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Fostering innovative entrepreneurship

Challenges and policy options

image of Fostering innovative entrepreneurship
This publication sheds light on innovative entrepreneurship and difficulties that entrepreneurs face when creating businesses based on research and development results. The legal and regulatory conditions for enterprise development and the existing infrastructure for applied research are explored. Sources of financing for innovative entrepreneurs and roles of specialized financial providers are explored. Highlighted is the need to strengthen linkages between institutions that generate knowledge and the firms that strive to use it commercially. The publication discusses government policies facilitating the emergence of new innovation-based enterprises, its initial growth, identifying bottlenecks and suggesting corrective action for governments and other stakeholders.

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Institutional support to commercialization and new innovation-based companies

Innovation support institutions are public, private or public-private organizations that provide support to entrepreneurs in establishing spin-off companies, commercializing their innovations, bringing them to the market and finding financial solutions. Among such institutions one notes training and consulting centres, technology transfer centres, incubators and pre-incubators, seed capital funds, technology parks and clusters. The services that they usually provide to academic entrepreneurs are coaching and consulting on managerial, legal and administrative matters. The technology transfer offices (TTOs) established within universities focus on finding partners for commercialization and private investors, as well as on licensing of the patents owned.

English

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