Shareholder networks of university spinoff companies:Firm development and regional characteristics

This paper contributes to the understanding of university spinoff (USO) development by analysing structural properties of their shareholder networks over time and across different regions. Theoretically, we propose a new stage-based typology of USO development across regions. Empirically, the study utilises a sample of 1033 academic spinoffs founded by 87 universities across 12 unitary regions in the UK considering the diversity of spatial contexts in the USO development. We undertake a social network analysis of relations USOs form with their parent universities and shareholders by adopting ‘betweenness centrality’ and ‘structural holes’ as two key measures. By employing this novel network-based view of firm development across regions, this study builds on the development model of USOs by identifying three key phases of USO development: (1) organisation phase, (2) exploitation phase, and (3) maturity and reorganisation phase. Second, we observe differences in USOs in terms of shareholder network development across diverse regional contexts. We propose a novel typology of entrepreneurial regions to better understand the diverse spatiality of USOs: peripheral lock-in, entrepreneurial periphery, rigid core, and entrepreneurial core. We call for further research to capture the long-term development and variable growth paths of USOs

The academic spinoff theory of the firm

This paper reviews the key theories of the firm and considers their relevance to studying and understanding academic spinoffs as a special case of firms. The theory of the firm is an important aspect in entrepreneurship literature, as without clear understanding of the parameters influencing firm's behaviour, it remains difficult to predict its decisions to secure sustainable growth and ensure development of the economy overall. The paper considers the contribution of transaction cost theory, managerial theory, resource-based view, knowledge-based view, and dynamic capabilities, to the understanding of the academic spinoff. In essence, these theoretical explanations lend multiple perspectives that offer a greater insight into the academic spinoff firm by illuminating the issues of its boundaries, entrepreneurs, resources, knowledge, and networks. It is concluded that understanding academic spinoffs requires acknowledging this theoretical plurality. In response to this challenge, the paper proposes the Academic Spinoff Theory of the Firm

The determinants of University spinout formation and survival: The UK context of network, investment, and management team effects

UK universities attract increasing attention from policy-makers searching for regional solutions to economic development challenges. Consequently, university spinout companies have featured prominently in UK policy-making, as they embody a transfer of knowledge of the most complex and comprehensive character. However, whilst the positive contribution of spinout companies to regional economies is widely accepted, little is known of how to ensure high quality outcomes from such knowledge commercialisation activities. This thesis aims to improve the understanding of this problem by examining the elements that contribute to the success of academic spinouts in the UK context. It investigates dual meaning of success: spinout formation and survival, conceptualised here as embedded in university networks composed of multiple actors. It is set within a post-positivistic paradigm and employs an explanatory sequential mixed methods research design. The quantitative part identifies the elements contributing to the success of spinout companies using data on 870 spinout companies extracted from university websites and supplemented with financial, economic and educational databases; and leads to the qualitative part, explaining differential performance of spinout companies across UK regions with data collected through semi-structured interviews conducted at four illustrative university networks. It is found that the success of spinout companies depends on networks, investment, and management teams. However, the formation and survival of spinout companies differs across a number of elements: technology transfer offices, business incubators, other actors, and geography; suggesting bi-dimensional complexity across space and success measures. The variable spatial performance of university networks determining spinout company outcomes is explained by connectedness, filtration and time: successful spinout companies originate from university networks that have capability to build and exploit network capital. It is suggested that regional innovation systems require designs oriented towards these diverse spinout success outcomes, formation and survival-based, with strong local adaptations

Is fast fashion finally out of season? Rental clothing schemes as a sustainable and affordable alternative to fast fashion

The clothing sector is under increased global scrutiny as the second biggest polluter behind the oil industry. What was once termed the ‘democratisation of fashion’, fast fashion has become a low cost, high speed and resource intensive market. As a result, sustainable consumerism has gained traction, with innovative alternatives such as collaborative consumption and product service systems becoming more popular. However, despite growing concern, sustainable alternatives remain a niche market compared to the scale of global fast fashion. Rental clothing schemes remain under-researched in the UK. These collaborative consumption schemes promote a circular economy through reducing waste and increasing life cycles. This paper examines the determinants of rental clothing adoption by employing semi-structured interviews, specifically accounting for different generations across rural and urban areas. It presents a UK perspective on rental clothing. The findings suggest that the affordability of rental is dependent on the nature of the items and adoption is driven by style, sustainability desires, and geography of consumers. This paper concludes that to increase the adoption of rental clothing schemes, trust in schemes and increased accessibility are essential to allow them to become mainstream alternatives to fast fashion

Sourcing knowledge for innovation:the international dimension

Drawing knowledge from external sources in the UK, or internationally, has become increasingly important to small and medium-sized firms (SMEs). SMEs cannot generate all they need to know to develop new products and processes within their own companies, they need to look elsewhere for new ideas and expertise. This practice is known as knowledge sourcing. This report provides a detailed review of patterns of knowledge sourcing, and the key factors influencing these patterns, particularly from a small business perspective. We present key findings from a survey of 393 UK companies and analyse the results. We also highlight case studies of UK SMEs that work closely with overseas partners and agents to widen their own knowledge