… universities capture only about 16% of the revenue generated from their innovations, suggesting that a significant number of academic research does not reach the market.

Academic spin-offs often encounter significant challenges that can delay their success. A lack of entrepreneurial orientation among researchers can hinder the transformation of research into innovation and further on turn those innovations into successful businesses. Insufficient managerial skills, limited access to funding, and inadequate market knowledge are also critical factors contributing to the struggles of academic spin-offs. In addition to that some teachers prefer to remain in the academic space and have no interest in moving towards commercialisation.

To help one of the biggest technical universities in Romania make progress in turning research into spinoffs, together with several innovation experts, implemented a 2 steps program:

• First step was to create know-how about innovation, so for several weeks we trained professors and researchers in various innovation methodologies, which they started to apply to their own research projects.

• After the teams progressed to more advanced technological levels, we entered a phase called Go to Market where researchers had been invited to identify practical applications of their research, transform it into innovations and decide on a commercial route.

• Teams that decided to try to develop a business around their innovation, entered the business model generation phase where they learned how to work with instruments such as Business Model Canvas and do market analysis.

• Each team prepared a business plan, a go to market plan and identified concrete next steps to legally start their company.

As a Phd Candidate myself, I understand how challenging it can be to switch on hats, from professor or researcher to entrepreneur.

However, most professors or researchers don’t even consider it because they lack the skills and know how.

I would love to sit with you and discuss how to grow the value generated from your universities research.