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PurposeThe purpose of this article is to obtain an in-depth insight into the nature and impact of customers´ cocreation experiences in online communities and the effects of customer cocreation on innovation processes.Design/methodology/approachThis study is focused on an online cocreation community created by a market research company on behalf of a company. By means of a case study approach and through in-depth interviews, the authors identify the actual customer experiences and measure (or assess) the degree of involvement of customer creativity and experience in new idea generation.FindingsCocreation experience can be enhanced through evoking pragmatic, sociability, usability and hedonic experiences and more positive experiences and therefore, outcomes of collaborative innovation in online communities can be achieved. Findings show a classification of each role the community moderator/community manager and peer online community members perform as antecedents of cocreation experience, highlight the value of group feeling/sense of community/sense of belonging and homophily/communality in achieving that, the nature of a supportive online platform and give an overview of positive and negative outcomes of cocreation experience.Originality/valueThis case study provides with valuable insights in the phenomenon of customer cocreation and how to enhance participation of community members in collaborative innovation in online communities through positive experience, which is important for businesses involved in innovation trajectories and product and service improvement efforts.

We examine sensebreaking, a meaning void, that entrepreneurs experience due to critical feedback from early stakeholders using the socially situated cognition perspective. We show that sensebreaking aids novel sensemaking via three mechanisms-redirecting, reframing, and questioning-through longitudinal analysis of weekly diary reports that we collected from 30 entrepreneurs for one year. We describe the cognitive changes due to novel sensemaking. We derive a process model that illustrates how sensebreaking-sensemaking iterations over time effect changes to the shared cognition between entrepreneurs and their stakeholders while driving opportunity development. We advance the opportunity coconstruction literature by adding microlevel understanding of stakeholder interactions and explicating their effects on entrepreneurial cognition.

It has been over 15 years since the world's centers of research excellence in the management of technology and innovation (MOT) have been acknowledged. We have updated this area of interest through a new study on the current centers of excellence, furthering our investigation in the sub-field of technology entrepreneurship (TE). We based our study on the boundary conditions utilized in previous research, adding new metrics while retaining several of the old. We limited our data sample to peer-reviewed journal articles in recognized base journals. The centers’ research nature and quality were assessed via a series of 37 metrics. We found 809 schools with publications in MOT-recognized base journals and identified 77 non-U.S. centers in Asia, Australia, Europe, South and North America and 21 U.S. centers that meet our criteria for research excellence. Further, a detailed analysis was conducted for the 21 U.S.-based schools, considering metrics such as the number of publications by researchers during the study period, the MOT publication history, editorships of the professors of the centers in the base journals, and number of articles. Similarly, we identified 17 International centers of TE excellence out of the 348 schools that published in TE. We provide tiered results of the top schools excelling in selected areas.

PurposeThe purpose of this paper is to investigate the early development stages of International New Ventures (INVs). Specifically, the authors explore how INVs acquire and leverage four kinds of capital – strategic, managerial, financial and social – to recognise a foreign opportunity, begin the pre-foreign entry activities, and finally start the INV.Design/methodology/approachA stage-based, multidimensional framework was used to investigate how INVs acquire and use the four capitals throughout the internationalisation process. Drawing on four case studies of high-tech INVs, this study tracks their development in three stages: foreign opportunity, pre-foreign operation and post-foreign operation.FindingsResults indicate INVs build advantages and internationalisation activities occur before formal operations begin. INVs deliberately orchestrate certain kinds of capital contingent to the specific internationalisation stage. Further, the authors find that not all types of capital are equally important throughout the internationalisation process: INVs identify foreign opportunities when endowed with managerial and social capital; INVs source a majority of their managerial and financial capitals externally before internationalising; and INVs only contribute all four capitals simultaneously after internationalising.Research limitations/implicationsFindings contribute to knowledge about the development of INVs pre-internationalisation and pre-founding. The study is limited to a comparative sample of INVs, which impacts the generalisability. However, the findings provide a starting point for investigating similar effects using more representative samples.Practical implicationsEntrepreneurs can be proactive in networking activities to allow them greater opportunity to interact with potential resource providers dependent on the stage of internationalisation.Originality/valueThis study contributes to the international entrepreneurship literature with qualitative evidence of the micro-level processes of internationalisation. Very few studies investigate the early, pre-internationalisation and pre-foundation, development stages of INVs.

In the research reported here, we compared how future-oriented cognitive processes underpin differences in the quality of new venture ideas (NVIs) generated by respondents. We primed the use of future-oriented cognitive processes in two experiments. The first experiment shows that prospective thinking leads to NVIs of higher quality in comparison to counterfactual thinking, perspective taking and a control group. The second experiment shows that prospective thinking and perspective taking result in NVIs of higher quality compared to counterfactual thinking and the control group. We also find that prior knowledge of technology strengthens these effects. Post-hoc analyses show that these effects are present when respondents are prompted to generate NVIs, but not when they spontaneously generate NVIs, and that respondents with more prior business experience are more likely to spontaneously generate NVIs. Finally, we discuss contributions our research makes to the literature on entrepreneurial cognition and opportunity recognition, and to practice.

The entrepreneurial mindset (EMS) is an emerging concept within entrepreneurship research, but has yet to reveal its full potential. Its current understanding is still fragmented and intertwined with other concepts. The purpose of this paper is to develop a theoretically informed definition of EMS that is descriptively robust and conceptually distinct from other concepts. By analysing definitions and comparing EMS to other established entrepreneurship concepts we argue that EMS captures both the developmental (ability) and the volitional (willingness) aspects that allow an individual to sense and seize an opportunity. It is the combination of these two aspects that makes EMS unique and distinct from other concepts. We ultimately propose future research steps to advance the understanding of this important phenomenon across multiple contexts.

The purpose of this paper is to integrate the seemingly disparate entrepreneurship and mindset literatures and extant work to conceptualize the entrepreneurial mindset and its embeddedness in an organizational context. Furthermore, we theorize about the entrepreneurial mindset as expressed through entrepreneurial spikes. We develop the entrepreneurial mindset concept as an ability and willingness combined phenomenon driving individuals, specifically in a corporate environment, in their entrepreneurial behavior, moving research forward from ‘what it is’ into understanding ‘how and when it works’. We detail the implications and insights and propose a future research agenda, focusing on the context beyond the content of the entrepreneurial mindset.

Orphan diseases pose both a challenge to the global medical community and an opportunity for it to focus on global peace engineering and innovation. Where, any single orphan disease is rare, when taken as a whole they affect more than 250 million people throughout the world. This number by comparison is larger than the global number of cancer and AIDS patients. We add to the literature by mapping the available knowledge in the orphan drug development field and exploring the tensions at play for innovation and entrepreneurship in this field. We further add to the literature by providing a framework to review this field based on social systems theory. Our review highlights the gaps in research and proposes a path forward in understanding of and learning from the orphan drug development field.

The authors seek to advance the understanding of social capital in the acquisition of other types of capital in the early stages of international new ventures (INVs). International technology-based new ventures are important for the growth of an abundant economy, yet little is known about how these firms utilise social capital to develop the resources required to initiate these firms. Here, we add to the literature by first defining INVs as firms that establish foreign operations, not just foreign sales. We then empirically demonstrate that social capital acquisition and use affects the development of the resources (capital) needed for the INV development - strategic, financial and managerial. Our results demonstrate that the development of social capital precedes other forms of capital acquisition for INVs.

The paper describes the case of the European entrepreneurship summer school (EESS) supported by a consortium of universities from different countries. The paper develops a set of theoretical propositions and practical recommendations for creating a learning community and space around a summer school activity in the context of a larger ecosystem encouraging students to choose a career in the respective area. The core elements building the innovativeness of the concept of this educational initiative are analyzed. First, it is the complementarity of expertise which shapes a teachers’ learning community’. Second, it is the active involvement of students achieved through preselection of motivated participants, coaching, and an individual and group work. Third, it is a creation of a safety feeling among participants to increase the mutual trust and intensive interactions among students. Forth, it is the co-opetition among students collaborating but also competing with the group-project presentations. Fifth, it is the pre-school preparation of students to achieve a minimal level of common knowledge of related concepts and techniques. The limitations of the EESS model are: (1) the international team of teachers, (2) the geographical dispersion which negatively contributes to the students’ pre-school learning community, (3) the volunteering activity of the organizers and teaching staff, which is limited by their main workload, (4) the financial model which does not allow to become sustainable without a support of the participating universities.

In this paper we tackle the question how entrepreneurs without initial industry-specific knowledge develop market-entry capabilities in knowledge intensive industries. To do so, we study how the yesterday’s parents without prior experience in this field, become entrepreneurs in order to find a cure to the disease of their children. We find that several parameters of the cases in focus make them “extreme” and, as several organizational theorists have recently emphasized, interesting from a theory construction perspective. With this research, we contribute to the emergence of dynamic capabilities literature by investigating the micro- foundations that generate organizational level market-entry capability, To do so, we extend our understanding of the dynamic capabilities by building on social system view applied to entrepreneurship. Our contribution is threefold. First, introduce the concept of “readiness to act entrepreneurially” and thus discuss the processes and capabilities that need to be built up in order to successfully develop a capability to sense and seize opportunities in the market. Second, we contribute to the literature by systematically addressing the social processes behind the emergence of dynamic capabilities. Prior research underscores the complexity in explaining routines and capabilities and could, therefore, benefit from a systemic approach to analysis. Third, our findings could provide a practical basis for training entrepreneurs in rare disease field.

Purpose The paper aims to understand how individuals differ in individual absorptive capacity – their ability to recognize, assimilate, transform and exploit external knowledge. These individual absorptive capacities are a key knowledge management building block for an organization’s open innovation practices. The study examines individual antecedents – human capital, social capital and cognition – and innovation outcomes of individual absorptive capacity. Design/methodology/approach This is a quantitative study of 147 employees in a single medium-sized Dutch industrial firm. Based on a survey and structural equation modeling, the antecedents’ prior knowledge diversity, network diversity and cognitive style are examined in relation to individual absorptive capacity. Further, the mediating effects of individual absorptive capacity on its antecedents and innovation outcome are investigated. Findings The main findings are that prior knowledge diversity, external network diversity and a bisociative cognitive style explain differences in individual absorptive capacity. A bisociative cognitive style appears to be the most important factor. Also, this study finds that individual absorptive capacity mediates between its antecedents and individual innovation performance and is therefore a relevant factor to capture value from external knowledge sources. Research limitations/implications The study extends open innovation theory by exploring individual-level factors that explain the ability to capture value from external knowledge. It suggests that differences in open innovation practices are explained by heterogeneity at the individual level. Further, it explains how individuals’ potentials for open innovation are mediated by their absorptive capacities. These insights enable future researchers to further examine individual-level factors in knowledge management practices and to explore cross-level individual-organizational interactions for open innovation. Practical implications This paper highlights that individuals’ engagements in open innovation practices are explained not only by individuals’ motivations but also by their abilities to absorb external knowledge. Further, it helps managers to design knowledge management practices to promote employees’ absorptive capacities, to improve open innovation processes. Originality/value This study investigates the neglected individual-level factors of open innovation practices from a micro-foundational and knowledge management perspective. To our best knowledge, this is the first study to examine individual-level antecedents and outcomes of individual absorptive capacity.

This special issue links "National Systems of Innovation" with "Social Entrepreneurship" to showcase how social entrepreneurship enables the diffusion of new technologies to make a social impact and engender "creative destruction" through the value generating activities of economic actors ranging from individuals, micro-enterprises to large organizations. The special issue calls attention to the importance of social entrepreneurship in the national system of innovation and the need for analysis at multiple levels ranging from micro to macro. It also calls for research on new actors and models for the diffusion of new technologies in sectors where markets do not exist and where the lack of immediate returns inhibits investment by for-profit organizations. While highlighting the growing prominence of social entrepreneurship at the micro level, the special issue also notes the paucity of measures to account for the impact of social entrepreneurship organizations and the need for more research in this area.

Emerging market economies rarely lead the commercialization of emerging technologies. This was understandable when emerging hnologies were based on costly physical product technologies that produced products like airplanes, automobiles and more recently semiconductors and MEMS devices. Yet we are now in the information-or knowledge economy-based Schumpeterian cycle where exceptional infrastructure cost no longer apply. Emerging markets today have in many cases both the technological expertise and the infrastructure capital to embrace at least the IoT emerging service product technology base. If this is so, then what are the business models that are appropriate for emerging markets? Our research focuses on adding to the literature by investigating the differences between physical product-based and service product-based emerging technology adoption in emerging markets. We construct and demonstrate a comprehensive policy-based tool for the review of IoT-based (i.e., Software as a Service-based) opportunities.

Power plays a key role in the relationships between startups and established organisations. Yet researchers have devoted little attention to the startup's perspective on power in such relationships. To study startups' view on power, a useful starting point is their structural power, but this also requires an investigation of their power behaviour. We explore how structural and behavioural power interrelate in a startup's relationships with its established partners in the medical device business. Our longitudinal, embedded case study reveals nine interaction episodes in which power plays a decisive role. The power episodes show that the case startup often uses hostile power use tactics because it overestimates its structural power. Since its established partners recognise its lack of power, they usually do not accept such behaviour. Thus, the case startup could not extract the intended benefits. Nonetheless, we find that the case startup could benefit from its relationships if it employs conciliatory power use tactics or power change tactics. With these insights, we contribute to the startup business relationship literature by providing a better understanding of startups' experience with power. We also extend the power literature by showing that it is the perception of power that determines power behaviour rather than the de facto structural potential.

The level of entrepreneurship between countries differs consistently. A source of this variance lies in national culture differences. Recently, the cultural dimension “tightness” has been introduced in the literature. Tightness refers to the degree to which a nation has strong norms and a low tolerance for deviant behavior. Tightness can have a direct effect on national entrepreneurial activity. It can also moderate the strength and/or direction of the relationship between other cultural characteristics and entrepreneurship. Such moderation might explain previous studies' inconclusive findings. This study analyzes tightness's impact on new business ownership, high-growth entrepreneurship, and social entrepreneurship, using recent secondary data from 29 countries. The results show that tightness has neither a direct nor a moderating effect on entrepreneurship. Other cultural dimensions, such as individualism and uncertainty avoidance, have an impact on new business ownership, but not on high-growth entrepreneurship or social entrepreneurship. This suggests that policy makers can use formal institutions to foster high-growth entrepreneurship and social entrepreneurship – even in nations whose cultural conditions do not seem to be supportive

This paper provides an improved model, based on historical data, that describes the returns on assets that result from R&D efforts to assist managers of public and private R&D activities. Such a model may lead to better decision support tools to monetize the value that may be extracted from R&D, which is otherwise often undervalued. Real option pricing models are used to gauge appropriate funding levels for assets such as R&D projects that contain large time-dependent uncertainties. However, this study finds that assuming the Gaussian distribution describes fluctuations in value is not appropriate for assets whose value is derived from R&D activities. This conclusion is based on a study of 43 military R&D projects and 100 technology-intensive small firms. A power law, such as the Cauchy distribution, is shown to be more accurate in describing fluctuations in returns from R&D investments. Copyright The Author 2012. Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oup.com, Oxford University Press.

Physicians' interests substantially influence intra-organizational dynamics in hospitals, though little is known about the actual content and structure of these interests. The objective of this study was to both identify and build a structured model of physicians' interests. Based on literature and 27 semi-structured interviews with physicians, a questionnaire containing 10 interests was developed. Next, 1475 physicians in the Netherlands filled out an online survey. Analyses of the data revealed a distinction between the primary interest of ‘helping patients as well as possible’ and nine secondary interests. Factor analysis identified the main secondary interest dimensions as work-related, setting-related, and life-related. Value attached to interests differs between specialties and types of hospitals. The influence of hospital type on the value attached to interests is stronger than the influence of specialty group on the value attached to interests. Insight in the relative importance of different interests may help policy-makers make decisions that foster shared interests.

PurposeTwenty first century problems are increasingly being addressed by multi technology solutions developed by regional entrepreneurial and intreprepreneurial innovators. However, they require an expensive new type of fabrication facility. Multiple technology production facilities (MTPF) have become the essential incubators for these innovations. This paper aims to focus on the issues.Design/methodology/approachThe authors address the lack of managerial understanding of how to express the value and operationally manage MTPF centers through the use of investigative case study methods for multiple firms in the study.FindingsOwing to the MTPF centers' novelty and outward similarity to high volume semiconductor fabrication (HVF) facilities, they are laden with ineffective operation and strategic management practices. Metrics are the standard for both operational and strategic management of HVF facilities, yet their application to this new type of center is proving ineffectual.Research limitations/implicationsThese new types of regional economic resources may be at risk. A new approach is needed.Practical implicationsThe authors develop an operational and strategic metrics management approach for MTPFs that are based on these facilities' unique nature and leverages both the HVF and R&D metrics knowledge base.Social implicationsInnovations at the interface of micro technology, nanotechnology and semiconductor micro fabrication are poised to solve many of these problems and become a basis for job creation and prosperity. If a new management technique is not developed, then these harbingers of regional economic development will be closed.Originality/valueWhile there is an abundance of research on metrics for HVF, this is the first attempt to develop metrics for MTPFs.

The focus of this study is on the role of networks in both identifying and accessing financial resource providers by technology-based ventures. We explore the role of networks by taking into account several specifications. We (1) acknowledge that new ventures can access financial resource providers both directly and through referral, (2) make an analytical distinction between the identification of financial opportunities and the access to financial resource providers, and (3) study the contingencies that influence the effectiveness of certain network positions and relationships in the new venture financing process. In order to explore the role of networks in financing, we conducted case studies in four technology-based ventures. Our findings show that for identifying financial opportunities and resource providers, a positional network that is rich in structural holes is favourable for new ventures. In a relational sense, for new ventures that directly access financial resource providers, having weak network ties are most effective. When new ventures use a referral to access a financial resource provider, referrals from referral sources that are strongly tied to the venture are the most effective. Furthermore, our results show that the effectiveness of certain network positions and relations largely depends on contingencies. Based on our findings, we shape several propositions that provide new directions for future research. The current study makes several contributions to theory and provides several interesting guidelines for start-up entrepreneurs.

This paper provides an overview of this special issue on human, social and cultural capital effects on the SME. After providing initial definitions for these three concepts, it provides an overview of the other seven papers in the special issue, including research questions, methods used and key findings. As concluded in the other papers, each of these aspects can have an influence on SME performance.

Purpose The paper aims to understand how knowledge-intensive teams can develop and enhance their team absorptive capacity (ACAP) level, by exploring whether individual and organizational factors are complements or substitutes for team ACAP. Design/methodology/approach The study applies a configurational approach using fuzzy-set qualitative comparative analysis to identify combinations of individual and team factors that are associated with team ACAP. Data were gathered through a survey among 297 employees of four medium-sized Dutch firms, working in 48 functional teams. Findings The primary finding is that knowledge-intensive team ACAP depends on a triad of complementary factors: team members’ individual ACAP, factors that enable knowledge integration and factors that motivate knowledge integration. Underdevelopment of one or more factors leads to lower team ACAP. Research limitations/implications The study contributes to the discussion on the locus of knowledge-creation and enhances understandings of why knowledge-intensive teams differ in knowledge processing capabilities. It suggests future research on cross-functional teams in new ventures and large firms. Practical implications The paper informs managers and team leaders about the factors that determine knowledge-intensive teams’ ACAP, enabling them to develop team-specific strategies to increase their teams’ performance. Originality/value The study takes a holistic perspective on knowledge-intensive team ACAP by using a configurational approach. It also highlights the potential of team-level research in the knowledge management literature for both researchers and practitioners.

International audience; Oil and gas exploration and production firms have return profiles that are not easily explained by current financial theory – the variation in their market returns is non-Gaussian. In this paper, the nature and underlying reason for these significant deviations from expected behavior are considered. Understanding these differences in financial market behavior is important for a wide range of reasons, including: assessing investments, investor relations, decisions to raise capital, assessment of firm and management performance. We show that using a “thicker tailed” mixture of two normal distributions offers a significantly more accurate model than the traditionally Gaussian approach in describing the behavior of the value of oil and gas firms. This mixture of normal distribution is also more effective in bridging the gap between management theory and practice without the need to introduce complex time-sensitive GARCH and/or jump diffusion dynamics. The mixture distribution is consistent with ambidexterity theory that suggests firms operate in two distinct states driven by the primary focus of the firm: an exploration state with high uncertainty and, an exploitation (or production) state with lower uncertainty. The findings have direct implications on improving the accuracy of real option pricing techniques and futures analysis of risk management. Traditional options pricing models assume that commercial returns from these assets are described by a normal random walk. However, a normal random walk model discounts the possibility of large changes to the marketplace from events such as the discovery of important reserves or the introduction of new technology. The mixture distribution proves to be well suited to inherently describe the unusually large risks and opportunities associated with oil and gas production and exploration. A significance testing study of 554 oil and gas exploration and production firms empirically supports using a mixture distribution grounded in ambidexterity theory to describe the value fluctuations for these firms.

This special section is the result of a call for papers sponsored by the Technology Forecasting andSocial change. It combined efforts from The University of New Mexico's Anderson School ofManagement, The Mesa+ institute and the Nikos Center of Knowledge Based Entrepreneurship at theUniversity of Twente and Sandia National Laboratories. The section is comprised of seven papers whichfocus on many differing elements of National and Regional Nanotechnology Policy. The initial paperexamines national and regional nanotechnology policy differences between developed and developingcountries. The second effort reviews follow on effort of a national initiative. The third work reviewsnanotechnology patenting on a country basis giving one indication of the effectiveness of a countriesnational policy. The authors of the fourth paper focus on de-facto regional cluster as a policy fornanotechnology firms. The fifth piece sheds light on an early aspect of national policy which is theinitiation of national centers of excellence and the sixth paper provides a regional disruptive technologyforecasting model for policymakers built on nanotechnology and small technology data.. Finally the lastpaper is provided by a US national research group demonstrating the use of technology intelligence andtext mining in assisting national nanotechnology tactical and policy formation.The papers in this section provide advances in the state of the art, as well as a review of currentknowledge in nanotechnology policy based and are based on previous relevant research. Majorcontributions to the field are offered through an integration of disruptive technology, technologyintelligence, economic development literature, technology forecasting techniques and knowledge basedentrepreneurial efforts. We offer papers that must embrace multiple conceptual schemes, address the

The problems facing the 21st century world are creating opportunities that challenge the traditional manner in which enterprises create value. The number of newer and traditional industries undergoing radical change is unprecedented. These industries are being affected by the interconnectivity of the global problems as well as the emerging technology (such as nanotechnology) based innovations being developed to meet their challenge. Novel forms of business, creative enterprises, are being generated to meet this opportunity. Yet academic and practitioner understanding of how to best assist these enterprises is limited. If one compares the plethora of scientific knowledge being generated by any one of the emerging technologies to that of those authors providing managerial acumen in any form there is a great disparity. Here, the authors help define the field of creative enterprise based on emerging technologies like nanotechnology and provide a basis for further study. The authors provide some initial knowledge of the new roles required of technology entrepreneurs, researchers and other innovation professionals. Further they provide or extend management tools and new business models required by these creative enterprises.

Business incubators (BIs) have been established around the world to stimulate new business creation. Whilst it is accepted that incubation models have evolved, little is known about whether existing incubators have adjusted their value proposition to incorporate recent incubation paradigms or have simply remained operating as originally founded. We present data collected within seven BIs and their tenants regarding service provision and selection criteria. Our findings show that whilst BIs of all generations offer similar support services, tenants in older generation BIs make less use of the BI's service portfolio. We suggest this is a consequence of slack selection criteria and the absence of clearly defined exit policies. These results imply that older generation BIs should update their service portfolio while simultaneously imposing stricter selection criteria and introducing exit policies. Finally, we discuss the wider implications this raises for BIs' managers, prospective tenants and policy makers.

The Narver & Slater scale has been accepted in the literature as a dominant scale to measure market orientation. However, few studies have tested its content validity, especially in transition economy context. In this study, we triangulate the scale with in-depth interviews with directors of ten Russian high-tech SMEs. Our results show that the firms attain high scores, but that these scores are accompanied by behaviors that do not belong to a high market orientation. In this paper we aim to explain this anomaly and provide suggestions as to how market orientation should be measured in economies that are not yet fully familiar with the market mechanism.

This chapter tells the development story of Waleli, a high-tech company utilizing the latest proven developments in wireless communications to bring innovations to the market. It presents the journey of the firm through the entrepreneurial process, from initial idea right through to value creation. Furthermore, it looks at the roles and origins of network contacts and how these impact the entrepreneur’s effort to accumulate the necessary resources to establish and subsequently develop the firm. This chapter adds to our understanding of network activity in the entrepreneurial process and as a real life case has relevance to both potential and practicing entrepreneurs in that it details the trials and tribulations of the process, and academics, as it provides in depth data on the role of the network in the entrepreneurial process.

As academic entrepreneurship develops, questions of business valuation of research become more important. Therefore, there is a need to develop methods for value assessment of academic research. Conventional business valuation models for technology are usually financially oriented and will only disclose its economic value. However, this under specifies the value of university-industry transactions. The value of an invention not only depends on economic value but also on strategic, cultural or social value added to the applicant of the invention: usually a company. We introduce gross business value, being a function over time of these four dimensions of value and propose to position this gross business value of an academic technological invention within a three-dimensional model, with the research value creation process on the X-axis, the type of research on the Y-axis and its contribution to the applicant's four types of capitals at the Z-axis.