Academic spin-offs and technology transfer in Europe – concluding insights and outlook

Innovation is especially important for regions with limited natural resources like Europe. But the innovation capabilities of European countries differ widely, with significant potential seen in larger countries like France, Germany, Italy and Spain, while others lag behind. Numerous hurdles hamper the commercialization of innovative scientific knowledge and this impedes economic growth. A technology transfer gap exists and must be bridged in order to successfully translate academic research and development (R & D) results into market applications. Chapter 1 of this book describes how universities and research institutions have established technology transfer capabilities in the early twenty-first century, including technology transfer offices (TTOs). The emergence of university technology transfer activities and the increased exploitation of academic R & D followed the adoption of the Bayh–Dole Act of 1980 in the US and similar legislative initiatives in most European countries. The aim was to commercialize inventions arising from government-funded R & D. As a consequence, as well as education and R & D, the role of universities broadened to include the commercialization of R & D outcomes through licensing and spin-offs.