ABSTRACT
Although the interviews and discussions revealed great diversity of approach by universities to new company formation, most had embarked on this course in a pragmatic way - either to market their services and facilities more effectively or in response to opportunities to commercialise particular technological breakthroughs or inventions. Fourteen of the initial 16 universities visited came into this category and only two, had attempted systematically to exploit their intellectual property by forming new companies. This ad-hoc approach is the most common amongst UK universities - the vast majority of the 30 plus university companies in UNICO - were formed in that way. Results have been mixed but there is no doubt that some very successful companies have been formed in this opportunistic way, examples include Oxford Instruments and City University’s gas sensor company. Although widespread, this is a somewhat haphazard approach to exploitation which relies heavily on ideas being brought to the attention of the university by someone with entrepreneurial motivation and the vision to see the commercial opportunities. When companies are formed on an occasional basis there is usually no supporting infrastructure to assist with the process and, if this occurs only infrequently, the lessons have to be relearned each time.
