I3P as university business incubator – a dual mission in technology transfer and start-up ecosystem development

In the literature dealing with innovation systems, policies and instruments designed to stimulate entrepreneurship and foster new venture creation feature strongly (Hekkert et al., 2007). In reality, a key avenue for the innovation process seems to pass through the creation and growth of new, innovative firms. Start-ups can influence the innovation performance of a territory through their growth, as well as through the positive impact they can have on incumbent firms through trade in new goods and services, knowledge spillovers and competition (Erkko and Yli-Renko, 1998). The nurturing of start-ups is therefore generally considered a key element in regional innovation policy. Scholars, consultants and policymakers have long viewed the creation of an environment conducive to new and successful start-ups as the ‘holy grail’ of a regional innovation system, and it is very common for those engaged in this field to share the dream of creating ‘their own Silicon Valley’.