Asian Journal of Innovation and Policy

Asian Society for Innovation and Policy (아시아기술혁신학회)
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Innovative Advanced Technology through University-Industry Collaboration: Role of Venture Capitals, Entrepreneurs and Process Management in Japan

  • Nakajima, Yoji (School of Environment and Society, Tokyo Institute of Technology) ;
  • Miyashita, Shuto (School of Environment and Society, Tokyo Institute of Technology) ;
  • Sengoku, Shintaro (School of Environment and Society, Tokyo Institute of Technology)
  • Received : 2018.11.13
  • Accepted : 2018.12.23
  • Published : 2018.12.31
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Abstract

The creation of academic start-up firms is an important and practical issue in the management of technology in Japan. The present study designs a model for creating academic start-up firms that fits into the social context. It focuses on the case of FIRST Program, an initiative that consists of 30 projects in innovative arenas, analyses the presence of large-scale public funding, and investigates the role of venture capitalists as support personnel in each project. As a result, the presence and significance of 'long-term escort' by an 'entrepreneurial venture capitalist (EP-VCist)' were confirmed as common features across the cases observed. EP-VCist refers to a person who can maintain and fulfil dual roles at a university and a venture capital firm, and who can take the lead throughout the venturing process as a risk taker. 'Long-term escort' is a form of support that reduces risks in the venturing process by supporting university researchers in the pre-entrepreneurial stage and by exerting a robust bridging role between a university and an industry.

Keywords

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Figure 1 Performance of each selected project

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Figure 2 Policy events and career background

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Figure 3 Significance of the long-term escort model

Table 1 Common characteristics of the EP-VCists

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Table 2 Profile of established start-up firms

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