Exploring the role of U.K. Government policy in developing the university entrepreneurial finance ecosystem for Cleantech
Article
Owen, R. and Vedanthachari, L. 2023. Exploring the role of U.K. Government policy in developing the university entrepreneurial finance ecosystem for Cleantech. IEEE Transactions on Engineering Management. 70 (3), pp. 1026-1039. https://doi.org/10.1109/TEM.2022.3153319
| Type | Article |
|---|---|
| Title | Exploring the role of U.K. Government policy in developing the university entrepreneurial finance ecosystem for Cleantech |
| Authors | Owen, R. and Vedanthachari, L. |
| Abstract | Vast sums of public money are invested into universities globally as anchor institutions and knowledge bases providing seedbed resources for research and development (R&D) and entrepreneurship. Focusing on university science and technology (S&T) research we examine two UK case studies of government support from the ‘Innovation Knowledge Centre’ (IKC) program to translate research into industry innovation for public good. Although IKCs are not tasked to address Climate Change, the two case studies demonstrate tremendous potential for Cleantech development. An exploratory entrepreneurial finance (‘entfin’) ecosystem theoretical lens contextualizes the catalytic roles of universities and public funding to support industry at the base of the innovation finance escalator. We thus develop university-industry ecosystems literature, addressing the gap in nurturing university entfin for climate change. Our qualitative case study methodology includes literature review and 51 key informant interviews with: policymakers; university research leaders, technology transfer officers, specialist research to industry innovation ‘translation’ staff, SME beneficiaries, trade bodies; and early-stage private finance providers. We reveal nuances in different emerging innovation sectors – notably their degree of maturity, locality and outcome horizons for achieving impact, drawing attention to the key roles of universities and financing and their interactions within their entfin ecosystems. We demonstrate the need for government long horizon, deep pocket, investment and integrated university entfin policy mix, alongside more open, inclusive, ecosystem development between different actors. |
| Keywords | Ecosystems; Government policies; Entrepreneurship; Industries; Climate change; Investment; Research and development; Capital ventures; Cleantech; Entrepreneurial finance ecosystem; Innovation; Policy evaluation; Science and technology; Universities; Strategy and Management; Electrical and Electronic Engineering |
| Research Group | Centre for Enterprise, Environment and Development Research (CEEDR) |
| Publisher | IEEE |
| Journal | IEEE Transactions on Engineering Management |
| ISSN | 0018-9391 |
| Electronic | 1558-0040 |
| Publication dates | |
| Online | 11 Mar 2022 |
| Mar 2023 | |
| Publication process dates | |
| Deposited | 08 Apr 2022 |
| Accepted | 06 Feb 2022 |
| Output status | Published |
| Accepted author manuscript | |
| Copyright Statement | © 2022 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works. |
| Additional information | see related record: |
| Digital Object Identifier (DOI) | https://doi.org/10.1109/TEM.2022.3153319 |
| Web of Science identifier | WOS:000932867500017 |
| Language | English |
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