Global-Spin News

Not all Academic Research can be Spin-off

Not all Academic Research can be Spin-off
Wednesday, 21 February 2018

At GLOBAL-SPIN we are working towards helping managers and academics spin-off and start-up new companies. However, it is important to realise that not all academic research and inventions can be made into a company [1]. It is also important for spin-off founders to realise the impact that continuous research will have on the success of the company and the necessity that they might have for access to university labs and researchers [2].

In fact, the success of a spin-off is dependent on the fact that the product or service being offered to the community is essential to success. If the product or process being produced is not disruptive to the current market, it might not be appropriate subject matter for starting up a new business. [1]

In addition, expertise in business success is important to creating a sustainable academic spin-off—something many academics lack [3]. Many times having a strong team can mean that the business is able to overcome having an average product; however, having excellent technology does not overrule having an average team [1]. In order to guarantee success, it is essential to build up the team before the business is formed.

Finally, many spin-offs will take years to grow into a proper business (that is, years with financial and research support), and may never be as successful as other startups [3]. The university and venture capitalists will have to support the spin-off throughout the process of intellectual property protection, marketing, and product perfection [1].