Key driving factors for product and service innovations in UK university spinoffs

Lawton Smith, Helen and Baines, N. (2019) Key driving factors for product and service innovations in UK university spinoffs. Industry and Higher Education 33 (3), pp. 161-171. ISSN 0950-4222.

Abstract

University spin-offs (USOs) are a vital firm class since they are an economically important sub-group of high-tech start-up firms. They have engendered a high volume of academic studies. However, what the firms deliver by way of innovation in the form of new products and services has largely been missing from the academic entrepreneurship literature. By adopting mixed research methodology of in-depth interviews and survey, this study demonstrates the important factors associated with the success of products and services development by university spin-off firms in the UK, such as understanding needs of customers, networks, clear market analysis, application of technology, and vision, mission and value of the company. The findings resonate with various studies in innovation management on the key elements of the products and services performance predictors. It also contributes to filling a gap in the academic entrepreneurship literature by providing an understanding beyond the success factors in setting up USOs. This can raise awareness and benefit actors at different levels, e.g., academic entrepreneurs and Technology Transfer Offices (TTOs) on the provision of actions and skills required to successfully develop products/services.

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