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Ingeniero Civil Industrial / En Chile los emprendimientos de base tecnológica universitarios (EBTU o Spin-Offs) enfrentan grandes desafíos al buscar financiamiento en etapas tempranas de desarrollo, pues a diferencia de la mayoría de los emprendimientos, que tienen un riesgo de mercado, estos tienen además un riesgo tecnológico, asociado a los costos e incertidumbres por pasar de una prueba de concepto a un producto comercialmente viable. En la transferencia tecnológica universitaria y en particular a través de los EBTU existe un gran potencial de creación de empleo, aumento de la inversión, diversificación productiva y bienestar social, y la Universidad en los últimos tres años ha participado exitosamente en esta forma de transferencia, habiendo logrado la creación de 15 EBTU. Sin embargo, uno de los problemas críticos ha sido el financiamiento en etapas tempranas, y esto no es solo en la Universidad de Chile, es un tema nacional. Por lo tanto, el objetivo de este trabajo es diseñar una estrategia para gestionar de manera efectiva y eficaz el financiamiento en etapas tempranas de emprendimientos de base científica y tecnológica de la Universidad de Chile. Para lo anterior se levantaron las mejores prácticas internacionales con el objetivo de definir criterios de diseño de modelos de desarrollo para el financiamiento de los EBTU y se realizó un diagnostico institucional de la Universidad de Chile, para determinar la institucionalidad necesaria para el financiamiento y desarrollo gobernable de los EBTU mediante la vinculación con inversionistas de riesgo en etapas tempranas. Luego se elaboró una estrategia y planes de acción a partir del análisis del atractivo de la industria del financiamiento de riesgo en etapas tempranas en Chile. La estrategia propone la creación de una nueva Unidad Funcional enfocada en apoyar a los EBTU, y entre los resultados esperados se proyecta duplicar la cantidad de los emprendimientos del plan estratégico actual al año 2020, generando un importante impacto en el empleo, aumento de la inversión, diversificación productiva y bienestar social.

Yes / Companies in the high technology manufacturing and development sector have to continually innovate in order to survive and grow in increasingly turbulent and competitive markets. It is common practice for the parent company to spin off separate business units that can incubate and capitalise on the development of new technological innovations in order to grow and create new markets. This case study illustrates the issues that arise when a separate “maverick” business unit focusing on developing a new and disruptive innovation is spun off from the parent company. It underlines the problems that arise when ICT systems and operational processes are not strategically aligned and imposed by the parent company. It also demonstrates how innovative business units can harness their unique talents and apply them to solving operational problems. By developing a new bespoke system aligned with the maverick unit’s emergent processes, the maverick business unit was pulled back from the brink of disaster to a successful and profitable business unit.

Academic spin-off companies in the Czech Republic My personal interest in understanding the mechanisms and structures of academic society was the reason for choosing the topic. The issue of academic entrepreneurship the author met during my employment at Palacky University. In the course of work related to the preparation of internal documents regulating the Palacky University shareholding in the business of other legal persons, I faced many problems that emanated from a specific college status as legal persons under public law and traits that show business companies in which the partial ownership belongs to a research organisation. Due to the fact that the topic is completely untreated in the Czech literature, I decided to compile my findings on the functioning of academic spin-off companies in the thesis. The thesis is divided into five content bearing chapters (total work has 10 chapters). The first chapter contains the introduction. The second chapter is divided into three parts and deals with the definition of the concept, types and models of formation of academic spin-off companies. The third chapter describes the historical background and the context of academic spin-off companies' creation in the United States, Europe and the Czech Republic with an emphasis on the interaction between the academic...

<p>Syftet med denna magisteruppsats är att undersöka Stockholmsbörsens reaktion i samband med företagens kungörelser av börsavknoppningar enligt Lex Asea. För detta ändamål genomfördes en eventstudie för alla företag som har kungjort deras avknoppningsplaner mellan åren 2000 och 2005. Undersökningspopulationen för denna studie uppgick till 23 företag som sammantaget gjort 25 kungörelser under den studerade perioden. För beräkning av eventuella abnormala avkastningar användes marknadsmodellen, med uppskattningar baserade på den historiska utvecklingen hos OMX SPI –indexet och hos de berörda aktierna. Resultatet från studien visade att det förelåg en positiv abnormal avkastningsutveckling under det studerade eventfönstret. Den positiva utvecklingen inträdde redan 6 dagar innan själva kungörelsen för att sedan jämnas ut dagarna efter tillkännagivandet. En vidare utredning om eventuella samband mellan en viss positiv abnormal avkastning och ett specifikt motiv kunde inte identifieras. Det fanns heller inget annat som tydde på att branschtillhörighet eller att företagen knoppat av till en viss börs skulle medföra en specifik positiv abnormal avkastning. Slutsatserna för denna studie blir således:</p><p>·Kungörelser av avknoppningar mellan åren 2000 och 2005 har</p><p>generellt medfört positiva priseffekter, som innebär att större</p><p>delen av dessa företag har fått positiva abnormala avkastningar.</p><p>·Det finns ingenting som tyder på att branschtillhörigheten,</p><p>avknoppning till en viss börs eller angivande av ett visst motiv</p><p>skulle medföra en viss abnormal avkastning.</p> / <p>This master thesis studies the Stockholm Exchange’s reaction towards the company announcements for spin-offs, complying with Lex Asea. For this purpose an event study has been conducted, which included all the companies that made announcements regarding their spin-off plans for the period between years 2000 and 2005. The sample for this study consisted of 23 companies and 25 spin-off events. The market model was used to compute the abnormal returns on a number of selected securities. The findings of this study suggest that announcements have positive impacts on companies’ securities. These positive effects are shown as early as 6 days before the announcement day, and it tends to stabilize over the days after the announcement. Furthermore any relations between the companies’ abnormal returns and their line of businesses or their listings to a certain stock exchange cannot be identified in this study. There is no further evidence in this study that indicates any relations between a company’s abnormal returns and specific motives. The conclusions for this study are as follows:</p><p>·The spin-off announcements during the period 2000-2005 have in</p><p>general contributed positive effects to the companies’ securities.</p><p>·There is no evidence whatsoever that indicates there is any</p><p>correlation between a company’s abnormal returns and its line of</p><p>business, spin-off listings in a certain stock exchange or specific</p><p>motives.</p>

Submitted by Mariana Dornelles Vargas (marianadv) on 2015-03-23T13:51:12Z No. of bitstreams: 1 empreendedorismo_uma.pdf: 1152233 bytes, checksum: 6c68ae7a08088cb54906fa35b1dad1e5 (MD5) / Made available in DSpace on 2015-03-23T13:51:12Z (GMT). No. of bitstreams: 1 empreendedorismo_uma.pdf: 1152233 bytes, checksum: 6c68ae7a08088cb54906fa35b1dad1e5 (MD5) Previous issue date: 2010-07-19 / Nenhuma / Este trabalho tem como objetivo analisar aspectos que favorecem ou dificultam a criação de empresas de base tecnológica no contexto da indústria de insumos do agronegócio no Estado de Goiás (Brasil). Tem como referência estudos sobre o empreendedorismo, sobre os fatores motivadores da criação de empresas de base tecnológica (EBTs) e as etapas desse processo, bem como sobre os aspectos institucionais que lhe são associados. Examina empresas de base tecnológica no segmento do agronegócio, especialmente na indústria de insumos de produtos agropecuários, conduzindo um estudo de caso com abordagem qualitativa e finalidade descritiva. Assim, analisa o processo de criação de duas empresas de base tecnológicas, spin-offs, da Agroquima Produtos Agropecuários Ltda. O estudo revela que os principais fatores que favorecem e dificultam o processo de criação diferem conforme o tipo de spin-off. Para a spin-off dependente, a necessidade de criar e inovar da empresa mãe permite o aproveitamento da sua estrutura comercial e administrativa, além da experiência de mercado dos sócios proprietários e o seu suporte financeiro, atuando assim como fatores facilitadores. Para a spin-off independente, os fatores facilitadores estão no conhecimento técnico/científico e de mercado adquiridos na empresa mãe, que auxiliam na formação da carteira de clientes e na negociação com os fornecedores. Os fatores dificultadores identificados foram: as exigências relacionadas ao cumprimento dos aspectos legais e a baixa aceitação dos clientes em relação aos novos produtos. A spin-off dependente apresentou dificuldades na criação e melhoria dos produtos, devidas à demora no processo criativo. Para a spin-off independente, a não elaboração do plano de negócio e a falta de conhecimento das áreas administrativas, além do pouco capital disponivel para investimento tornaram-se os principais elementos dificultadores. Os resultados apresentados sugerem a oportunidade para a continuidade da pesquisa em relação às práticas do empreendedorismo relacionadas ao desenvolvimento das spin-offs relacionadas a cadeia de suprimentos do agronegócio. / This work aims to analise the aspects that hamper or favor the creation of Technology-Based Companies in the context of agribusiness industry of inputs in the State of Goias (Brazil). It has as reference studies about entrepreneurship, motivating factors to the creation of Technology-Based Companies (TBCs) and the steps of this process as well as about institutional aspects associated with TBCs' creation. The study examines TBCs in the segment of agribusiness, especially in the inputs industry of product to agriculture and cattle raising, leading a case study with a qualitative approach and descriptive purpose. So, the study analises the process of creation of two TBCs , spin-offs, from Agroquima Produtos Agropecuarios Ltda. The study reveals that, the main factors that favor and hamper the process of creation, differ according to spin-off type. For the dependent spin-off, the mother company' need of creating and innovating allows to utilize of its commercial and administrative structure, besides the market experience of partner owners and the financial support, acting such as facilitating factors. However, for the independent spin-off, the facilitating factors are in technical/scientific knowledge and market knowledge acquired trough the mother company, which helped on the formation of the customers' portfolio and on the negotiation with the suppliers. The hamper factors identified were: the requirements related to compliance of the legal aspects and the low acceptance for the new products by customers. The dependent spin-off presented difficulties in creating and improving products due to delay in the creative process. For the independent spin-off, not-preparing the business plan and the lack of knowledge in administrative areas, besides the small available capital for investment have become the main difficult elements. The reported results suggest the opportunity to continue the research on the entrepreneurship practices related to the spin-offs development related to the agribusiness supply chain.

Las diferencias existentes entre la teoría financiera y las estrategias administrativas no han llegado a tener una participación conjunta en beneficio de la maximización de rendimientos que ellos siempre han atendido de manera independiente. Bavaria es uno de los pocos casos documentados académicamente para ser usado como caso de estudio en Latinoamérica, y es porque cuando estuvo en la administración del Grupo Santo Domingo, tuvo diversas decisiones en las que influyo la diversificación corporativa y las adquisiciones de empresas con el fin de expandirse para así convertirse en un gran grupo cervecero sino también en un gran holding luego de la escisión. La presente investigación nos llevará a ver por qué la teoría administrativa sigue centrándose en los problemas habituales del riesgo específico a través de la diversificación corporativa, cuando la teoría financiera dicta todo lo contrario para centrarse únicamente en el riesgo y el rendimiento como componentes de la teoría del portafolio. Con la finalidad de que cada uno de nosotros comprendamos el valor que aporta cada una de estas perspectivas, y se sugiera de que existe la necesidad de buscar una cohesión teórica entre ambos pensamientos, para lograr un beneficio en la búsqueda de rendimientos hacia las empresas que se encuentran en un mercado cada vez más competitivo y cambiante tanto por la innovación como la satisfacción de nuevas necesidades en los seres humanos. / The differences between financial theory and management strategies have not come to have a joint participation in benefit of the maximization of returns that they have always attended independently. Bavaria is one of the few cases documented academically to be used as a case study in Latin America, and is because when he was in the administration of the Santo Domingo Group he had several decisions influenced by corporate diversification and acquisitions of companies in order to expand to become a large beer group but also a large holding after the split. The present investigation will lead us to see why administrative theory continues to focus on the usual problems of specific risk through corporate diversification, when financial theory dictates the opposite to focus solely on the risk and performance of the components in the company portfolio theory. In order that each of us understand the value of each of these perspectives, and suggest that there is a need to seek a theoretical cohesion between both thoughts, to achieve a profit in the returns to the companies that are in the search for a market increasingly competitive and changing both for innovation and the satisfaction of new needs in human beings. / Trabajo de Suficiencia Profesional

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Syftet med denna magisteruppsats är att undersöka Stockholmsbörsens reaktion i samband med företagens kungörelser av börsavknoppningar enligt Lex Asea. För detta ändamål genomfördes en eventstudie för alla företag som har kungjort deras avknoppningsplaner mellan åren 2000 och 2005. Undersökningspopulationen för denna studie uppgick till 23 företag som sammantaget gjort 25 kungörelser under den studerade perioden. För beräkning av eventuella abnormala avkastningar användes marknadsmodellen, med uppskattningar baserade på den historiska utvecklingen hos OMX SPI –indexet och hos de berörda aktierna. Resultatet från studien visade att det förelåg en positiv abnormal avkastningsutveckling under det studerade eventfönstret. Den positiva utvecklingen inträdde redan 6 dagar innan själva kungörelsen för att sedan jämnas ut dagarna efter tillkännagivandet. En vidare utredning om eventuella samband mellan en viss positiv abnormal avkastning och ett specifikt motiv kunde inte identifieras. Det fanns heller inget annat som tydde på att branschtillhörighet eller att företagen knoppat av till en viss börs skulle medföra en specifik positiv abnormal avkastning. Slutsatserna för denna studie blir således: ·Kungörelser av avknoppningar mellan åren 2000 och 2005 har generellt medfört positiva priseffekter, som innebär att större delen av dessa företag har fått positiva abnormala avkastningar. ·Det finns ingenting som tyder på att branschtillhörigheten, avknoppning till en viss börs eller angivande av ett visst motiv skulle medföra en viss abnormal avkastning. / This master thesis studies the Stockholm Exchange’s reaction towards the company announcements for spin-offs, complying with Lex Asea. For this purpose an event study has been conducted, which included all the companies that made announcements regarding their spin-off plans for the period between years 2000 and 2005. The sample for this study consisted of 23 companies and 25 spin-off events. The market model was used to compute the abnormal returns on a number of selected securities. The findings of this study suggest that announcements have positive impacts on companies’ securities. These positive effects are shown as early as 6 days before the announcement day, and it tends to stabilize over the days after the announcement. Furthermore any relations between the companies’ abnormal returns and their line of businesses or their listings to a certain stock exchange cannot be identified in this study. There is no further evidence in this study that indicates any relations between a company’s abnormal returns and specific motives. The conclusions for this study are as follows: ·The spin-off announcements during the period 2000-2005 have in general contributed positive effects to the companies’ securities. ·There is no evidence whatsoever that indicates there is any correlation between a company’s abnormal returns and its line of business, spin-off listings in a certain stock exchange or specific motives.

El objeto de este trabajo ha sido el estudio, para el caso del Sistema Universitario Mexicano de la interrelación de la innovación, el emprendimiento y la universidad como elementos indispensables que deben combinarse para el fomento de una cultura emprendedora y de creación de empresas, reforzando así la vinculación de las universidades con los ámbitos productivo, público y social. Así, se trata de profundizar no sólo en la doctrina y literatura sobre la materia, sino también en el estudio pormenorizado de las especiales características de la vinculación en el sistema universitario mexicano. La metodología es cuantitativa, a partir de la explotación de la información recogida, nos ha sido posible mostrar, las características de vinculación comunes al conjunto de las universidades y las características de vinculación específicas de las universidades según su subsistema y su región. En vista de resultados los objetivos y la hipótesis de la investigación han sido alcanzados. / The purpose of this work was to study the case of the Mexican University System of the interplay of innovation, entrepreneurship and the university as essential elements to be combined to foster an entrepreneurial culture and entrepreneurship, thereby reinforcing linking universities to the productive, public and social. Thus, it is not only deepening the doctrine and literature on the subject, but also in the detailed study of the special characteristics of the relationship in the Mexican University System. The methodology is quantitative, based on the exploitation of the information gathered, we were able to show the bonding characteristics common to all universities and characteristics of specific link universities according to their subsystem and its region. Given the objectives and results of the research hypotheses have been achieved.