Abstract

Transactional vs. Collaborative Relationships – Improving Technology Transfer through Academic Entrepreneurship

Charles Sacco, Entrepreneur in Residence and Director of External Relations, Drexel University

The global innovation landscape has changed in the 21st century and there is a new paradigm based on global sourcing and open innovation. Because of this, universities, their technology transfer offices, and companies must adapt with this change. While universities are increasingly seen as a critical source of new drug discovery and commercialization, companies may not understand how to best treat university collaborations. Often they are seen as “transactional” yet universities work best with long term relationships that are “collaborative”.The value to companies to participate collaboratively include the ability to spread capital among a number of projects and the sourcing of the best scientific talent.It is challenging however to manage this collaborative environment. Companies struggle with confidentiality, the short-term bottom line focus; and universities have their traditional focus on knowledge for knowledge sake, research grant funding, publications, and academic freedom. A way forward is to focus on a new generation of Academic Entrepreneurs. These are individuals who are intrinsically motivated to bring their knowledge to society and/or the marketplace. The importance of developing a strong Academic Entrepreneurship culture is that it can support innovative faculty who desire to disseminate their knowledge; who have desire and motivation to work on Industry-university collaborations; who are active participants in university based incubators; who can start their own ventures; and who understand how to best leverage university based venture funds.