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Valorization of research results is becoming increasingly important today. Since academic research should not only contribute to our “quest for fundamental understanding,” but it also needs to “consider use” (Stokes, 1997); these dual goals give rise to tension in academic institutes that need to carefully balance research and its exploitation (Ambos, Mäkelä, Birkenshaw, & D’ Este, 2008). Nevertheless, valorization, commercialization, technology transfer, knowledge exploitation or exploitation of research are different labels for a similar activity and have become part and parcel of academic life. Most universities own the intellectual property rights of their research, meaning they have the legal rights (in some countries the legal obligation) to exploit it in a way they see fit. Research (e.g., Van der Heide, S., Van der Sijde, P. & Terlouw, C. (2010). Exploring ‘transnational’ university cooperation in technology transfer: A European perspective. Industry & Higher Education, 24(1), 17–27) shows that universities have different objectives (e.g. regional development, spin-off creation) for engaging in this process and every university has developed its own approach to deal with this in the sense of funding and support. On an abstract level, there are two scenarios for commercialization (Derksen, J. T. P. (2000). De Ondernemende Onderzoeker: Paradox of Pleonasme [The entrepreneurial researcher: Paradox or pleonasm]. Nijmegen: UBC). In the first scenario the university takes the role of “entrepreneur” and in the second scenario it is the researcher (or the research group) who is involved in research that takes this role with the university being the context in which entrepreneurship takes place. In this contribution our focus is on the university as entrepreneur and we regard valorization as an entrepreneurial process. In order to visualize how the activities of different actors associated with the university contribute to the entrepreneurial process of a university, we will build on ideas postulated by Wakkee and Van der Sijde (2010) regarding the fluid and moldable nature of opportunities. We conceptually elaborate the consequences of their approach for bringing knowledge (and technology) from university to the market.

Over many years people have tried to understand the entrepreneurial process (e.g., Hayek, 1945; Kirzner, 1973; Shane & Venkataraman, 2000; Schumpeter, 1934). Van der Veen and Wakkee (2004) reviewed the literature and introduced the role of the entrepreneur and the environment in this process. An environment can have two roles: as a stimulus for opportunity (Burt, 1992; Gaglio, 1997; Shane, 2000; Vesper, 1989), and as a resource for pursuing that opportunity (Brush, Greene, & Hart, 2001). The view emerging from the research by Shane and Venkataraman (2000) and Van der Veen and Wakkee (2004), is that the entrepreneurial process is not merely a series of decisions, but more a sequence of events the entrepreneur goes through as a result of the environment and previous actions taken.

The so-called ‘Third Mission’ of the university is under debate for the last 20–30 years (Laredo, 2007) and this mission has received a wide variety of interpretations. In this chapter we adhere to execution of activities that contribute to the economic and social development of its territory. This new idea of the university as an entrepreneurial one requires a reorientation of its strategy to cope with the challenges imposed by its new task towards society. In this sense, the Entrepreneurship Support Programmes (ESPs), as university services, are a central element in the fulfilment of the aims and objectives of any entrepreneurial university, as those that combine and integrate the traditional activities of education and research with the contribution to the economic and social development (Etzkowitz, 1998; Goddard, 1998). The ESP services consist, for example, of programmes that promote entrepreneurship in all the fields; they support the creation of new innovative companies with a scientific or technologic base; they support the development of university spin-off and training related to the creation and management of companies; and they promote university–company relationship and interaction between other factors (Arroyo-Vázquez & van der Sijde, 2008). The reorientation of the strategy of the university into an entrepreneurial one involves also a strategy with regard to the university's ‘entrepreneurial’ services, which have to adapt to the new demands and needs of the university's ‘new’ users, entrepreneurs and companies as well as university staff members.

This chapter explores emerging concerns and issues of University and Business Co-operation (UBC) at Indonesian universities. Over decades, the Indonesian government has been implemented policies and strategies to stimulate collaboration between universities and business by offering them a variety of funding schemes. It has been aimed to foster innovation and to reach the government ambition, to make Indonesia as a country in the innovation-driven economy by 2020. Our study was based on a desk evaluation and the secondary data. We collected and examined documents of the governmental policies, universities’ strategies, relevant UBC articles, etc. in order to get an overview of UBC in Indonesia. Our findings suggests that the participation rate of universities and academics in UBC, especially with those funded by the government, remains low. The government expected more participation by offering more funds; however, it was not successfully achieved. We conclude that to increase the participation of universities and academics in UBC, they need to resolve the different institutional logics with their business counterparts.

The founder of paperbackswap.com, Bobby Swarthout, developed the idea for his venture while he was a college student. As a student on a limited budget, he had become tired of paying high prices for textbooks. So he developed and launched an online textbook swapping service. Along with a small group of students, he managed to assemble a group of 12 colleges and universities across the United States to participate in textbook swapping. However, after a few months, very few students had used the site. By listening to the potential customers who chose not to participate, Bobby found out that there were too many easy substitutes for the swapping service (e.g. bookstore returns, half.com, efollett, etc.). These alternatives offered either greater convenience or cash in return for used books (especially appealing to students who did not pay for their books themselves), or other appealing features. However, Mr. Swarthout believed in his concept and also listened to the ‘voice-of-the-consumer’ (VOC) and moved his business idea into different consumer/product space: that of paperback books. Along with a few lead users attracted to his original idea, he refined the original idea, gathered resources (an angel who invested in the business) and added technological capabilities. One year later he launched paperbackswap.com. From inception, the firm embraced the VOC as the key tool in driving product development and improvement efforts. For paperbackswap.com listening to the VOC has become part of a closed-loop system where inputs from consumers are analysed and product improvements developed in response and where the loop is closed by listening to how consumers respond to product changes.

The chapters in this volume have been derived from the best papers presented at the annual International High Technology Small Firms (HTSFs) Conference held at Enschede, The Netherlands, and organized by Nikos, the Dutch Institute for Knowledge Intensive Entrepreneurship in May 2008, with the collaboration of Manchester Business School. The present volume is the ninth in the present series of “new millennium” volumes from this conference and book series that began in 1993. As Oakey and Cook wrote in the introduction to Volume 8, government policies in developed Western economies remain focused on emphasizing innovation driven by entrepreneurship as a major vehicle for future economic success. In particular, many European governments support such entrepreneurship by emphasizing the key role of new firm “gazelles” in producing the disruptive innovations and inventions that will create future new industries. This approach in the Netherlands has led to the creation of special Chairs of International entrepreneurship at three technical universities, namely, The University of Twente, the Technical University of Delft, and the Technical University of Eindhoven. These chairs have now been filled and are held at the University of Twente by Shaker Zahra, the Technical University of Delft by Paul Trott, and the Technical University of Eindhoven by Anthony di Bennedetto. The objective of these appointments is the stimulation of technology-based entrepreneurship in the student populations of the Netherlands university sector, and to increase our detailed knowledge of technology-based enterprises, involving a strong focus on the research problems of internationalization, particularly among, university-derived HTSFs.