Great strides have happened at universities to cultivate entrepreneurs, and regions have developed stronger programs for collaborating with their higher education institutions to launch ventures. However, measurement and tracking of these economic development programs still lags the myriad approaches to starting new ventures. This delay may be attributed in part to continued reliance on traditional measurement methods for economic development performance within entrepreneurial ecosystems that are not structured to produce traditional results. This session presents new perspectives on the challenges of university-based entrepreneurship within regional economic systems and suggests new approaches to measuring and managing new venture creation.
Chicago Medical Malpractice Lawyer Chicago Medical Malpractice Lawyer.pdf
Modern Measurement of University-Based Entrepreneurship
1. MODERN MEASUREMENT
O F 2 1 s t C E N T U RY
U N I V E R S I T Y- B A S E D
ENTREPRENEURSHIP
UEDA Annual Summit
23 Oct 2012
Mike Provance, Ph.D.
@mikeprovance ⋅ mike@provance.us
2. The Startup Process
System of activities involved in mapping
creativity to need, and both to economic
value
People, ideas, technology – in that order
– “Everything that can be counted does not
necessarily count; everything that counts
cannot necessarily be counted.” - Einstein
3. The Startup Process
How does it differ for university-based startups?
– Small business inside a bureaucratic organization
– Higher levels of scrutiny, numbers of stakeholders
– Management talent gaps
– Commercialization chasm
4. Startup Success
How do university-based startups look at success?
– Jobs are not a measure of success; they are [the]
factors of growth
– First sale
– Reputation & credibility
– Survival
Diversity of source, form complicate measurement
5. Startup Success
UNIVERSITY-BASED ENTREPRENEURSHIP
THE INFORMAL APPROACH THE FORMAL APPROACH
⋅ Class Projects ⋅ Tech Transfer
⋅ Clubs ⋅ Training Programs
⋅ Labs, Cafes, and ⋅ Incubators
Hallways
⋅ Catalyst programs
⋅ Entrepreneurs-in-residence
⋅ Long-form mentoring
⋅ Ecosystems/networks
6. Startup Success
⋅ Funding is an
important metric,
but…
⋅ Not a measure of
success
⋅ Measures the quality
of people, ideas &
technology
assembled
greenlitelabs.com
7. Engaging the Institution & Community
Trends in University-Based Entrepreneurship
– Collaborations between University & Community
– Tension between Quantity & Quality
– Increasing Speed & Variety
8. Engaging the Institution & Community
Align to institutional objectives & outcomes
– Modifying expectations of institution
• Longer payoff horizons, lower upfront
• Ownership dilution
– Investing in potential
• Remove focus on jobs, place on growth targets
• Building ecosystem to supply management
• ‘Privatizing’ the spinoff process