modern measurement of university-based entrepreneurship
DESCRIPTION
Great strides have happened at universities to cultivate entrepreneurs, and regions have developed stronger programs for collaborating with their higher education institutions to launch ventures. However, measurement and tracking of these economic development programs still lags the myriad approaches to starting new ventures. This delay may be attributed in part to continued reliance on traditional measurement methods for economic development performance within entrepreneurial ecosystems that are not structured to produce traditional results. This session presents new perspectives on the challenges of university-based entrepreneurship within regional economic systems and suggests new approaches to measuring and managing new venture creation.TRANSCRIPT
MODERN MEASUREMENT OF 21st CENTURY
UNIVERSITY-BASED ENTREPRENEURSHIP
UEDA Annual Summit 23 Oct 2012
Mike Provance, Ph.D.
@mikeprovance ⋅ [email protected]
The Startup Process
System of activities involved in mapping creativity to need, and both to economic value People, ideas, technology – in that order
– “Everything that can be counted does not necessarily count; everything that counts cannot necessarily be counted.” - Einstein
The Startup Process
How does it differ for university-based startups?
– Small business inside a bureaucratic organization
– Higher levels of scrutiny, numbers of stakeholders
– Management talent gaps
– Commercialization chasm
Startup Success
How do university-based startups look at success?
– Jobs are not a measure of success; they are [the] factors of growth
– First sale
– Reputation & credibility
– Survival
Diversity of source, form complicate measurement
Startup Success
UNIVERSITY-BASED ENTREPRENEURSHIP
THE FORMAL APPROACH THE INFORMAL APPROACH
⋅ Tech Transfer ⋅ Training Programs ⋅ Incubators
⋅ Class Projects ⋅ Clubs ⋅ Labs, Cafes, and
Hallways ⋅ Catalyst programs ⋅ Entrepreneurs-in-residence ⋅ Long-form mentoring ⋅ Ecosystems/networks
Startup Success
greenlitelabs.com
⋅ Funding is an important metric, but…
⋅ Not a measure of success
⋅ Measures the quality of people, ideas & technology assembled
Engaging the Institution & Community
Trends in University-Based Entrepreneurship
– Collaborations between University & Community
– Tension between Quantity & Quality
– Increasing Speed & Variety
Engaging the Institution & Community
Align to institutional objectives & outcomes – Modifying expectations of institution
• Longer payoff horizons, lower upfront • Ownership dilution
– Investing in potential • Remove focus on jobs, place on growth targets • Building ecosystem to supply management • ‘Privatizing’ the spinoff process
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