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In this chapter, we start by considering external university factors—historical and environmental. We then move to internal factors—culture, policy, and organization—and consider the literature on organizational change. We conclude by presenting the theoretical approach of this book: there is no one formula for successful university technology commercialization. Universities affect their local economies using different mechanisms. The choice of mechanisms and their economic impact are influenced by the location (history and environment) in which the university is situated.

This chapter considers academic entrepreneurship at Northeastern University. Based on an empirical analysis of the entrepreneurial outcomes associated with 400 invention disclosures, the authors find that faculty patenting productivity is positively related to certain entrepreneurial characteristics. The authors also find that an academic inventor's entrepreneurial experience and inclination towards commercialization have the strongest effect on their likelihood of forming a new venture. The results indicate the key determinants of successfully forming a university spin-out are the level of experience of the faculty member and participation in an industry sponsored research agreement.

This chapter argues that the Bayh-Dole Act of 1980, which allows small businesses and nonprofit organizations—especially universities—to take ownership of inventions funded with government support, is a prime example of public sector entrepreneurship. After presenting a description of the Act’s legislative history, the chapter turns to a discussion of the implications of the Act for private sector entrepreneurial activity. Particularly important in that respect are its facilitation of university technology transfer offices and the birth of proof of concept centers. The chapter then analyzes the Bayh-Dole Act as an example of public sector entrepreneurship using the conceptual structure developed in Chapter 3. Finally, the chapter closes with a detailed empirical analysis of the substantial economic impact of the Act and a formal model of university technology transfer.

This chapter reviews the literature on knowledge and technology transfer at research, science, and technology (R-S-T) parks and considers the public policy implications of such findings. The authors conclude that successful two-way knowledge flows between universities and industry are a key ingredient of a “national innovation system” and that R-S-T parks play a significant role in stimulating such flows. However, it is noted that parks are not a sine qua non of these knowledge flows. The authors suggest that while R-S-T parks fall under the broader category of an effective educational system, they warrant a higher status in future, as technological life cycles continue to shorten and as basic research at universities and applied research/development in industry become more intertwined.