Innovations in the frontier field such as information technology and biotechnology were achieved by emerging companies in Silicon Valley and Great Boston areas. Then, Technology transfers of university invention to emerging companies and start-ups by university researchers came to attract attention. The promotion of university start-ups becomes a policy problem in many countries and regions, and Japan is not an exception, too, but unfortunately there is rarely a success example in Japan. E.B.Roberts and D.E.Malone presented the framework that in spin-of process, mechanisms for high-selectivity and a high level of support must be in place by R&D organization in environments where venture capital and entrepreneurs are scarce. This framework is investigated by other researchers in case studies in Europe countries. But they do not analyze how to select and support. This paper develops the strategy how to incubate university start-ups, especially focus on risk reduction dynamism. Nine cases of university start-ups were investigated and divided to two group, technology push type and market pull type. Conclusion is that R&D organization should incubate a technology push type by a high level of support. Innovations in the real world are located in between a technology push and a market pull, but innovation of an existing company is near to a market pull, and innovation of a university start-up near to a technology push. Technology push innovation has to face a bigger technology and market risk (double risk). I carried out two case studies by participation observation, focusing on a process overcoming particularly double risk. The conclusion to be provided from cases is that a key factor for success is strong commitment of an experienced business person who can convert a technology to market pull by his business network.

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Recently，University Spin-off Ventures increase rapidly. However, they have the difficulty in early-stage financing. The purpose of this paper is to clarify the condition to form regional venture capital with a classic venture capital(VC) features in accordance with requests by limited partners(LPs), because regional VC will be one of the solutions to early-stage financing for University Spin-off Ventures. From the research for this paper，at first，as for formation of regional VC with classic VC features, the important elements would be the designing of fund, the selection of general partner and existence of LPs with some intentions. Moreover, these conditions are closely related with each other. At the second, in case where the LPs have less experiences enough to invest in the VC fund, they select not only to govern by contract but also to build up mutual trust. Because such trust is expected to decrease the agency cost.

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In this paper, the case study of the failure case of emergence new business development based on foreign R&D was performed, and the failure reason including the special feature and difficulty in this new business were analyzed. The case is the speaker business of Canon Audio. As the result, Champion activity and spot of trade friction to Canon were pointed out as a cause of the new business. As a cause of failure, it was pointed out that the positioning of the product was not fitted with customer needs, higher product cost than competitor, and the lack of selecting and focusing on better products And also the reasons are the malfunction of the channel of the sales company of each country, the restriction of the channel selection by the Canon brand use, the few champions at headquarter or other overseas subsidiaries, and the weakness of intellectual property management at overseas, were pointed out.

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The roles of the venture markets are important for the venture company promotion. This paper analyzes the relationship between the market returns and their volatility using the GARCH-types models. Moreover, we focus on the effects of the Livedoor shock on January 17, 2006 to the venture markets in Japan. The main conclusions obtained by the empirical study are as follows. First, the Livedoor shock has increased the volatility of the market returns in all of three venture markets. Second, decrease of market index increased the volatility after the Livedoor shock. Third, the liquidity of a venture market has decreased after the Livedoor shock, however these facts does not affect the market returns and their volatility. Forth, the trade-off relation of the risk and return does not exist in the venture markets after the Livedoor shock.

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