Abstract
The role of Intellectual Capital has become increasingly important in the modern competitive system. The main objective of this study is to analyse the role and the relationship between Intellectual Capital and academic entrepreneurship. The Intellectual Capital in the Universities - created or existent - is not capable by itself to generate new entrepreneurship. For this reason, it is necessary to understand all the changes that the Intellectual Capital undertakes to become entrepreneurship. The final aim of this research is to understand how Intellectual Capital is changed over time during the process of creation of new academic entrepreneurship.
The used methodology is divided in two phases. In a first phase we proceed to an analysis of the literature; in the second phase, we will attempt to theorize the main aspects of the relationship between IC and academic entrepreneurship.
The outcomes of this study have different implications. First of all the results will help the university to better manage the process of exploitation of the Intellectual Capital produced through the spin-off creation. At the same time, the findings can help the external actors of the university to understand the business opportunities based on Intellectual Capital and competitive advantage in the market.References
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Baptista, R., Karaöz, M., & Mendonça, J. (2014). The impact of human capital on the early success of necessity versus opportunity-based entrepreneurs. Small Business Economics, 42(4), 831-847.
Barney, J.B., (1991), “Firm Resources and Sustained Competitive Advantage”, Journal of Management, Vol. 17 No. 1, pp. 99-120.
Baron, A. and Amstrong, M. (2007), “Human capital management: achieving added value through people”, Kogan Page Publishers, London, UK.
Becker, G. S. (1964). Human capital theory. Columbia, New York.
Birley, S. (2002), “Attitudes of owner-managers' children towards family and business issues”, Entrepreneurship: Theory and Practice, Vol. 26 No. 3, pp. 5-20.
Boh, W. F., De-Haan, U., and Strom, R. (2016), “University technology transfer through entrepreneurship: faculty and students in spinoffs”. The Journal of Technology Transfer, Vol. 41 No. 4, pp.661-669.
Bolisani, E., Paiola, M., & Scarso, E. (2013). Knowledge protection in knowledge-intensive business services. Journal of Intellectual Capital, 14(2), 192-211.
Caiazza, R. (2014). Benchmarking of business incubators. Benchmarking: An International Journal, 21(6), 1062-1069.
Chaharbaghi, K., and Cripps, S. (2006), “Intellectual capital: direction, not blind faith”. Journal of Intellectual Capital, Vol.7 No 1, pp. 29-42.
Chiesa, V., and Piccaluga, A. (2000), “Exploitation and diffusion of public research: the case of academic spin‐off companies in Italy”. R&D Management, Vol. 30 No. 4, pp. 329-340.
Clarysse, B., and Moray, N. (2004), “A process study of entrepreneurial team formation: the case of a research-based spin-off”, Journal of Business Venturing, Vol. 19 No. 1, pp. 55-79.
Coleman, J. S. (1988), “Social capital in the creation of human capital”, American journal of Sociology, Vol. 94, pp. S95-S120.
Colombo, M. G., & Grilli, L. (2005). Founders’ human capital and the growth of new technology-based firms: A competence-based view. Research policy, 34(6), 795-816.
Dameri, R., & Garelli, R. (2016, April). Intellectual Capital Disclosure and Awareness in Academic Spin-offs. In ECIC2016-Proceedings of the 8th European Conference on Intellectual Capital: ECIC2016 (p. 61). Academic Conferences and publishing limited.
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Degroof, J. J., and Roberts, E. B. (2004), “Overcoming weak entrepreneurial infrastructures for academic spin-off ventures”, The Journal of Technology Transfer, Vol. 29 No. 3-4, pp.327-352.
Edvinsson, L., and Malone, M. S. (1997). Intellectual Capital: Realizing Your Company's True Value by Finding Its Hidden Brainpower.
Erdős, K., & Varga, A. (2012). The academic entrepreneur: Myth or reality for increased regional growth in Europe?. Creative Knowledge Cities, Cheltenham, UK and Northamptom, MA, US: Edward Elgar, 157-181.
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Fayolle, A., & Gailly, B. (2015). The impact of entrepreneurship education on entrepreneurial attitudes and intention: Hysteresis and persistence. Journal of Small Business Management, 53(1), 75-93.
Fontes, M. (2005). The process of transformation of scientific and technological knowledge into economic value conducted by biotechnology spin-offs. Technovation, 25(4), 339-347.
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Friedman, J., and Silberman, J. (2003), “University technology transfer: do incentives, management, and location matter?”, The Journal of Technology Transfer, Vol. 28 No. 1, pp. 17-30.
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Geuna, A., and Rossi, F. (2011), “Changes to university IPR regulations in Europe and the impact on academic patenting”. Research Policy, Vol. 40 No. 8, pp.1068-1076.
Ghoshal, S., and Moran, P. (1996), “Bad for practice: A critique of the transaction cost theory”. Academy of management Review, Vol. 21 No. 1, pp. 13-47.
Grandi, A., and Grimaldi, R. (2005), “Academics' organizational characteristics and the generation of successful business ideas”. Journal of Business Venturing, Vol. 20 No. 6, pp. 821-845.
Grimaldi, R., & Grandi, A. (2001). The Contribution of University Business Incubators to New Knowledge-Based Ventures Evidence from Italy. Industry and higher education, 15(4), 239-250.
Grimaldi, R., Kenney, M., Siegel, D. S., and Wright, M. (2011), “30 years after Bayh–Dole: Reassessing academic entrepreneurship”. Research Policy, Vol. 40 No. 8, pp. 1045-1057.
Hannibal, M. (2016), “Enacted identities in the university spin-off process—bridging an imaginative gap”, Journal of International Entrepreneurship, Vol. 14, pp. 345-372.
Hitt, M. A., Lee, H. U., and Yucel, E. (2002), “The importance of social capital to the management of multinational enterprises: Relational networks among Asian and Western firms”. Asia pacific journal of Management, Vol. 19 No. 2, pp. 353-372.
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Klofsten, M., and Jones-Evans, D. (2000), “Comparing academic entrepreneurship in Europe–the case of Sweden and Ireland”. Small Business Economics, Vol. 14 No. 4, pp. 299-309.
Kogut, B., and Zander, U. (1992), “Knowledge of the firm, combinative capabilities, and the replication of technology”. Organization science, Vol. 3 No. 3, pp. 383-397.
Kolaković, M. (2003), “Intellectual capital theory”. Ekonomski Pregled, Vol. 11, pp. 925-944.
Küttim, M., Kallaste, M., Venesaar, U., & Kiis, A. (2014). Entrepreneurship education at university level and students’ entrepreneurial intentions. Procedia-Social and Behavioral Sciences, 110, 658-668.
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Boh, W. F., De-Haan, U., and Strom, R. (2016), “University technology transfer through entrepreneurship: faculty and students in spinoffs”. The Journal of Technology Transfer, Vol. 41 No. 4, pp.661-669.
Bolisani, E., Paiola, M., & Scarso, E. (2013). Knowledge protection in knowledge-intensive business services. Journal of Intellectual Capital, 14(2), 192-211.
Caiazza, R. (2014). Benchmarking of business incubators. Benchmarking: An International Journal, 21(6), 1062-1069.
Chaharbaghi, K., and Cripps, S. (2006), “Intellectual capital: direction, not blind faith”. Journal of Intellectual Capital, Vol.7 No 1, pp. 29-42.
Chiesa, V., and Piccaluga, A. (2000), “Exploitation and diffusion of public research: the case of academic spin‐off companies in Italy”. R&D Management, Vol. 30 No. 4, pp. 329-340.
Clarysse, B., and Moray, N. (2004), “A process study of entrepreneurial team formation: the case of a research-based spin-off”, Journal of Business Venturing, Vol. 19 No. 1, pp. 55-79.
Coleman, J. S. (1988), “Social capital in the creation of human capital”, American journal of Sociology, Vol. 94, pp. S95-S120.
Colombo, M. G., & Grilli, L. (2005). Founders’ human capital and the growth of new technology-based firms: A competence-based view. Research policy, 34(6), 795-816.
Dameri, R., & Garelli, R. (2016, April). Intellectual Capital Disclosure and Awareness in Academic Spin-offs. In ECIC2016-Proceedings of the 8th European Conference on Intellectual Capital: ECIC2016 (p. 61). Academic Conferences and publishing limited.
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Degroof, J. J., and Roberts, E. B. (2004), “Overcoming weak entrepreneurial infrastructures for academic spin-off ventures”, The Journal of Technology Transfer, Vol. 29 No. 3-4, pp.327-352.
Edvinsson, L., and Malone, M. S. (1997). Intellectual Capital: Realizing Your Company's True Value by Finding Its Hidden Brainpower.
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Ewens, M., Jones, C. M., and Rhodes-Kropf, M. (2013), “The price of diversifiable risk in venture capital and private equity”. Review of Financial Studies, Vol. 26 No. 8, pp. 1854-1889.
Fayolle, A., & Gailly, B. (2015). The impact of entrepreneurship education on entrepreneurial attitudes and intention: Hysteresis and persistence. Journal of Small Business Management, 53(1), 75-93.
Fontes, M. (2005). The process of transformation of scientific and technological knowledge into economic value conducted by biotechnology spin-offs. Technovation, 25(4), 339-347.
Frederiksen, A., & Poulsen, O. (2016). Income Inequality: The Consequences of Skill‐Upgrading When Firms Have Hierarchical Organizational Structures. Economic Inquiry, 54(2), 1224-1239.
Friedman, J., and Silberman, J. (2003), “University technology transfer: do incentives, management, and location matter?”, The Journal of Technology Transfer, Vol. 28 No. 1, pp. 17-30.
Fuller-Love, N., Midmore, P., Thomas, D., & Henley, A. (2006). Entrepreneurship and rural economic development: a scenario analysis approach. International Journal of Entrepreneurial Behavior & Research, 12(5), 289-305.
Furlan, A., & Grandinetti, R. (2014). Spin-off performance in the start-up phase–a conceptual framework. Journal of Small Business and Enterprise Development, 21(3), 528-544.
Furlan, A., and Grandinetti, R. (2016), “Spinoffs and their endowments: beyond knowledge inheritance theory”. Journal of Intellectual Capital, Vol. 17 No. 3, pp. 570-589.
Geuna, A., and Rossi, F. (2011), “Changes to university IPR regulations in Europe and the impact on academic patenting”. Research Policy, Vol. 40 No. 8, pp.1068-1076.
Ghoshal, S., and Moran, P. (1996), “Bad for practice: A critique of the transaction cost theory”. Academy of management Review, Vol. 21 No. 1, pp. 13-47.
Grandi, A., and Grimaldi, R. (2005), “Academics' organizational characteristics and the generation of successful business ideas”. Journal of Business Venturing, Vol. 20 No. 6, pp. 821-845.
Grimaldi, R., & Grandi, A. (2001). The Contribution of University Business Incubators to New Knowledge-Based Ventures Evidence from Italy. Industry and higher education, 15(4), 239-250.
Grimaldi, R., Kenney, M., Siegel, D. S., and Wright, M. (2011), “30 years after Bayh–Dole: Reassessing academic entrepreneurship”. Research Policy, Vol. 40 No. 8, pp. 1045-1057.
Hannibal, M. (2016), “Enacted identities in the university spin-off process—bridging an imaginative gap”, Journal of International Entrepreneurship, Vol. 14, pp. 345-372.
Hitt, M. A., Lee, H. U., and Yucel, E. (2002), “The importance of social capital to the management of multinational enterprises: Relational networks among Asian and Western firms”. Asia pacific journal of Management, Vol. 19 No. 2, pp. 353-372.
Hitt, M. A., Li, H., and Worthington, W. J. (2005), “Emerging markets as learning laboratories: Learning behaviors of local firms and foreign entrants in different institutional contexts”. Management and Organization Review, Vol. 1 No. 3, pp. 353-380.
Hormiga, E., Batista‐Canino, R. M., and Sánchez‐Medina, A. (2011), “The Impact of Relational Capital on the Success of New Business Start‐Ups”. Journal of Small Business Management, Vol. 49 No. 4, pp. 617-638.
Klaila, D., and Hall, L. (2000), “Using intellectual assets as a success strategy”. Journal of Intellectual Capital, Vol. 1 No. 1, pp. 47-53.
Klofsten, M., and Jones-Evans, D. (2000), “Comparing academic entrepreneurship in Europe–the case of Sweden and Ireland”. Small Business Economics, Vol. 14 No. 4, pp. 299-309.
Kogut, B., and Zander, U. (1992), “Knowledge of the firm, combinative capabilities, and the replication of technology”. Organization science, Vol. 3 No. 3, pp. 383-397.
Kolaković, M. (2003), “Intellectual capital theory”. Ekonomski Pregled, Vol. 11, pp. 925-944.
Küttim, M., Kallaste, M., Venesaar, U., & Kiis, A. (2014). Entrepreneurship education at university level and students’ entrepreneurial intentions. Procedia-Social and Behavioral Sciences, 110, 658-668.
Landström, H. (2008), “Entrepreneurship research: A missing link in our understanding of the knowledge economy”, Journal of Intellectual Capital, Vol. 9 No. 2, pp. 301-322.
Lengnick-Hall, C. A., Lengnick-Hall, M. L., and Abdinnour-Helm, S. (2004), “The role of social and intellectual capital in achieving competitive advantage through enterprise resource planning (ERP) systems”. Journal of Engineering and Technology Management, Vol. 21 No. 4, pp. 307-330
Maier, L., and Birca, I. (2015), “Spin-Off Companies and Their Role In Knowledge-Based Economy”. Economy and Sociology: Theoretical and Scientifical Journal, No. 3, pp. 112-121.
Maria da Conceição, F. R. (2016), “Educação Matemática de Jovens e Adultos-Especificidades, desafios e contribuições”. Autêntica Editora.
Marr, B. and Schiuma, G., (2001), “Measuring and Managing Intellectual Capital and Knowledge Assets in New Economy Organisations”, Handbook of Performance Measurement, ed. M. Bourne, Gee, London.
Mascarenhas, C., Marques, C., Galvão, A., & Santos, G. (2017). Entrepreneurial university: towards a better understanding of past trends and future directions. Journal of Enterprising Communities: People and Places in the Global Economy, (just-accepted), 00-00.
Moustaghfir, K., and Schiuma, G. (2013), “Knowledge, learning, and innovation: research and perspectives”. Journal of knowledge management, Vol. 17 No. 4, pp. 495-510.
Nahapiet, J., and Ghoshal, S. (1998), “Social capital, intellectual capital, and the organizational advantage”, Academy of Management Review, Vol. 23 No. 2, pp. 242-266.
Nawaz, T., Haniffa, R., and Hudaib, M. (2014), “The Impact of Intellectual Capital on Corporate Performance of Islamic Financial Institutions. In International Conference on Intellectual Capital and Knowledge Management and Organisational Learning Academic Conferences International Limited, p. 519.
Noe, R. A., Hollenbeck, J. R., Gerhart, B., and Wright, P. M. (2006), “Human resource management: Gaining a competitive advantage”,
Nonaka, I., and Takeuchi, H. (1995), “The knowledge creation company: how Japanese companies create the dynamics of innovation”, Oxford University Press, New York, US.
Nonaka, L., Takeuchi, H., and Umemoto, K. (1996), “A theory of organizational knowledge creation”, International Journal of Technology Management, Vol. 11 No. 7-8, pp. 833-845.
O'shea, R. P., Allen, T. J., Chevalier, A., and Roche, F. (2005), “Entrepreneurial orientation, technology transfer and spinoff performance of US universities”, Research policy, Vol. 34 No.7, pp. 994-1009.
Papay, J. P., & Kraft, M. A. (2015). Productivity returns to experience in the teacher labor market: Methodological challenges and new evidence on long-term career improvement. Journal of Public Economics, 130, 105-119.
Parker, S. C. (2005). The Economics of Entrepreneurship: What we know and what we don't. Foundations and Trends® in Entrepreneurship, 1(1), 1-54.
Pitsakis, K., Souitaris, V., & Nicolaou, N. (2015). The peripheral halo effect: do academic spinoffs influence universities' research income?. Journal of Management Studies, 52(3), 321-353.
Ployhart, R. E., Nyberg, A. J., Reilly, G., & Maltarich, M. A. (2014). Human capital is dead; long live human capital resources!. Journal of Management, 40(2), 371-398.
Powers, J. B., & McDougall, P. P. (2005). University start-up formation and technology licensing with firms that go public: a resource-based view of academic entrepreneurship. Journal of business venturing, 20(3), 291-311.
Pulic, A. (2004), “Intellectual capital–does it create or destroy value?”. Measuring business excellence, Vol. 8 No. 1, pp. 62-68
Rasmussen, E., & Borch, O. J. (2010). University capabilities in facilitating entrepreneurship: A longitudinal study of spin-off ventures at mid-range universities Research Policy, 39(5), 602-612.
Reina, R., and Vesperi, W. (2017), “The aspects of knowledge transfer and academic entrepreneurship: The spinoff organizations,
Rexhepi, G., Ibraimi, S., and Veseli, N. (2013), “Role of intellectual capital in creating enterprise strategy”. Procedia-Social and Behavioral Sciences, Vol. 75, pp. 44-51.
Rizzo, U. (2012). The governance of knowledge in academic spin-offs. The case of Emilia-Romagna (No. 201203).
Roberts, E. B. (1991), “Entrepreneurs in high technology: Lessons from MIT and beyond”. Oxford University Press, New York, US.
Sanchez, R., and Heene, A. (1997), “Reinventing strategic management: New theory and practice for competence-based competition”. European Management Journal, Vol. 15 No. 3, pp. 303-317.
Sanchez, R., and Heene, A. (2004), “The new strategic management: Organization, competition and competence”. Wiley & Sons, US.
Schumpeter, J. A. (1934). The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle (Vol. 55). Transaction publishers.
Secundo, G., Dumay, J., Schiuma, G., and Passiante, G. (2016), “Managing intellectual capital through a collective intelligence approach: An integrated framework for universities”. Journal of Intellectual Capital, Vol. 17 No. 2, pp. 298-319.
Shane, S. A. (2004). Academic entrepreneurship: University spinoffs and wealth creation. Edward Elgar Publishing.
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