Taking Research to Market: How to Build and Invest in Successful University Spinouts

Taking Research to Market: How to Build and Invest in Successful University Spinouts is a comprehensive step‐by‐step guide to exploiting intellectual property through spinouts. A highly informative text aimed at universities, academics, entrepreneurs, investors and indeed anyone involved in technology transfer, its key objective is to improve the reader's ability to realise the potential benefits to be gained from the commercialisation of intellectual property through spinout companies.

As an edited collection of expert contributions on the various aspects of developing successful university spinouts, the book is structured in four parts as follows. Part I (chapters 1 to 3) introduces the concept of spinouts; provides valuable guidelines on how to use the book; identifies the main components of university spinouts – emphasising the critical “team” element, and discuses the role of the university and the technology transfer office in the spinout and commercialisation process.

Part II (chapters 4 to 8) deals with the preparation phase of the spinout, including achieving the all important “proof of concept”; building relationships with venture capital companies; generating and screening ideas; managing the intellectual property aspects, and finally selecting the spinout management team.

Part III (chapters 9 to 14) focuses on the financial aspects of the spinout, including offering critical advice on developing an effective business plan; dealing with business angels; approaching investors and going through the due diligence process. Insights into the venture capital deal; how start‐ups are valued by venture capitalists, and a discussion on term sheets and deal structures complete this section.

Part IV (chapters 15 to 20) focus on the actual running of the spinout company. Here, critical issues such as mitigating against risk; sales and marketing; managing the investor relationship; further funding of opportunities, and building strategic corporate partnerships are discussed. A useful chapter on active portfolio management and the continued role of the technology transfer office completes the section.

An interesting and extremely useful feature of this book is the “Relevance of chapters” table on p. 7 which, along with the “Timeline” table, helps to identify the most useful chapters for particular topics and audiences. Due to the comprehensive nature of the text, this early stage signposting allows the reader to focus on his/her particular areas of interest at a particular point in time. Thus, the text becomes a handbook or guide for ongoing reference.

The inclusion of case studies not only adds to the practical nature of this book, but also renders it a valuable text book for those teaching and learning in the field of entrepreneurship, innovation, technology transfer and investment strategy. Students at postgraduate level and those pursing an MBA would find this text of most benefit. While the £100+ price tag possibly makes the text a prohibitive purchase for the undergraduate population, libraries are advised to stock this book as a reference text for entrepreneurship students.

The broad geographical scope of the book (Asia, Europe and the USA) provides a strong international dimension to the text as well as an appropriate context in which to discuss intellectual property, technology transfer; risk; investment decisions and the development of strategic alliances. Overall, the combined practical and academic content of the book reflects the knowledge and experience base of the expert team of contributors. This book is a welcome addition to the university spinout literature, providing invaluable practical advice for turning spinout potential into spinout reality.