Academic entrepreneurship: Commercialization of university research and entrepreneurship education at an entrepreneurial university

Abstract

The concept of entrepreneurship has been recognized and developed in the various context such as commercial entrepreneurship, corporate entrepreneurship, social entrepreneurship, and academic entrepreneurship. Many research-centered universities have been sources of spin-off companies and technology commercialization. Now they are transforming into entrepreneurial universities. The purposes of this paper are (1) to develop the model of entrepreneurial university, (2) to analyze activities of some entrepreneurial universities, (3) to design a system to promote technology commercialization and entrepreneurship education, and (4) to suggest further research agenda for academic entrepreneurship. KAIST has been a leading research-centered university in Korea and has played a key role in promoting RD commercialization and university spin-off. To cope with social demands on new roles of universities, KAIST is accelerating the innovation on education, research and commercialization system. This paper reviews the activities, strategies and performance of technology commercialization and university spin-off, and presents a new model of entrepreneurial university. Many leading universities have their own strategies and systems, and are facing many challenges. This paper will discuss the challenges ahead and suggest research agenda for university entrepreneurship. This study could provide a ground for discussion on specific issues related to academic entrepreneurship.