Det är viktigt med en ständig tillförsel av mindre företag i ett land för att kunna erhålla en långsiktig ekonomisk tillväxt i landet. Många tekniska framsteg och nya uppfinningar kommer ifrån akademin, och för att detta ska nå allmänheten behöver forskarna hitta ett sätt att få ut sina idéer på marknaden. Idag är det svårt för företag skapade av forskare direkt från akademien att överleva, mycket för att de saknar den affärsmässiga kompetensen som krävs för att starta och driva ett framgångsrikt företag. Detta gjorde det intressant att undersöka vad denna typ av företag besitter för affärsmässig kompetens och hur de gör för att införskaffa sig denna.   Vi har utfört en kvalitativ fallstudie på tre högteknologiska spinoff-företag i Umeå som har tagit hjälp av företagsinkubatorn Uminova. Vi har genom intervjuer med grundare och företagsledare försökt bilda oss en uppfattning om vad för typ av affärsmässig kompetens som finns och har funnits i de tre företagen. Intervjuerna har varit semistrukturerade och baserade på teorier om viktiga kompetenser ett akademisk spinoff-företag bör inneha, samt vilka olika faser av utveckling ett sådant företag går igenom. Vi har undersökt kompetenserna genom ett resource based view, där vi sett kompetenser som immateriella resurser som skapar fördelar för företagen om de innehar dem.   De resultat vi erhöll och de slutsatser vi dragit är att som väntat fanns inom utbildningen ingen källa till affärsmässig kompetens, den kompetens som funnits hos grundaren har i så fall kommit genom erfarenheter från annat håll än genom akademien. I samband med att akademiska spinoff-företag erhåller en större mängd kapital från investerare eller finansiärer så införskaffar de ofta den stora delen av sin affärsmässiga kompetens genom rekrytering av personal. Detta görs dock ofta i för stor utsträckning eller i ett för tidigt skede och kan ha som resultat att företaget är tvungen att göra nedskärningar av den nyligen erhållna personalen.

This study analysed the entrepreneurial intentions of academic researchers to create spinoffs in a country where the phenomenon of academic spinoffs is emerging. The study consisted of a quantitative analysis of entrepreneurial intentions, performed within the context of South Africa’s Higher Education Institutions and Science Councils.The study drew from psychological and entrepreneurship research on intentionality to measure the level of entrepreneurial intentions using specific determinants (entrepreneurial self-efficacy, personal networks, perceived role models, number of years spent at the academic institution, number of patents/ copyrights/ designs, type of research, and cooperation with industry) that characterise the emergence of academic entrepreneurial intentions that lead academics to the creation of spinoffs. The study also aimed to determine if there were differences in the entrepreneurial intentions between researchers in technical and non-technical fields of expertise.A quantitative online survey was conducted amongst researchers in higher education institutions and science councils, followed by data analysis using a multiple linear regression to measure the entrepreneurial intentions. Thereafter a determination of factors associated with the higher levels of intention and a comparison of the level of intentions was conducted between researchers from the two study groups using an analysis of coefficients and significance tests respectively.The study showed that the entrepreneurial intentions of researchers in South Africa were very low. It was also shown that entrepreneurial self-efficacy was the strongest predictor of academic entrepreneurial intentions. Furthermore it was found that there was no significant difference in the entrepreneurial intentions between researchers in technical and non technical fields of expertise. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

1980年至今，是企業併購與重組的年代，許多企業集團進行了繁複的併購與重組活動，經學者20年的研究，企業併購活動能創造新的成長機會及提高企業價值，已不徨多論。而企業重組的價值創造活動就少有研究。 企業重組活動包括廣義的分立與撤資二種。撤資是消極的行為，是減少損失或獲利後退出的行為。廣義的分立，包括 (1) 單純式分立:將公司的部分資產或業務分割並獨立成為子公司， (2) 另立子公司:結合公司內部資源並加上外部資源而成立子公司， (3) 入主: 以取得別家公司股權，先實質控制該公司並結合公司資源來成立子公司。企業集團透過分立進行重組活動遠比併購頻繁。 從重組分立的價值創造結果來分析重組策略的關鍵成敗因素，是本研究的重點。本研究以台灣主要的電子資訊企業集團為例，分析1980年以來，電子資訊企業集團進行企業分立的重組行為時所創造的價值。從財務評價的實證數據來分析分立的重整活動，是否為企業帶來成功的結果，即創造了母子公司價值及使股票累積投資報酬率增加。 本研究也針對有形及無形資產的轉移情況及高層經理人及董事會的變化來分析企業價值的變化與高層人力資源改變的關係。 當企業成長至集團的規模時，就會產生新的資源利用與分配的問題，集團執行長的工作就不再是行銷或產品發開，而是資源使用的分配；毋庸置疑，只要資源分配得當，企業重組分立活動會是企業集團組織創造新價值的捷徑。 本研究也發現台灣企業集團，在進行分立公司的重組過程中，公司擁有或新創設一個子公司，共並使該公司成為上市(櫃)公司後，亦可創造驚人價值，分立子公司只要取得母公司少許資源，亦在3-10年內可創造巨大價值。 國外亦有研究顯示，在重組分立子公司的過程中，就算母公司的價值實際上沒有改變，而子公司卻產生了新的且獨立的市場價值；投資人普遍認為，子公司除了享有企業集團的資源協助，亦增加了價值能見度。投資人易於分析子公司各種營運活動所帶來的企業價值變化。而財務評價結果亦發現子公司也易於因決策快速及營運彈性而創造新價值。上述三種分立方式均可創造不同的價值，價值的創造的關鍵即在於資源分配的恰當與否。 本研究以分析財務評價的數據結果，計算公司價值的變化並進一步根據公開資訊分析分立策略的關鍵成功因素；並反向分析數據與重組過程中的高層經理人的調度變化及有形資產及無形資產的轉移之間的關聯性。並據以建立十三項命題。 / Since 1980 till 2005, the eve of M&A and Restructuring, So many companies initiated the complicated activities of M&A and Restructuring. Through the pass 20 years studies by scholars, they found, the growth opportunity and enhance the corporate value are been creating. But, the research of “Restructuring” is no so many. The generic meaning of the “Corporate Restructuring” will include: Spinoff and Disinvestment. The disinvestments are the behavior of passive decision, for reduction the loss or exiting after profit. The generic “Spinoff” include: (1) Pure Spinoff: separate the business unit or asset unit and build up new subsidiary. (2) New Subsidiary: combine the external capital or resource to build up new subsidiary. (3) Acquisition and then Control: Acquire external share and real control the company through organization change and board members change, then combine the parent company resource become a true subsidiary. The group of business to restructure the business through “Spinoffs” is much more than M&A. To study the key success factors of “Business Restructuring” through the value - creation of “Spinoffs” is one of the key points of the dissertation. The base of the dissertation is the “Subsidiary of the Electronic-Information Group in Taiwan”. Analyzing the results of valuation from the “Spinoffs” from 1980 till 2005. To study the Financial Valuation through empirical results of “Spinoffs” and try to confirm the “Spinoffs” is successful or not. That is, the valuation of both parents and subsidiaries were enhanced or not, or the accumulation return of investment of them were enhanced or not. The dissertation will study the real condition of the transfer of tangible and Intangible Assets and the change of top management and board members. Analyzing the relation of the change above and the corporate value. As the corporate grow to the scale of group, will produce the new issues of resource distribution and utilization. The responsibility of the CEO of group is not the marketing or product development area, but the resource distribution. Of course, if the decision-making of resource distribution is proper, the “Spinoffs” will be the royal road of the creation of “New Value”. The dissertation had found the process of “Spinoffs” – own or build up a new subsidiary and make it IPO (initial public offering). It will create amazing value. Subsidiaries just transfer a few resources from parent, and then create mass value in 3 to 10 years. The dissertation had found the process of “Spinoffs”- although the value of the parents company has no change, but the subsidiaries still create the new and alone market value the same. The investors ideal is, subsidiaries through “Spinoffs” will enjoy the supporting from parents. The subsidiaries had improved the transparency of operation. Investors are easy to analyze the change of value from their business operation. The financial evaluation had found the subsidiaries had speed up the decision-making process and more decision flexibility. The 3 kinds of “Spinoffs” can create different value. The key point of the value creation is the proper resource distribution. The dissertation will base on the results of financial valuation to evaluate the change of companies’ value, and base on the public information to analyze the key success factor of “Spinoffs”. The dissertation will reverse to check the relation of the top-management change and the assets transfer (include tangible and intangible assets). The final proposition had been built the 13 propositions through the dissertation conclusion.

Using an evolutionary perspective, this thesis examines the presence of specific genetic features that make spinoff suppliers more advantageous compared to other (non-spinoff) suppliers. The spinoff supplier concept is studied by analyzing the automotive subsidiary of one of the largest industrial and commercial conglomerates in Turkey. The company name is kept confidential. In this study, the idea that managerial processes and routines of the parent firm will pass on to spinoff suppliers (like the transfer of genes from mother to child), and that due to this genetic ability, spinoff suppliers will possess faster organizational learning processes compared to other external suppliers, is adopted. In addition, it is expected that spinoff suppliers&amp / #8217 / founders, who are former employees of the parent firm, will access the parent&amp / #8217 / s resources more easily as a result of their informal relations with the parent company. In this regard, it is considered that spinoff supplier companies will be more advantageous compared to other suppliers which provide products/services to the same parent firm. Transfer of managerial processes and routines, organizational learning, informal relations and social capital are examined using a multiple case study method. Data collected is analyzed qualitatively. The results imply that managerial processes and routines genetically pass on from the parent company to suppliers and that spinoff suppliers perform more effective organizational learning. At the same time, the findings also show that informal relations with the parent company do not provide an advantage in terms of access to its resources. However, as a result of the dependence of non-spinoff suppliers to the parent company in sales, it is found that they might develop the advantages that spinoff supplier companies have.

In recent years the study of entrepreneurial spinoffs has focused on how knowledge spillover leads to new knowledge and entrepreneurial activity. This study aims to explore the effect of a founder’s knowledge inherited from an incumbent parent company in the formation of a spinoff in the ICT sector. As a theoretical framework, the study uses An Absorptive Capacity Theory of Knowledge Spillover Entrepreneurship (Qian and Acs, 2013). Using a qualitative approach through interviews with the founder of the spinoff, this study aims to strengthen the empirical validity of these theories in a single setting. The proposed findings are strongly in line with the theory, but a certain aspect considering the help from a parent company proposes a possibility to modify the framework into a particularized framework that can be implicated to various spinoffs globally. Thus, the findings suggest that entrepreneurial activity deriving through absorptive capacity and inherited knowledge is affected by the contributions from the parent company.

Syftet med uppsatsen är att undersöka hur gender-swapping påverkar en films huvudkaraktärer och handling. Filmerna som analyseras är Ocean’s Eleven (2001) och Ocean’s Eight (2018) med hjälp av Jens Eders modell karaktärsklockan och Robert McKees teorier om protagonister. Uppsatsens resultat visar att filmerna är väldigt lika varandra men att huvudkaraktärerna, förutom det uppenbara bytet av kön, skiljer sig åt på sådant sätt att det påverkar filmernas handling på olika sätt.

Background. Space mining is a subject of growing interest. People see where society is heading and that something needs to be done to pave the way for future generations. Outer space contains both the Moon and other celestial bodies as well. these contain precious materials which could be used on Earth. Although all these precious materials exist out there it will take much will and money to get there. This means that in order for people to invest they need to understand how it could benefit them and others. This will not only be through a higher supply of materials but also with the possibility to generate spinoff technologies that can be applied to other industries on Earth. Companies' stock prices should be adjusted when news about them is published, henceforth it can be more understood where space mining is in its development. Most of the previous research focuses have been on how space resources should be divided, likewise how it could be done on a more technical level.    Objectives. The objective of this paper is to understand how and if space mining-related news affects the stock prices of space-related stocks in any significant way. Methods. As a method to understand the market reaction to these kinds of news, a quantitative statistical event study has been used. Upon this, a multiple linear regression model has been applied to gain more understanding of the variance of the abnormal returns. The analysis was performed on 100 space mining-related news articles, news which directly was considered to benefit space mining.  Results. From the first regression, the abnormal return seemed to not be significantly affected on the event day of most of the events. Furthermore, when analyzing it more with the multiple regression, it could be seen that no independent variable could explain the abnormal return in a significant way.  Conclusions. Based on the result the market reactions from space mining-related news are not significantly big enough to affect the abnormal returns. The general fluctuation of abnormal returns on event days seems to be random since no variable has been found to explain its variance.

Submitted by Frederico dos Reis (frederico.r.dos.reis@gmail.com) on 2014-10-15T08:20:54Z No. of bitstreams: 1 DETECTING PATTERNS OF THE SPINOFF DECISION OF COMPANIES AND ACCESSING THE DETERMINATION OF THE ABNORMAL RETURNS.pdf: 927414 bytes, checksum: 095739efdcc3d7734ba7ca813bc5495d (MD5) / Approved for entry into archive by Luana Rodrigues (luana.rodrigues@fgv.br) on 2014-10-15T12:27:07Z (GMT) No. of bitstreams: 1 DETECTING PATTERNS OF THE SPINOFF DECISION OF COMPANIES AND ACCESSING THE DETERMINATION OF THE ABNORMAL RETURNS.pdf: 927414 bytes, checksum: 095739efdcc3d7734ba7ca813bc5495d (MD5) / Made available in DSpace on 2014-10-15T13:17:51Z (GMT). No. of bitstreams: 1 DETECTING PATTERNS OF THE SPINOFF DECISION OF COMPANIES AND ACCESSING THE DETERMINATION OF THE ABNORMAL RETURNS.pdf: 927414 bytes, checksum: 095739efdcc3d7734ba7ca813bc5495d (MD5) Previous issue date: 2014-08-25 / This paper examines value created through spinoffs over a period from 2002-2010. The net debt to average share price ratio and the debt to asset ratio of a company impacts the decision for this restructuring process statistically significant. The announcement of a spinoff yields abnormal returns (AR) for the stockholders of the parent. The relative size of the spin and the financial leverage correlated with the AR positively, whereas the net debt per share and the return on asset negatively. Therefore, no direct wealth transfer from the debt holders of a company to the equity holders can be derived from these results. / Esta tese examina o valor gerado através de processos de spin-off durante o período compreendido entre 2002 e 2010. Os rácios da Dívida Líquida/Preço Médio das Acções e da Dívida/Activo de uma empresa reflectem impactos estatísticos significativos na decisão deste tipo de processos de reestruturação. Assim sendo, o anúncio e decisão de se proceder a um spin-off contribui para que seja gerado um retorno anormal) (RA) para os accionistas da empresa-mãe. O tamanho relativo do spin-off e a respectiva alavancagem financeira correlacionam-se positivamente com os RA, enquanto, por outro lado, a dívida líquida por acção e a rendibilidade líquida dos activos correlacionam-se negativamente. Deste modo, não é possível verificar uma transferência de riqueza dos detentores de títulos de dívida de uma empresa para os detentores de capital próprio.

[EN] UNIVERSITY ENTREPRENEURS AND SPINUPS: THE CASE OF STARTUPV, THE BUSINESS ECOSYSTEM AT THE UNIVERSITAT POLITÈCNICA DE VALÈNCIA Presented by: Daniel Martínez Aceves Directed by: Dr. Ignacio Gil Pechuán & Dr. José Millet Roig Abstract: The format chosen to present this doctoral thesis is the compendium of publications. Each of the three selected articles provides new data to respond to the objectives and issues raised by the thesis: the characterization of the university entrepreneur and the firms that are generated by entrepreneurial university ecosystems. The compendium begins with a general analysis based on an international sample of 12 countries and 20,000 graduates, and ends with a particular case study of entrepreneurs linked to a local university ecosystem. Describing the different characteristics that exist among young university entrepreneurs, self-employed workers and employees at an international level, as well as identifying their competences is the objective of the first article. The second contribution focuses on the gender-related differences among entrepreneurs, identifying their motivation for undertaking new enterprises and establishing their potential differences The most significant differences in gender are closely related to conciliating work and personal/family life. Result from the third article show that universities can play a determining role in the generation of future high-growth firms. The study concludes that future research must contribute more data in order to continue to define a new concept in newly created firms: the spinup or university gazelle; a businesses founded at a university which is halfway between a startup and a spinoff company. Universities are natural incubators for projects that can help to solve social challenges and improve society. The objective of future research in this sense, should be to improve our understanding and analysis of the common characteristics that can be extrapolated to other ecosystems, which implies a sizeable challenge given the unique, inimitable nature of entrepreneurial ecosystems. / [ES] EMPRENDEDORES UNIVERSITARIOS Y SPINUPS: EL CASO DE STARTUPV, EL ECOSISTEMA EMPRENDEDOR DE LA UNIVERSITAT POLITÈCNICA DE VALÈNCIA Presentada por: Daniel Martínez Aceves Dirigida por: Dr. Ignacio Gil Pechuán y Dr. José Millet Roig Resumen: El formato elegido para presentar la tesis es el de compendio de publicaciones. Cada uno de los tres artículos seleccionados, aporta nuevos datos a los objetivos y preguntas que se plantea esta tesis: caracterizar al emprendedor universitario y las empresas que se generan en los ecosistemas emprendedores universitarios. Se parte de un análisis general con una muestra internacional de 12 países y 20.000 egresados, para, posteriormente, concluir con un estudio de un caso concreto de emprendedores vinculados a un ecosistema universitario local. Describir las características diferenciales existentes entre los jóvenes emprendedores universitarios, los autónomos y los trabajadores a nivel internacional así como sus competencias es el objetivo del primer artículo. El segundo artículo, pretende identificar y analizar las posibles diferencias de género existentes entre los emprendedores en lo relativo a las motivaciones para crear una empresa y en la conciliación de la vida laboral y personal. Los resultados del tercer artículo, ponen de manifiesto que las universidades pueden tener un papel determinante en la generación de futuras empresas de alto crecimiento. En este último artículo se plantea un nuevo concepto de empresa, las "spinups", empresas fundadas en ecosistemas emprendedores universitarios que se encuentran entre las startups, las spinoffs y las empresas gacela. Las universidades son incubadoras naturales de proyectos de empresa, que en muchos casos pueden contribuir a la mejora de la sociedad. El objetivo de las futuras investigaciones debe ir dirigido hacia la comprensión y el análisis de las características comunes que puedan ser extrapolables a otros ecosistemas, lo cual supone un importante reto ya que los ecosistemas emprendedores son únicos e irrepetibles. / [CAT] EMPRENEDORS UNIVERSITARIS I SPINUPS: EL CAS DE STARTUPV, L'ECOSISTEMA EMPRENEDOR DE LA UNIVERSITAT POLITÈCNICA DE VALÈNCIA Presentada per: Daniel Martínez Aceves Dirigida per: Dr. Ignacio Gil Pechuán i Dr. José Millet Roig Resum: El format triat per a presentar la tesi és el de compendi de publicacions. Cadascún dels tres articles seleccionats, aporta noves dades als objectius i les preguntes que es plantega aquesta tesi: caracteritzar l'emprenedor universitari i les empreses que es generen en els ecosistemes emprenedors universitaris. Es parteix d'una anàlisi general amb una mostra internacional de 12 països i 20.000 egressats; per a, posteriorment, concloure amb un estudi d'un cas concret d'emprenedors vinculats a un ecosistema universitari local. Descriure les característiques diferencials existents entre els joves emprenedors universitaris, els autoempleats - els autònoms i els treballadors a nivell internacional així com les seues competències és l'objectiu del primer article. El segon, es centra en les diferències de gènere dels emprenedors, identificant les motivacions que porten a les emprenedores i als emprenedors a crear una empresa i veure les possibles diferències. Les diferències de gènere més significatives apareixen en la forma d'afrontar la conciliació de la vida laboral i personal. Els resultats del tercer article, posen de manifest que les universitats poden tindre un paper determinant en la generació de futures empreses d'alt creixement. Així i tot, futures recerques han d'aportar més dades per a seguir definint un nou concepte, "spinup" o empresa gasela universitària, una empresa fundada en un ecosistema emprenedor universitari que es troba entre una startup i una spinoff. Les universitats són incubadores naturals de projectes que poden ajudar a solucionar reptes socials i millorar la societat. L' objectiu de les futures recerques ha d'anar dirigit cap a la comprensió i anàlisi de les característiques comunes que puguen ser extrapolables a altres ecosistemes, la qual cosa suposa un important repte ja que els ecosistemes emprenedors són únics i irrepetibles. / Martínez Aceves, D. (2016). Emprendedores universitarios y spinups: El caso de startupv el ecosistema emprendedor de la Universitat Politècnica de València [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/64079 / TESIS

Research and Development engineering is at the corner stone of humanity’s evolution. It is perceived to be a systematic creative process which ultimately improves the living standard of a society through the creation of new applications and products. The commercial paradigm that governs project selection, resource allocation and market penetration prevails when the focus shifts from pure research to applied research. Furthermore, the road to success through commercialisation is difficult for most inventors, especially in a vast and isolated country such as Australia which is located a long way from wealthy and developed economies. While market leading products are considered unique, the actual process to achieve these products is essentially the same; progressing from an idea, through development to an outcome (if successful). Unfortunately, statistics indicate that only 3% of ‘ideas’ are significantly successful, 4% are moderately successful, and the remainder ‘evaporate’ in that form (Michael Quinn, Chairman, Innovation Capital Associates Pty Ltd). This study demonstrates and analyses two techniques developed by the author which reduce uncertainty in the engineering design and development phase of new product development and therefore increase the probability of a successful outcome. This study expands the existing knowledge of the engineering design and development stage in the new product development process and is couched in the identification of practical methods, which have been successfully used to develop new products by Australian Small Medium Enterprise (SME) Excel Technology Group Pty Ltd (ETG). Process theory is the term most commonly used to describe scientific study that identifies occurrences that result from a specified input state to an output state, thus detailing the process used to achieve an outcome. The thesis identifies relevant material and analyses recognised and established engineering processes utilised in developing new products. The literature identified that case studies are a particularly useful method for supporting problem-solving processes in settings where there are no clear answers or where problems are unstructured, as in New Product Development (NPD). This study describes, defines, and demonstrates the process of new product development within the context of historical product development and a ‘live’ case study associated with an Australian Government START grant awarded to Excel Technology Group in 2004 to assist in the development of an image-based vehicle detection product. This study proposes two techniques which reduce uncertainty and thereby improve the probability of a successful outcome. The first technique provides a predicted project development path or forward engineering plan which transforms the initial ‘fuzzy idea’ into a potential and achievable outcome. This process qualifies the ‘fuzzy idea’ as a potential, rationale or tangible outcome which is within the capability of the organisation. Additionally, this process proposes that a tangible or rationale idea can be deconstructed in reverse engineering process in order to create a forward engineering development plan. A detailed structured forward engineering plan reduces the uncertainty associated with new product development unknowns and therefore contributes to a successful outcome. This is described as the RETRO technique. The study recognises however that this claim requires qualification and proposes a second technique. The second technique proposes that a two dimensional spatial representation which has productivity and consumed resources as its axes, provides an effective means to qualify progress and expediently identify variation from the predicted plan. This spatial representation technique allows a quick response which in itself has a prediction attribute associated with directing the project back onto its predicted path. This process involves a coterminous comparison between the predicted development path and the evolving actual project development path. A consequence of this process is verification of progress or the application of informed, timely and quantified corrective action. This process also identifies the degree of success achieved in the engineering design and development phase of new product development where success is defined as achieving a predicted outcome. This spatial representation technique is referred to as NPD Mapping. The study demonstrates that these are useful techniques which aid SMEs in achieving successful new product outcomes because the technique are easily administered, measure and represent relevant development process related elements and functions, and enable expedient quantified responsive action when the evolving path varies from the predicted path. These techniques go beyond time line representations as represented in GANTT charts and PERT analysis, and represent the base variables of consumed resource and productivity/technical achievement in a manner that facilitates higher level interpretation of time, effort, degree of difficulty, and product complexity in order to facilitate informed decision making. This study presents, describes, analyses and demonstrates an SME focused engineering development technique, developed by the author, that produces a successful new product outcome which begins with a ‘fuzzy idea’ in the mind of the inventor and concludes with a successful new product outcome that is delivered on time and within budget. Further research on a wider range of SME organisations undertaking new product development is recommended.