From Researcher to Academic Entrepreneur

4.2 From Researcher to Academic Entrepreneur

Findings show that network and knowledge resources are crucial from the initial stages of research in order to identify entrepreneurial opportunities in the own research field. Phelps, Heidl,

& Wadhwa (2012) combined the configuration and characteristics of networks and the access to non-redundant knowledge into a concept defined as (2) ‘knowledge network’, i.e: “a set of nodes - individuals […] that serve as heterogeneously distributed repositories of knowledge and agents that search for, transmit, and create knowledge - interconnected by social relationships”.

This means that those key resources have to be searched, structured and bundled from the very beginning and form the basis for further development (Wright et al., 2012). The last aspect of entrepreneurial opportunities is the possibility of abandonment as presented by (Wood & McKinley, 2010). According to the authors, it is possible to either abandon an opportunity after it was recognized or even after the exploitation. In both cases, the abandoned idea, which is anyhow considered as an important experience, can be the starting point for future ideas.

With regard to (3) the individual Fini, Grimaldi, Marzocchi, & Sobrero (2010) investigated the causes of entrepreneurial activities, in newly established firms and found out that these entrepreneurial causes “are often nurtured by their founders’ skills, knowledge, creativity, imagination, and alertness to opportunities" (Fini et al. 2010, p.388). These results show that a combination of individual skills and psychological factors support the identification as well as the exploitation of entrepreneurial opportunities. Skills comprise the search and interpretation of new information, the imagination of a real future, meaning to have a vision, as well as entrepreneurial alertness, meaning the ability to identify and exploit imperfections in the competitive market with the goal of earning profits, and absorptive capacity, which describes the ability to recognize the value of information and apply it to commercial ends (Companys & McMullen, 2007; Frese &

Gielnik, 2014; Shane, 2003b; Wood & McKinley, 2010). Skills can be developed over time through training or on-hands experiences. Witnessing the development of an idea from the lab to its exploitation helps to enlarge the researcher’s set of skills. The development of the needed skills goes in parallel with the development of the opportunity since each step requires different skills.

Whereas the beginning is very much focused on research-related skills, the identification and exploitation require more business-related skills and also the willingness to get in contact with possible stakeholders and future team members. Active networking is crucial for the successful exploitation.

Psychological factors refer to one’s personality and remain stable over time. Those include e.g. extraversion, overconfidence, self-efficacy or risk-taking. When it comes to the decision of opportunity exploitation or abandonment, human agency and psychological characteristics of the entrepreneur are important factors (Shane, 2003c). Particularly supportive for the exploitation are extroverted and outgoing personality traits, a strong need for achievement, desire for independence and overconfidence, because those help to follow an opportunity or idea in a very uncertain and risky situation (Antoncic, Kregar, Singh, & DeNoble, 2015; Frese & Gielnik, 2014; O’Shea, 2007;

Shane, 2003b). However, despite the entrepreneurial mindset and the needed skills, motivation is the driving force whether a researcher actively pursues entrepreneurial activity or not. Without the right motivation, even a “text-book-entrepreneur” will not be successful.

(4) The working context impacts the development of skills and thus the development from a researcher into an academic entrepreneur (Fini, Grimaldi, & Meoli, 2018). The literature shows evidence that since entrepreneurial strategies are embedded within the overall mission of universities, commercialisation activities increase (D’Este, Mahdi, Neely, & Rentocchini, 2012;

Grimaldi, Kenney, Siegel, & Wright, 2011). This is not surprising since the TTOs’ role is to actively

assist researchers in their willingness to commercialise research results. Moreover, a strongly embedded strategy will sharpen the awareness of commercialization opportunities among researchers. However, even though entrepreneurial orientation is often already part of the overall university strategy, the efficiency of TTOs regarding the enhancement of commercial activities at the university has recently been questioned in the literature (Clarysse, Tartari, & Salter, 2011;

Rasmussen & Wright, 2015; Riviezzo, Santos, Liñán, Napolitano, & Fusco, 2018). More specifically, the literature has shown evidence that the overall institutional influence at a management level, i.e., the activities of TTOs, on researchers’ entrepreneurial engagement is marginal. Researchers have seen the causes for this marginal influence in an insufficient ability to attract new entrepreneurial researchers and develop entrepreneurial training that reaches new researchers or to arouse entrepreneurial interest in them. Until now, TTOs have focused on assisting those researchers who already chosen the entrepreneurial pathway and are seeking help in the exploitation of their entrepreneurial ideas (Clarysse et al., 2011; Rasmussen & Wright, 2015).

Bercovitz & Feldman (2008) investigated this departmental influence from the perspective of a chair’s vision (leadership effect). Their findings indicate that researchers tend to follow and imitate the activities of a departmental leader and act according to his or her example and promoted vision, because it establishes a feeling of belonging (Bercovitz & Feldman, 2008). Having a departmental chair who exploits entrepreneurial ideas through patents, licenses, contract research or the creation of spin-offs, among other things, gives other researchers the opportunity to savour and witness the benefits of commercialization.

Key Take-Aways from this chapter:

1. What is the most important must-have characteristic to become an entrepreneur?

2. Why do entrepreneurs need a social network?

3. What is the role of the TTO in comparison to the departmental leader when pursuing an entrepreneurial opportunity?

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4.3 Entrepreneurship Education – Turning scientists into entrepreneurs