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Incentives in University Technology Transfers

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  • Inés Macho-Stadler
  • David Pérez-Castrillo

Abstract

There are two main ways in which the knowledge created in universities has been transferred to firms: licensing agreements and the creation of spin-offs. In this paper, we describe the main steps in the transfer of university innovations, the main incentive issues that appear in this process, and the contractual solutions proposed to address them.

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Bibliographic Info

Paper provided by Barcelona Graduate School of Economics in its series Working Papers with number 398.

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Date of creation: Oct 2009
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Handle: RePEc:bge:wpaper:398

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Keywords: spin-offs; venture capital; licensing contracts;

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References

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  1. Klaus Schmidt, 1999. "Convertible Securities and Venture Capital Finance," CESifo Working Paper Series 217, CESifo Group Munich.
  2. Macho, I. & Martinez-Giralt, X. & Perez-Castrillo, D., 1993. "The Role of Information in Licensing Contract Design," UFAE and IAE Working Papers, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) 216.93, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  3. Catherine Casamatta, 2003. "Financing and Advising: Optimal Financial Contracts with Venture Capitalists," Journal of Finance, American Finance Association, American Finance Association, vol. 58(5), pages 2059-2086, October.
  4. Donald Siegel & Mike Wright & Wendy Chapple & Andy Lockett, 2008. "Assessing The Relative Performance Of University Technology Transfer In The Us And Uk: A Stochastic Distance Function Approach," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 17(7-8), pages 717-729.
  5. Salim Chahine & Igor Filatotchev & Mike Wright, 2007. "Venture Capitalists, Business Angels, and Performance of Entrepreneurial IPOs in the UK and France," Journal of Business Finance & Accounting, Wiley Blackwell, Wiley Blackwell, vol. 34(3-4), pages 505-528.
  6. Macho-Stadler Inés & Pérez-Castrillo David & Veugelers Reinhilde, 2005. "Licensing of University Inventions: The Role of a Technology Transfer Office," Working Papers, Fundacion BBVA / BBVA Foundation 201022, Fundacion BBVA / BBVA Foundation.
  7. Schmidt, Klaus M., 2003. "Convertible Securities and Venture Capital Finance," Munich Reprints in Economics, University of Munich, Department of Economics 19769, University of Munich, Department of Economics.
  8. Gompers, Paul A., 1996. "Grandstanding in the venture capital industry," Journal of Financial Economics, Elsevier, Elsevier, vol. 42(1), pages 133-156, September.
  9. Neher, Darwin V, 1999. "Staged Financing: An Agency Perspective," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 66(2), pages 255-74, April.
  10. InÉs Macho-Stadler & David Pérez-Castrillo & Reinhilde Veugelers, 2008. "Designing Contracts for University Spin-offs," Journal of Economics & Management Strategy, Wiley Blackwell, Wiley Blackwell, vol. 17(1), pages 185-218, 03.
  11. Hellmann, Thomas, 2006. "IPOs, acquisitions, and the use of convertible securities in venture capital," Journal of Financial Economics, Elsevier, Elsevier, vol. 81(3), pages 649-679, September.
  12. Bousquet, Alain & Cremer, Helmuth & Ivaldi, Marc & Wolkowicz, Michel, 1998. "Risk sharing in licensing," International Journal of Industrial Organization, Elsevier, Elsevier, vol. 16(5), pages 535-554, September.
  13. Dechenaux, Emmanuel & Thursby, Marie & Thursby, Jerry, 2009. "Shirking, sharing risk and shelving: The role of university license contracts," International Journal of Industrial Organization, Elsevier, Elsevier, vol. 27(1), pages 80-91, January.
  14. Aghion, Philippe & Bolton, Patrick, 1992. "An Incomplete Contracts Approach to Financial Contracting," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 59(3), pages 473-94, July.
  15. Repullo, R. & Suarez, J., 1998. "Venture Capital Finance: a Security Design Approach," Papers, Centro de Estudios Monetarios Y Financieros- 9804, Centro de Estudios Monetarios Y Financieros-.
  16. Nancy T. Gallini & Brian D. Wright, 1990. "Technology Transfer under Asymmetric Information," RAND Journal of Economics, The RAND Corporation, vol. 21(1), pages 147-160, Spring.
  17. Marie Thursby & Richard Jensen, 2001. "Proofs and Prototypes for Sale: The Licensing of University Inventions," American Economic Review, American Economic Association, American Economic Association, vol. 91(1), pages 240-259, March.
  18. Martin Meyer, 2006. "Academic Inventiveness and Entrepreneurship: On the Importance of Start-up Companies in Commercializing Academic Patents," The Journal of Technology Transfer, Springer, Springer, vol. 31(4), pages 501-510, 07.
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Cited by:
  1. Bing Guo & Yun Lou & David Pérez-Castrillo, 2012. "Investment, Duration, and Exit Strategies for Corporate and Independent Venture Capital-backed Start-ups," UFAE and IAE Working Papers, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) 895.12, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).

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