation of spin offs; Belgium, Germany, Sweden, Italy, France and the UK (Mustar and Wright 2010)
We interviewed each of the six team members and the university research assistant (URA) that helped with the coaching of the business plan
Summary
The creation of spin-off companies has become an important mechanism for the commercialization of university research (Elfring and Hulsink 2001; Hulsink and Elfring 2003). University spin offs are a successful sub-set of all start-up firms because they employ highly skilled graduates and produce an improved economic climate for its regional communities (Shane 2004, Rothaermel and Thursby 2005). Massachusetts Institute of Technology (MIT) in the US and K.U. Leuven (Belgium) in Europe have been highly successful at generating a large number of spin-offs. Over the past 35 years K.U. Leuven has nurtured the entrepreneurial culture among researchers which has led to the creation of over 80 spin-off companies. Leuven has nurtured the entrepreneurial culture among researchers which has led to the creation of over 80 spin-off companies These companies have a total combined income of well over 400 million EUR and employ over 3500 individuals (O’Shea et al, 2007, http://flandersbio.be/life-sciences-database/)
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