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Key driving factors for product/service innovations in UK university spin-offs
(Sage, 2019-01-30) Baines, N.; Lawton Smith, H.
University spin-offs 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, the focus on the economic returns and contributions from university spin-offs has been criticised. Moreover, what the firms deliver by way of innovation in the form of new products and services has largely been missing from the literature. This study demonstrates the driving factors for the success of products and services development by spin-off firms, 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 on the key elements of the products and services performance predictors. The study contributes to filling a gap in the literature by providing an understanding beyond the success factors in setting up university spin-offs. This can help inform academic entrepreneurs, Technology Transfer Offices (TTOs), university senior managers, or policy makers on the design or change of policy within the university in order to support university spin-offs.