Technology-based entrepreneurship education meeting policy, educational and business objectives

Abstract

The UK government's 'Third Mission' for Higher Education (2000) encourages universities to teach entrepreneurship to 'STEM' students (those studying science, technology, engineering and mathematics), in part to support the technology transfer agenda. Technology-based entrepreneurship education (TEE) incorporates the key elements of entrepreneurship education (EE), concentrating on the creation of economic value from technological change. In this paper, the key challenges associated with EE and TEE are outlined, and the authors propose that the way to meet these challenges is through a systematic process that takes a technology from an initial idea in the laboratory to full commercialization as a high-growth firm. The 'Technology Entrepreneurship and Commercialization Algorithm' developed at North Carolina State University (NCSU) offers such a framework for multidisciplinary teams. The paper describes why and how the Algorithm was adapted for use at Loughborough University (LU). The focus is on the educational and business objectives of the programme and the extent to which those objectives have been achieved. The paper thus makes a contribution to the TEE literature by spelling out specific challenges, discussing a potential solution to these challenges and thereby adding to our understanding of the linkages between education, innovation and entrepreneurship

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