[KSCI] Korea Science Citation Index Service

http://dx.doi.org/10.7545/ajip.2018.7.3.564

Innovative Advanced Technology through University-Industry Collaboration: Role of Venture Capitals, Entrepreneurs and Process Management in Japan

Nakajima, Yoji (School of Environment and Society, Tokyo Institute of Technology)
Miyashita, Shuto (School of Environment and Society, Tokyo Institute of Technology)
Sengoku, Shintaro (School of Environment and Society, Tokyo Institute of Technology)

Publication Information

Asian Journal of Innovation and Policy / v.7, no.3, 2018 , pp. 564-580 More about this Journal

Abstract

The creation of academic start-up firms is an important and practical issue in the management of technology in Japan. The present study designs a model for creating academic start-up firms that fits into the social context. It focuses on the case of FIRST Program, an initiative that consists of 30 projects in innovative arenas, analyses the presence of large-scale public funding, and investigates the role of venture capitalists as support personnel in each project. As a result, the presence and significance of 'long-term escort' by an 'entrepreneurial venture capitalist (EP-VCist)' were confirmed as common features across the cases observed. EP-VCist refers to a person who can maintain and fulfil dual roles at a university and a venture capital firm, and who can take the lead throughout the venturing process as a risk taker. 'Long-term escort' is a form of support that reduces risks in the venturing process by supporting university researchers in the pre-entrepreneurial stage and by exerting a robust bridging role between a university and an industry.

Keywords

Start-up firm; R&D management; innovation ecosystem; venture finance; university and industry collaboration; intellectual property;

Citations & Related Records

Reference

1	Jungwirth, C. and Moog, P. (2004) Selection and support strategies in venture capital financing: high-tech or low-tech, hands-off or hands-on?, Venture Capital and International Journal of Entrepreneurial Finance, (6), 105-123.
2	Kimura, C. (2011) Industrial Vitalization and University-Industry Cooperation in the United States and Germany, Ph. D. Thesis, Osaka City University.
3	Ministry of Education, Culture, Sports, Science and Technology (MEXT), Government of Japan (2017) White Paper on Science and Technology.
4	New Energy and Industrial Technology Development Organization (NEDO) (2016) White Paper on Open Innovation.
5	Perkmann, M. and Walsh, K. (2007) University-industry relationships and open innovation: towards a research agendam, International Journal of Management Reviews, 9(4), 259-280. DOI
6	Stuart, R.W. and Abetti, P.A. (1990) Impact of entrepreneurial and management experience on early performance, Journal of Business Venturing, 5(3), 151-162. DOI
7	Eisenhardt, K.M. and Graebner, M.E. (2007) Theory building from cases: opportunities and challenges, The Academy of Management Journal, 50(1), 25-32. DOI
8	Westhead, P. and Cowling, M. (1995) Employment change in independent owner-managed hightechnology firms in Great Britain, Small Business Economics, 7(2), 111-140. DOI
9	Ye, J.H., Kankanhalli, A. and Yang, Z. (2012) Knowledge brokering for open innovation: a case study of innovation intermediaries, International Conference on Information Systems, 4306-4315.
10	Zenger, T. and Lawrence, B. (1989) Organizational demography the differential effects of age and tenure on communication, Academy of Management Journal, 32, 353-376.
11	Colombo, M.G. and Grilli, L. (2005) Founders' human capital and the growth of new technology-based firms: a competence-based view, Research Policy, 34(6), 795-816. DOI
12	Yamazaki, Y. (2004) Innovation Management, Hosei University, 1, 139-157.
13	Almus, M. and Nerlinger, E.A. (1999) Growth of new technology-based firms: which factors matter?, Small Business Economics, 13(2), 141-154. DOI
14	Anzai, T., Kusama, R., Kodama, H. and Sengoku, S. (2012) Holistic observation and monitoring of the impact of interdisciplinary academic research projects: an empirical assessment in Japan, Technovation, 32(6), 345-357. DOI
15	Anzai, T. and Sengoku, S. (2016) Managing academic interdisciplinary research towards innovation: a resource and communication-based approach, Technology Transfer and Entrepreneurship, 3(2), 70-81. DOI
16	Beise, M. and Stahl, H. (1999) Public research and industrial innovations in Germany, Research Policy, 28(4), 397-422. DOI
17	Cabinet Office, Government of Japan (2011) Press Release, Available at: https://www8.cao.go.jp/cstp/sentan/fukekka_111122.pdf, Reviewed on 20 December 2018.
18	Cabinet Office, Government of Japan (2017) General Strategies for Science, Technology and Innovation.
19	Chesbrough, H. (2003) Open Innovation: The New Imperative for Creating and Profiling from Technology, Harvard Business Press.
20	Cohen, W.M., Nelson, R.R. and Walsh, J.P. (2002) Links and impacts: the influence of public research on industrial R&D, Management Science, 48(1), 1-23. DOI
21	Cooper, A.C. and Bruno, A.V. (1977) Success among high-technology firms, Business Horizons, 20(2), 16-22. DOI
22	Cooper, A.C., Gimeno-Gascon, F.J. and Woo, C.Y. (1994) Initial human and financial capital as predictors of new venture performance, Journal of Business Venturing, 9(5), 371-395. DOI
23	Eisenhardt, K.M. (1989) Building theories from case study research, Academy of Management Review, 14(4), 532-550. DOI
24	Japan Patent Office (2016) Report available at: https://www.jpo.go.jp/shiryou/toushin/chousa/pdf/zaisanken/2015_04.pdf, Rreviewed on 20 December 2018.
25	Feigenbaum, E.A. and Brunner, D.J. (2002) The Japanese entrepreneur: making the desert bloom, Arrangement with Edward, A., Freganbaum, E.A. and Brunner, D.J., Working Paper.
26	Igarashi, S. (2005) Hitotsubashi business Review, 53(1), 16-35.