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The purpose of this paper is to compare investment in innovation (e.g. R&D) between new venture start‐ups before commercialization and operating businesses after commercialization.

Real options methods were used to model a new venture start‐up as a perpetual call option on an operating business that grows with R&D. The operating business uses R&D to improve actual earnings while the start‐up uses R&D to improve prospective earnings. When the start‐up entrepreneur commercializes his/her new product, device, or service with conventional investment (e.g. plant, property, and equipment to begin production), prospective earnings convert into actual earnings.

The ability of the start‐up entrepreneur to avoid commercialization costs upon failed R&D makes R&D more valuable to the start‐up entrepreneur than to the manager of the already operating business (for whom commercialization costs are sunk) and despite R&D costs that the start‐up incurs without the revenues that only commercialization generates. The value of R&D to the start‐up can be so great that the entrepreneur invests in R&D before the manager of an otherwise similar operating business in similar business conditions.

Without favoring either a priori, the authors show that under broad circumstances, a new venture start‐up undertakes R&D before an already operating business. The authors also discuss the empirical implications of the results.

The purpose of this paper is to study the criteria of R & D commercialization capability by using the successful cases from government research institutes.

The data were collected from 272 entrepreneurs and researchers with a structured questionnaire. The data analysis was carried out by the structural equation modeling (SEM).

The research results revealed that there are six criteria for R & D project commercialization capability, these are arranged according to the significance; marketing, technology, finance, non-financial impact, intellectual property, and human resource. Moreover, the evaluator’s roles, both researchers and entrepreneurs, effect the level of criteria for consideration.

This research is derived from samples form voluntary participants from the disclosed lists in the governmental research institutes. Although SEM results provide weight for each R & D commercialization capability that would be the first step for developing the R & D evaluation instrument and the longitudinal will need to investigate.

This study provides the holistic R & D commercialization capability criteria to assist entrepreneurs and researchers when faced with R & D commercialization decision. The criteria was developed from successful innovation cases; hence they enhance decision-making potential, provide a guideline of R & D commercialization evaluation process, speed up the decision-making process, and prevent risk of a resource meltdown and increase innovation exploitation.

The roles of the evaluators are important when considering R & D, hence, to use the same criteria for evaluating the researchers and entrepreneurs seems inappropriate since naturally, the researchers usually lack marketing and financial skills while the entrepreneurs usually lack technological skills and human resources. The answer may be in the form of providing specifics about project requirement, establishment of marketing and financial consultants in research institutes, enhancement of research and development division, or doing the business matching before doing the agreement in order to encourage co-research and increase the technology transfer level.

This paper proposes the holistic criteria in order to decrease the ambiguous subjectivity of fuzzy-expert system and to help with effectively funding R & D and to prevent a resource meltdown.

The purpose of this paper is to identify the business model components and related attributes of biotech spin-offs activity that are key to the implementation of the internationalization strategy.

The paper is based on a multiple case study analysis including business models of seven biotechnology spin-offs traded on the Warsaw Stock Exchange. Based on the literature review the authors identify the key attributes of the business model for the commercialization of R&D outcomes. The authors conduct an analysis taking into consideration the determinants of biotech spin-off activity. The authors also measure the internationalization strategy implementation with the use of indicators identified in the empirical research literature review.

According to the results, the authors identified that international cooperation in research projects and partnering, as well as international experience in the management board and tacit knowledge, play a facilitating role in the business model for the commercialization of biotech spin-off research findings. The cost advantage on the global market, tax advantages and support of venture capital are the key to the exploitation of profit potential on the global market. An important component of the business model specific to companies conducting R&D activities is to ensure firm survival activities by funding research grants to makes R&D possible prior to commercialization.

The main limitation of this study is the small magnitude of the sample, particularly as only two of the seven analyzed spin-offs realized their profit potential on the global market.

The findings are important for the development of business models of new biotech ventures. Research results can be used as recommendations for universities on how to effectively build a business model for the commercialization of biotech spin-offs on the basis of R&D outcomes for the internationalization strategy.

The paper’s uniqueness results from the synergy of combining three research areas: components of business models for commercialization; attributes of biotech R&D activity; and indicators measuring the internationalization strategy implementation. The results can contribute to the existing body of knowledge on business models for the commercialization of R&D outcomes in the context of internationalization. The value of this paper is an extended knowledge of the internationalization of biotech ventures based on R&D outcomes.

The purpose of this paper is to consider the impact of the introduction of a commerical discourse within a scientific context (i.e. a research and development (R&D) setting). It explores the reconstitution of professional identities, becoming customer focused and changing time orientations.

Drawing upon the concept of recontextualization as a discursive framework for analysis, extensive fieldwork was undertaken in a multinational oil company involving informal conversations, formal interviews with R&D staff (n = 41), secondary data analysis and non‐participant observation.

The major finding is that the commercialization of R&D operations was resented, but not resisted, by established R&D scientists. The reasons for the absence of resistance are discussed.

This work contributes to the understanding of the recontextualization of discourse in professional settings. It also offers insights into the colonizing and commodifying effects of the commercialization discourse.

Properly nurtured and financially supported independent industrial R&D institutions (IRDIs) can play a pivotal role in converting knowledge into commercially exploitable applications in manufacturing industries particularly in the small and medium ones. The purpose of this paper is to present various evidence to enhance government awareness that Canadian R&D funding agenda should be streamlined as the way to strengthen the outreach capacity of Canadian IRDIs.

Using a variety of evidence, the position and role of IRDIs in Germany, Japan, the USA and Canada are highlighted. This is done to reveal the current position and outreach of IRDIs in each country and through that to recommend helpful strategies to strengthen the Canadian IRDIs and foster their contribution to the manufacturing technology development.

The study revealed the weak position of Canadian IRDIs in comparison with their counterparts in the USA, Japan and Germany. The paper proposed strategies and approaches on how IRDIs should be financially and technically supported to expand their outreach in the Canadian manufacturing sector.

This paper provides secondary data‐based evidence intended to serve as a background for more focused case supported future research.

Stakeholders at both government and industrial sectors may find the recommendations given in the paper as helpful inputs for formulating suitable policies and strategies in this area.

The paper presents vital background information on the important but neglected role of IRDIs in the application and commercialization of knowledge in manufacturing technology and the need to strengthen their position by granting the necessary financial assistance.

The objective of this work is to demonstrate the relationships between the two main processes of research and development (R&D) activities: the knowledge generation phase (KPP) and the knowledge commercialization, or transfer, phase (KCP), in a sector that is intensive in this type of activity, such as the pharmaceutical sector. In addition, within the framework of the general objective of this work, the authors propose two other objectives: (1) make advances in network efficiency measurement models, and (2) determine the factors associated with efficiency in the KPP and in the KCP in companies of the pharmaceutical sector in Spain.

A Network Data Envelopment Analysis (NDEA) model (Färe and Grosskopf, 2000) with categorical variables (Lee et al., 2020; Yeh and Chang, 2020) has been applied, and a sensitivity analysis of the obtained results has been performed through a DEA model of categorical variables, in accordance with the work of Banker and Morey (1986), to corroborate the results of the proposed model. The sample is made up of 77 companies in the pharmaceutical sector in Spain.

The results obtained point to a greater efficiency of pharmaceutical companies in the KPP, rather than in the KCP. Furthermore, the study finds that 1) alliances between companies have been the accelerating factors of efficiency in the KCP (but patents have slowed this down the most); 2) the quality of R&D and the number of R&D personnel are the factors that most affect efficiency in the KPP; and 3) the quality of R&D again, the benefits obtained and the position in the market are the factors that most affect efficiency in the KCP.

The authors have not found studies that show whether the efficiency obtained by R&D-intensive companies in the KPP phase is related to better results in terms of efficiency in the KCP phase. No papers have been found that analyse the role of alliances between R&D-intensive companies and patents, as agents that facilitate efficiency in the KCP phase, covering the gap in the research on both problems. Notwithstanding, this work opens up a research path which is related to the improvement of network efficiency models (since it includes categorical variables) and the assessment of the opinions of those who are responsible for R&D departments; it can be applied to decision-making on the aspects to improve efficiency in R&D-intensive companies.

This paper describes a comprehensive approach to examine how technological innovation contributes to the renewal of a firm’s competences through its dynamic and reciprocal relationship with R&D and product commercialization. Three theories of technology and innovation (the R&D and technological knowledge concept, product‐process concept, technological interdependence concept) are used to relate technology and innovation to strategic management. Based on these theories, this paper attempts to identify the dynamic relationship between product innovation and process innovation using system dynamics by investigating that aspect of the dynamic changes in the closed feedback circulation structure in which R&D investments drive the accumulation of technological knowledge.

This study aims to propose a refined dynamic network slacks-based measure (DNSBM) to evaluate the efficiency of China's regional green innovation system which consists of basic research, applied research and commercialization stages and explore the influencing factors of the stage efficiency.

A two-step procedure is employed. The first step proposes an improved DNSBM model with flexible settings of stages' input or output efficiency and uses second order cone programming (SOCP) to solve the non-linear problem. In the second step, least absolute shrinkage and selection operator (LASSO) and Tobit models are used to explore the influencing factors of the stage efficiency. Global Dynamic Malmquist Productivity Index (GDMPI) and Dagum Gini coefficient decomposition method are introduced for further discussion of the productivity change and regional differences.

On average, Chinese provincial green innovation efficiency should be improved by 24.11% to become efficient. The commercialization stage outperforms the stages of basic research and applied research. Comparisons between the proposed model and input-oriented, output-oriented and non-oriented DNSBM models show that the proposed model is more advanced because it allows some stages to have output-oriented model characteristics while the other stages have input-oriented model characteristics. The examination of the influencing factors reveals that the three stages of the green innovation system have quite diverse influencing factors. Further discussion reveals that Chinese green innovation productivity has increased by 39.85%, which is driven mainly by technology progress, and the increasing tendency of regional differences between northern and southern China should be paid attention to.

This study proposes an improved dynamic three-stage slacks-based measure (SBM) model that allows calculating output efficiency in some stages and input efficiency in the other stages with the application of SOCP approach. In order to capture productivity change, this study develops a GDMPI based on the DNSBM model. In practice, the efficiency of regional green innovation in China and the factors that influence each stage are examined.

Consistent with the knowledge spillover theory of entrepreneurship, the purpose of this paper is to recognise the complementary entrepreneurial role of knowledge transfer intermediary organisations in the context of two Central and Eastern European (CEE) countries: Poland and the Czech Republic.

The aim was achieved through empirical studies relying on multiple-case study methodology and cross-case analysis covering 21 cases of commercialisation intermediary institutions. It was assumed that institutional and geographical conditions can impact the knowledge-based opportunity exploitation between different national economies.

Research confirmed that scientists in Poland and the Czech Republic are the central figures of the commercialisation process in terms of entrepreneurial opportunity recognition; however, they need support from intermediary organisations in many other entrepreneurial activities. The history of knowledge commercialisation and its intermediating entities in these countries is relatively young and spin-off company creation is not a common practice. Expertise knowledge, creativity and self-confidence admitted, by the respondents in both countries, can be an optimistic sign for the future efforts in fostering innovativeness of CEE countries. Stronger support of formal institutional framework and policies in those countries is expected.

Science commercialisation has lately attracted much attention, but only a few studies have tried to develop conceptual frameworks considering knowledge-based entrepreneurship and knowledge commercialisation in their relations and subsequential roles. Also, over the past couple of years literature in this area has expanded mainly relying on observations in the USA and Western European countries. Hence, this study allowed to collect findings from CEE countries for which data are still insufficient but can significantly contribute to the theory development. Also, some recommendations for policymakers arise from this study. Further research could validate the results in an extensive quantitative study.

Academic entrepreneurship is seen as a pathway for universities to create value from their knowledge. However, there has been a lack of clarity about what activities constitute academic entrepreneurship, the different type of entrepreneurial academics and how their perceptions of their environment relate to their engagement.

Drawing on a large data set of 10,836 responses across 33 countries, the empirical study investigates European academics who undertake four academic entrepreneurship activities (spin-out creation, commercialisation of R&D results, joint R&D and consulting) to determine if they perceive the environment for academic entrepreneurship differently than those who undertake only some of the activities and those undertaking none at all.

The findings show that less than 1% of academics undertake exclusively spin-offs creation or R&D commercialisation; however, the majority also engage in other entrepreneurial activities such as joint R&D and consulting and even other education and management engagement activities with industry. In addition, entrepreneurial academics in Europe perceive significantly higher motivators and more developed supporting mechanisms for academic entrepreneurship. However, their perceptions of barriers are similar.

At a managerial and policy level, the study results call into question universities prioritising a narrow view of academic entrepreneurship which focusses only on spin-offs creation and R&D commercialisation. Instead, a broader view of academic entrepreneurship is recommended and appropriate mechanisms in place to enable academics to achieve research outcomes from their entrepreneurial activity.

This paper offers an important contribution on how the perception of the environment contributes to the development of entrepreneurial behaviour in individual academics.