ABSTRACT

In the last few decades, universities have engaged in the creation of university-affiliated venture capital (UVC) funds to solve the funding gap of new ventures that emerge from academic research. Little is known about their specific characteristics and typology in terms of their role, investment rationale and governance. This study undertakes an attempt to explore the diversity of UVC funds through the lens of an archetype approach. The analysis of 11 European UVC funds suggests that similarities and differences in such issues as governance system, industry focus and the stage of a venture development are the possible elements that define three distinct archetypes of UVC funding. The study contributes to academic research by proposing a categorisation of UVC funds, and demonstrating their uniqueness in terms of institutional hybridity, and dual organisational schemes and structures. It also suggests that UVC archetypes are not isolated and tend to borrow elements from each other, which contributes to creating a more fluid and flexible entrepreneurial university ecosystem.

摘要

在过去的几十年里，大学一直致力于创建大学附属风险投资（UVC）基金，以解决学术研究中出现的新企业的资金缺口。人们对它们在角色、投资原理和治理方面的具体特征和类型知之甚少。本研究试图通过原型方法的视角探索 UVC 基金的多样性。对欧洲 11 只 UVC 基金的分析表明，治理体系、行业重点和风险发展阶段等问题上的异同可能是定义 UVC 融资三种不同原型的可能要素。该研究提出了 UVC 基金的分类，并展示了它们在机构混合性方面的独特性，为学术研究做出了贡献，以及双重组织计划和结构。它还表明 UVC 原型并不是孤立的，而是倾向于相互借用元素，这有助于创建一个更加流动和灵活的创业大学生态系统。