An Analysis of Knowledge Sharing between Academia and Venture Capital to Establish a Start-up Company from the Perspective of Proof of Concept

Abstract

Academia, such as universities and public research institutions, does not have the ability to commercialize research results. Therefore, in order to generate innovation based on the research results generated there, it is necessary to either transfer the research results to industry or establish a start-up company to commercialize the results. According to previous research, the research results from academia are more suitable for establishing a start-up company than for technology transfer due to their feature. On the other hand, in order to establish a start-up company, funds are required to acquire various resources, but it is difficult for a start-up company that utilizes academic research results to obtain funds.

This study analyzed four projects in which academia and venture capital collaborated to validate the establishment of start-up companies that utilize the results of academia's research. The process for obtaining proof of concept was used as a framework in the analysis. The results of the analysis confirm that the collaboration between academia and venture capital to implement projects can resolve information asymmetry and uncertainty, and has an impact on the establishment and funding of the start-up company.