The Chicago Handbook of University Technology Transfer and Academic Entrepreneurship The Chicago Handbook of University Technology Transfer and Academic Entrepreneurship Edited by albert n. link, donald s. siegel, and mike wr ight the university of chicago press chicago and london albert n. link is professor of economics at the University of North Carolina at Greens- boro. Donald s. Siegel is dean of the School of Business and professor of management at the University at Albany, the State University of New York. Mike Wright is professor of entrepreneurship and head of the Department of Innovation and Entrepreneurship at Imperial College Business School where he also serves as associate director of the Enterprise Research Center and director of the Centre for Management Buy-out and Private Equity Research. The University of Chicago Press, Chicago 60637 The University of Chicago Press, Ltd., London © 2015 by The University of Chicago All rights reserved. Published 2015. Printed in the United States of America 24 23 22 21 20 19 18 17 16 15 1 2 3 4 5 isbn-13: 978-0-226-17834-9 (cloth) isbn-13: 978-0-226-17848-6 (e-book) doi: 10.7208/chicago/9780226178486.001.0001 Library of Congress Cataloging-in-Publication Data The Chicago handbook of university technology transfer and academic entrepreneurship / [edited by] Albert N. Link, Donald S. Siegel, and Mike Wright. pages ; cm Includes index. isbn 978-0-226-17834-9 (cloth : alk. paper)—isbn 978-0-226-17848-6 (e-book) 1. Academic spin-outs. 2. Technology transfer. 3. University-based new business enterprises. 4. Technology transfer—United States. 5. Academic spin-outs—United States. 6. University-based new business enterprises—United States. I. Link, Albert N., editor. II. Siegel, Donald S., 1959– editor. III. Wright, Mike, 1952– editor. T174.3.C4787 2015 338.9′26—dc23 2014016929 This paper meets the requirements of ansi/niso z39.48-1992 (Permanence of Paper). Contents Editors’ Introduction ix Albert N. Link, Donald S. Siegel, and Mike Wright chapter 1. University Technology Transfer Offi ces, Licensing, and Start-Ups 1 Donald S. Siegel and Mike Wright chapter 2. Open Science and Open Innovation: Sourcing Knowledge from Universities 41 Markus Perkmann and Joel West chapter 3. Accountability, Government Rights, and the Public Interest: A Thirty-Year Retrospective 75 Arti Rai and Bhaven Sampat chapter 4. An Entrepreneur’s Guide to the University 97 Fiona Murray and Julian Kolev chapter 5. Challenges in University Technology Transfer and the Promising Role of Entrepreneurship Education 138 Andrew Nelson and Thomas Byers chapter 6. Research, Science, and Technology Parks: Vehicles for Technology Transfer 168 Albert N. Link and John T. Scott chapter 7. University Patenting in Europe: Does Faculty Ownership of Intellectual Property Impede University Technology Transfer? 188 David Audretsch and Devrim Göktepe-Hultén chapter 8. The Transition toward Entrepreneurial Universities: An Assessment of Academic Entrepreneurship in Italy 218 Nicola Baldini, Riccardo Fini, and Rosa Grimaldi chapter 9. Northeastern University: A Study of Technology Transfer and the Academic Entrepreneur 245 Tucker J. Marion, Denise Dunlap, and John H. Friar List of Contributors 285 Index 289 Editors’ Introduction Albert N. Link, Donald S. Siegel, and Mike Wright Introduction In recent years, there has been a substantial increase in the rate of tech- nology commercialization at universities. In 1980, Congress passed the Bayh-Dole Act, the landmark legislation governing university tech- nology transfer. Bayh-Dole dramatically changed incentives for univer- sities and fi rms to engage in university technology transfer. It simplifi ed the commercialization process by instituting a uniform patent policy and removing many restrictions on licensing federally funded technologies. More importantly, it enabled universities to own the patents that arise from federal research grants. Almost all universities now have a technol- ogy transfer or licensing offi ce, and several have also established venture units (e.g., Boston University and Columbia University), as well as proof of concept centers (e.g., Iowa State University and Syracuse University). Also, universities are increasingly being viewed by policy makers as en- gines of economic growth and local/regional development, via their com- mercialization of intellectual property through technology transfer. Formal technology transfer mechanisms include patents, copyrights, trademarks, licensing agreements between the university and private fi rms, and university-based start-ups, as well as property-based insti- tutions such as incubators and accelerators and research, science, and technology parks. There is also a burgeoning interdisciplinary scholarly literature on university technology transfer, as indicated by the many conferences and special issues of academic journals on this topic. A con- comitant trend is the growing number of graduate courses and programs