Promoting university startups’ development international experiences and policy recommendations for vietnam

The selected international experiences a Ecosystem and startup support in Finland universities In Finland, the startup ecosystem is organized in a systematic way, creating a legal enviro

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capacity and the utilization of products and services that are not yet available in the market Therefore, it can be said that startups are associated with innovative and unique ideas

With the current trend of renovating university administration, universities, in terms of organization, are considered to be innovation spaces University is the place that not only provides education and technology-transfer activities, but also nourishes innovative entrepreneurship During the fourth Industrial Revolution period, universities have reoriented to truly become an ecosystem for innovative activities Thus, today's universities, more than ever, have the ideal conditions and missions for startup

In Vietnam, innovative startup (startup) in university is relatively new, but in recent years

it has become a subject of debate in national and international conferences The conclusions of these conferences always include analyses, comments and opinions from experts and managers, confirming the role of universities in building a startup ecosystem (Pham Thi Ly 2016; Ministry

of Science and Technology 2017) In particular, there is a number of studies on this topic, namely the research on entrepreneurship of information technology students by Information Technology Park, Vietnam National University Ho Chi Minh City (Bui Lan 2015) However, these studies only mention some aspects of the condition, directly influencing factors and the initial evaluation of the startup's movement in universities, mainly from 2014 to date

Unlike recent studies in Vietnam, this article tries to provide a more comprehensive analysis of university startups from different perspectives Through international experiences as well as surveys and evaluations conducted in Vietnam, the study scrutinizes different aspects ranging from policy, government’s efforts to create a startup ecosystem, and issues related to lecturers and students Based on scientific evidence of existing studies and actual data, the article focuses on examining and analyzing these distinct aspects of the ecosystem for university startup

in the world At the same time, through the analysis of the current situation, particularly obstacles of startup in universities in Vietnam, the article proposes solutions to effectively promote university startups’ development in Vietnam in the years to come

1 International experiences in developing the university startups

1.1 University as an ideal platform for startups

In universities, due to the advantage of having conditions for research and creation and being the gathering place for enthusiasts and risk-takers, startup has more opportunity and potential to grow With the advent of the internet, free access to resources and lower barrier to entry, students and researchers in universities can now start companies with the minimal amount

o f capital In addition to the facilities, which are available for research and training to develop innovative capacity, universities also have brand names This is one of the cornerstones for businesses that are initiated on the university campus and rely on the university Along with these conditions, reputable universities always possess core values and core technologies from new research that can be applied, transferred and commercialized

Furthermore, through research and training activities, universities also provide an environment that promotes creativity, nourishes ideas, and develop entrepreneurial capacity as

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well as entrepreneurship for young people and scientists There is no doubt that universities provide enormous, unlimited potential for creative startups Recent studies around the world on innovative startup have suggested that universities have many advantages for creating the Optimal Startup Ecosystem

Universities also have the ability to create an integrative open space for daily interaction among stakeholders in key areas such as science, business, and policy formulation Universities, therefore, have the advantage to act as the bridge between the inventions from researchers and interested parties such as investors, the government, and enterprises Being able to utilize these strengths, universities create synergies in the initiation and promote startups in many countries

Working with 5,000 students at 45 schools across the world, the Three-Day Startup Program in the US has realized that university is an ideal startup platform The entrepreneurial spirit at universities is willing and eager: nearly 90% of young people believed that entrepreneurship education is important Reasons for that are as follows: (i) institutions of higher education tend to attract both ambitious and smart people; (ii) students are from multidisciplinary backgrounds and universities are places where such individuals easily interact with each other due to proximity Successful early stage startups are founded by well-rounded teams of individuals from diverse backgrounds that bring a diversity of skills, knowledge, and experience; and (iii) university students also have the higher aptitude of risk tolerance Young entrepreneurs are among the largest segment of current entrepreneurs in the world There are 165 million early- stage entrepreneurs, age 18 to 25, according to The Global Entrepreneurship Monitor Report Recent data from the US Association of Business Schools indicates that more college-aged entrepreneurs are starting companies: in 2011,16% of graduates went on to start companies after graduation compared to 5% in the early 1990s (Cam Houser 2014)

1.2 The selected international experiences

a) Ecosystem and startup support in Finland universities

In Finland, the startup ecosystem is organized in a systematic way, creating a legal environment to support innovation and link education to entrepreneurship Figure 1 depicts this system, whereby four levels are defined: (1) the state creates a legal environment and policies;(2) intermediaries, investment funds are formed to provide financial support and other services;(3) research and development activities (R&D) are carried out at universities and research institutes cooperating with enterprises; and (4) the institutions General education is innovated to focus more on the ability of individuals to maximize the creativity and integrate teaching with research

As a small country, Finland has implemented a strategy of learning technology from pioneering countries and maximizing innovative ideas for increasing the value added from technology Finland selects priorities to support startups based on available resources, potentials and global trends such as: healthcare, clean technology, digitization and biotechnology These also are departments that are considered to be more knowledge- intensive

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Figure 1: Finland system to promote innovation and startup

Legislation and Policy

Definitions

Parliament, Government, Research and Innovation Council, Ministry of Education and

Culture, etc

Basic Education

Source: Compiled by the author.

With the ecosystem and policies mentioned above, universities such as AALTO have supported students and lecturers in developing ideas and tapping them into products and services through many programs and projects (Design Factory, Startup Sauna, etc.) In addition, many training and support activities for startup students have been implemented by the university (Table 1) By actively participating in "Slush" - a startup and tech event organized annually in Helsinki, students and lecturers have opportunity to get acquainted, set up groups to launch ideas

or even access venture capital and seeds funding from hundreds of countries around the world In

2016, Slush gathered 17,500 attendees, including 2,300 startups, 1,100 investors and 600 journalists together representing for 130 countries

Educational Institutions, High Schools, Secondary Schools

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At AALTO Design Factory, students from different nations and professions will form groups to address issues of enterprises When new ideas emerge, they can use machines and tools such as CNC machines, 3D printers at Design Factory to make prototypes, test and improve them until they become products that satisfy the market demand

Table 1: Activities supporting effective startup in Finland universities

Advanced startup activities

Co-working space, guiding new startup groups

Access to seeds funding and venture capital

- Realistic education courses at Design Factory

- Internship at startups;

- 2 summer months of startup activities - supporting new startups

- Startup Sauna (startup incubator organized by students);

- App Capus (supported by Microsoft and Nokia)

- Aalto Center for

Entrepreneurship(ACE);

- Slush

Source: Graham (2014).

Research-oriented universities in Finland approach education and training activities based

on the capacity and ability of individuals to maximize their creativity The effective integration

of activities by lecturers/scientists/researchers with programs/projects such as Design Factory, Startup Sauna, etc supports students and lecturers in developing ideas and realizing them into products and services This have brought the country to the top of the world in education and training system, extent of innovation in the corporate sector and number of patent applications (PCT) per capita

b) Canada and the USA

Promoting and supporting startups in higher education, especially for students in early stage of learning process has always been a priority of universities Since the 1980s, scholars in business schools have claimed that institutions o f higher education could and should teach entrepreneurship (Vesper and McMullan 1988) Entrepreneurship has been central to the theories for economic development (Audretsch, Grilo and Thurik 2007) Canada and the US government and policy makers believed that promoting entrepreneurship education would have a dramatic role in creating new industries and revitalizing economies Indeed, entrepreneurship education has rapidly expanded on college and university campuses in the United States and Canada since the 1980s (Katz 2003,2008; Menzies 2004, 2009; Solomon & Femald 1991)

Financial institutions, businesses and philanthropists have recently paid more attention to university startups Many funds and organizations have been formed to promote and support faculty members and students tapping innovative startups’ ideas into practice The governments

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in the United States and Canada both have provided practical and supportive policies for startups

in universities Canada has been one of the world's leading countries in education, quality of scientific research and human development index Ontario has 20 public universities, 24 colleges and over 400 registered private career colleges Ontario's Ministry o f Training, Colleges and Universities has highlighted the importance of entrepreneurial activity as a mean by which colleges and universities might distinguish themselves Many new policies and programs have been carried out to promote higher education in Canada

In the US, after 30 years since the passage of the Bayh-Dole Act in 1980, more than 5000 companies have been formed from university research projects This legislation, which allows universities to retain ownership and commercialize inventions generated from federally-funded research, has revolutionized university entrepreneurship The Act has given opportunity to universities for research commercialization and as a result, they have reaped substantially financial gains In 2009 alone, Massachusetts Institute of Technology (MIT) received over USD

75 million in income through its technology transfer office - TTO (Jensen and Jones 2012) By working with the staff to identify and develop their ideas, the university TTO was an important component of successful research commercialization

In 2014, legislatures in Oregon, Florida, and New York have authorized institutions of higher education to establish venture development funds to create incubator facilities for budding entrepreneurs from college and university campuses The National Science Foundation (NSF) established the Innovation Corps Program (I-Corps), an effort to teach NSF-funded university researchers and their students how to build profitable startups around their technologies The program began at three universities - Stanford University, University of Michigan and Georgia Institute of Technology - and subsequently expanded to 16 additional universities across 12 states (Reale and Primeri 2015)

With the mission to “activate entrepreneurial potential in students of all kinds through experiential education and a global entrepreneurship ecosystem”, the Three-Day Startup Program was founded by a diverse group of students and debuted at the University of Texas at Austin in 2008; the student organization incorporated to be non-profit in 2010 and began expanding its immersive, short-format model to higher learning institutions across the globe According to 3daystartup.org (2014), while the early programs focused on strictly technology and web- enabled startups, the organization has designed and delivered programs across a range of outcomes (economic development, skill-building, and accelerator/competition readiness) and themes (social innovation, energy, culinary, and hardware)

c) Japanese policies to support university startups

Prior to 1998, technology transfer at universities in Japan was mainly carried out informally and directly from faculty and scientists to outside companies Universities played a very minor role in this process In addition to the intellectual property (IP) management system, personnel regulations also restricted lecturers from opening companies or holding managerial positions in companies Robert Kneller (2003b) also found that they could not get royalties or

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equity in startups, and had only limited rights to overhead (indirect cost) payments on research grants and contracts

Japan implemented reforms firstly in its legal system between 1998 and 2004, with the goal of developing a formal technology transfer infrastructure centered on licensing of well- defined intellectual property (IP) rights, and on creating an incentive system The transformation

of the old system into a US-style system of university-owned EP and transferring by formal licenses, along with the birth of technology licensing offices (TLOs) have created a new wave of patenting and licensing It was an increase in joint research projects and allowed established companies to experiment and transfer technology in many universities

The reforms have developed an entrepreneurial and academic culture where license revenues and the growth of startups would spur universities, institutions, as well as individual researchers, to promote the commercialization of university's research and technology products The 2000 Law on Strengthening Industrial Technology also facilitated startup’s establishment by enabling university researchers to consult companies and manage startups Some of the most successful startups, particularly those in biomedicine field and undertaken initial public offerings (IPOs), gained their successes due largely to the laboratories, from which they arose

Kneller (2006) showed that joint research has increased dramatically around the start of the IP ownership reforms in Japan By eliminating bureaucratic obstacles to multiple year contracts and the disbursement of funds, the 2000 Law made joint and commissioned research more attractive mechanisms for companies in collaborating with universities Through incorporation of universities, they would own all inventions made subsequently by their

employees under commissioned £(nd joint research Universities could offer partners the right to

negotiate an exclusive license to such inventions or to the university’s portion when there were university and industry co-inventors

1.3 Best universities for startups in the United States

Startups become an important financial source for universities, especially when state grants and budget for research and enrollments in universities went down In 1987, licensing fees amounted to USD 6.1 million for Stanford University, USD 5.4 million for the University of Wisconsin, and USD 3.1 million for the Massachusetts Institute of Technology (Jereski 1988) Doutriaux (1987) concluded that spin-out companies were efficient mechanisms of university- industry technology transfer as well as significant sources of revenue Spin-off companies also provided dynamic atmosphere for promoting new research results, positive influence on emerging research and teaching activities, a fertile land for research students to conduct research, and an increase in the perceived presence of the university in the community (Graham 2014; Rogers and Larsen 1984)

In 2016, Forbes Magazine ranked the nation’s most entrepreneurial research universities based on their entrepreneurial ratios - the number of alumni and students who have identified themselves as founders and business owners against the school’s total student body (undergraduate and graduate combined) Unsurprisingly, nearly all of these entrepreneurial

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powerhouses were large research universities, as large schools often have the vast and dynamic business, engineering, and liberal arts programs needed to stimulate the flow of ideas (Cara Houser 2014)

Within 25 Best Colleges for Startups that have been ranked by the Website Bestcolleges.com (2016), partner with HigherEducation.com in US, 3 top universities were: University of California, Berkeley; Massachusetts Institute of Technology and Stanford University They all boasted good ideas and remarkable achievements: the student-run USD100,000 Entrepreneurship Competition of MIT (Massachusetts Institute of Technology) led to the creation of more than 130 companies and 2,500 jobs; University of California, Berkeley has three startup incubators on campus including Sky Deck, a joint effort o f the university’s research office and its business and engineering schools

Listed below are remarkable achievements of the top 12 universities:

1.) University of California, Berkeley: Located in the heart of the San Francisco Bay, the Lester Center for Entrepreneurship is home to world class entrepreneurship education and scholarly research For nearly 25 years, the center has hosted the Berkeley Entrepreneurs Forum twice each semester, allowing students and engaged community members to meet with entrepreneurs and venture capitalists;

2.) Massachusetts Institute of Technology: 25,600 active companies founded by living MIT alumni at the end of 2006 They employed 3.3 million people and generated nearly USD 2 trillion in revenue for the year The Martin Trust Center for MIT Entrepreneurship has provided expertise, support and connections for students MIT has also hosted a USD 100,000 Entrepreneurship Competition, one of the top business-plan contests in the world;

3.) Stanford University: Stanford’s Center for Entrepreneurial Studies was founded in

1996 through a partnership between two faculty members from the graduate business school The center addressed the need for greater understanding of issues facing entrepreneurs and the entrepreneurial community Stanford Entrepreneurship Comer has offered 3,000 videos and podcasts and all of them are free to the general public;

4.) University of Southern California (USC): The Lloyd Greif Center for Entrepreneurial Studies was the first facility of its kind, and the school enrolled over 3,100 students in 2014-15; USC has hosted five venture competitions, awarding over USD 250,000 in prize money;

5.) University of Pennsylvania: Wharton School has also operated a San Francisco campus Wharton-San Francisco is only 40 miles away from Silicon Valley and draws many of its students from the region Wharton graduates include innovator Elon Musk, business magnate Warren Buffett, and real estate mogul Donald Trump;

6.) Cornell University has infused entrepreneurship throughout all of their programs Entrepreneurship at Cornell has been supported by a committed advisory council of over 90 members, overseen by Deans from all thirteen participating schools and colleges These startup companies have secured over USD 4 billion in funding;

7.) University of Michigan - Ann Arbor: Michigan’s Center for Entrepreneurship (CFE) has sought to empower the entrepreneurial spirit among engineering students on campus A

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highlight of the CFE is “The Startup” an annual competition where students pitch mentors to join their teams The competition is highly competitive, and teams increase their funding with each successive round they make it through;

8.) Babson College founded in 1919 to foster business innovation The school has been widely considered to be a bastion of entrepreneurship education Dedicated in 1998, the Arthur

M Blank Center for Entrepreneurship has more than 2,000 students, and 90% of Babson students take at least one elective in entrepreneurship;

9.) University of California - Los Angeles: The Harold and Pauline Price Center for Entrepreneurship & Innovation is one of the homes of the ‘Entrepreneurship Boot camp for Veterans with Disabilities’ This innovative program supports veterans who were injured during operations Enduring Freedom and Iraqi Freedom;

10.) Brigham Young University: The Rollins Center for Entrepreneurship and Technology (CET) is a supportive, nurturing environment for students interested in startups CET founders are business professionals who support the entrepreneurship program at BYU; there are currently more than 140 founders Founders have provided donations and lend their entrepreneurial experience in the classroom In September 2015, a BYU student won USD125,000 at Start Madness, a first-year event held by Beehive Startups in Provo;

11.) Harvard University: Harvard’s business program has always incubated prospective entrepreneurs; since 2003, the Rock Center has become the centerpiece for Harvard’s entrepreneurial initiatives With over 1,800 students currently enrolled and thousands of alumni working in business, the Rock Center is well-equipped to support startup efforts More than ahalf

of Rock Center graduates have created startups after graduating;

12.) University of Texas: Founded in 2001, the Herb Kelleher Center for Entrepreneurship has brought together university resources, leading entrepreneurs, innovative industry partners, students and faculty from across The University of Texas at Austin to encourage and facilitate the development of successful entrepreneurs and to develop and communicate new knowledge about entrepreneurship and the entrepreneurial process Austin is home of dozens of startup resources, including investors, co-working spaces, maker spaces, incubators, accelerators, and several entrepreneurial and tech meet-up groups

1.4 The primary methods to promote university startups

In recent years, establishing a startup in university is an emerging trend as a response to the need to develop, commercialize the technological products and innovative ideas at university The methods of promoting entrepreneurship in universities will lead to the formation of startups

in university and increase their likelihood of success Upon conducting research on business- university collaboration, Wilson (2012) suggests there are three main ways for universities to motivate university-based entrepreneurial activity: (1) selling the rights to the innovation; (2) licensing the rights to the innovation; and (3) arranging for an equity position in the venture Recently, universities have shown a growing enthusiasm for these activities The main way of utilization by universities is to form startups around a developed technology or licensing small

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private firms rather than through the traditional commercialization route with large public companies These companies, also known as university startups, are formed by a research group (spin-off) or detached from a university-based company or organization (spin-out)

Universities implement different methods of promoting startup such as technology incubators, establishing startup centers and technology transferring offices (TTO) and some other supporting activities:

- Technology incubators, with the role of providing business incubation services for lecturers, staff and students, this activity encourages the establishment and development of enterprises using university technology The services offered often include renting out places for

a discount or even for free; help enterprises connect with funding organizations, venture capital and consultants; providing enterprise management services;

- Startup centers, with the task of expanding startup training program for all students in the university, especially students of engineering, information technology and basic science, graduated students can participate in elective courses or courses on how to commercialize their research results The activities of the centers will connect and build networks among enterprises, venture investors; grant newly established companies access to venture capital from outside;

- Technology transferring offices in university, this office has close relationship with investors, focusing on the expansion of relationship and the promotion of technological results

on the market by prioritizing licensing patents for newly established enterprises Through the support of venture activities, the program is implemented, allowing scientists, university students

to commercialize their inventions and new ideas;

- Entrepreneurship centers are set up by many universities to help students being familiar with business activities, develop creative ideas and start the business Today, these centers, especially those in many US and Canadian universities, have been increasingly focused on the integration of programs and activities aimed at fostering student’s entrepreneurship and venture creation across disciplines (Morris, Kuratko and Cornwall 2013);

- University knowledge spillovers fostering innovative startups: Using the Kauffman Firm Survey, a novel dataset on startup firms launched in the US from 2004 to 2011, the research result of Leonard Sabetti from George Mason University (Greene, Khalaf, Sickles, Veall and Voia 2016) highlighted the importance of new firms as a source of innovation and universities as important drivers of knowledge transfer These results also shed light on the role of entrepreneurs and new firm formation as a mechanism for innovation and universities as an important source of knowledge and technology transfer

In addition, the associations formed between universities, a fairly common model in the United States in connecting the student community, also play an important role in helping students access the business and startup environment Many US universities recently host entrepreneurs’ volunteering groups These entrepreneurs supplement the work of academic staff

by teaching courses, facilitating workshops, and advising programs and students while operating their own startups and established businesses, mentoring students in all aspects of starting up and

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growing a new venture They also assess, judge business plans and new venture competitions, host student interns, serve as board members on student startups, and evaluate educational programs

A recent research conducted by the Three-Day Startup Program in three universities with nationally ranked entrepreneurship programs (the University of California, Los Angeles; Cornell University and the University of Houston) points to these key findings "although on different coasts and in different ecosystems All of these universities are fostering entrepreneur-friendly environments through a combination of means: accessible university resources and support for entrepreneurial aspirations, cross-campus collaboration among different departments, as well as industry engagement and networking opportunities for students" (Vu 2013)

1.5 Limitations and gaps in promoting the university startups

Startup failure does not only happen to young enterprise, but also even to famous, experienced and promising companies There are many causes to this failure, but the most essential problems are: the implementation person; the identification of the market demand and business direction; and the selection of investors to approach and acquire capital Lumos, a startup in India was founded by the newly graduated students with promising potential However, it failed while trying too hard to provide hardware that has already been available on the market, due to overestimation of the market demand and product utility The lesson on misunderstanding of the market has also been demonstrated by Sidecar, private vehicles sharing service that used to receive investments of up to USD 39 million Few know the pioneer in this field was actually Sidecar, not Uber However, after 4 years of operating inefficiently, Sidecar announced its closing on May 12, 2015 Meanwhile its opponent, Uber, is still on track for strong growth and is valued at more than USD 60 billion at this time

The ability o f executives (CEO) and those who directly implement ideas plays an important role Another example is KiOR, a startup that aims to replace demand for gas by bio­energy Among the advocates of this startup are billionaire Vinod Khlosa, ranked as the most successful investors of all time by Fortune magazine, former British Prime Minister Tony Blair -

a senior adviser and Bill Gates pledged to contribute millions of USD However, only two and a half years after its initiation, KiOR stopped biofuel production and by late 2014 filed for bankruptcy (Fehrenbacher 2015)

For universities, some major limitations are as follows:

Limited startup expertise: few people at a university, even tech-transfer office or startup

supporting office have ever launched a company, so they should not be qualified as startup experts In fact, they are the ones coaching and guiding entrepreneurs with a pure theory;

Small entrepreneurship networks: in reality, few of university entrepreneurs know

anyone who has launched a profitable startup This also true for universities, which are rarely in contact with experienced businesspeople or startup veterans;

Weak knowledge exchange: universities have only weak ties to established companies

and multinational corporations There is a plenty of interaction between the business community

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and university research However, most companies do sponsor research modules and work directly with research scientists for the convenience to outsource their R&D and save money and human resources by hiring researchers inexpensively to do work for them This results in maximizing knowledge transfer to the corporation, but there is no knowledge transfer to the university about how business and entrepreneurship work

Data from US Association of Business School show that universities have paid more attention to entrepreneurial studies and startup, but there have been some gaps to be filled up Cam Houser (2014) has pointed out, after his investigation, that three-fourths of college students indicated that they have no access to on-campus entrepreneurship resources For universities to capitalize on helping student entrepreneurs and further improve the built-in vehicle that promotes

an ideal entrepreneurial climate, there needs to be a big push for:

- Cross-campus collaboration;

- Hands-on, experiential programs;

- Dedicated work space; and

- Mentorship programs

Another noteworthy issue is students' entrepreneurial intention perception In order to raise awareness and foster entrepreneurial spirit, apart from activities in training, developing capacity, universities also need to improve management, organization and strengthen the connections with businesses to create more opportunities to access practical business-related activities

2 Vietnamese university startups’ development

2.1 Promoting startup spirit among the youth and students

Startup and entrepreneurship have never been so concerned about before by the government, leaders, managers and enterprises in Vietnam The government is committed to continue to build mechanisms and policies to create the most favorable conditions for the enterprise community, incubators, institutions and funds related to entrepreneurship development The Prime Minister has approved the scheme "National Program to Support Innovative Startup Ecosystem in Vietnam by the year 2025 " This scheme aims to create a favorable environment to promote and support the formation and development of enterprise types that are capable of rapid growth based on the exploitation of intellectual property, technology, new business models They will receive supports from the Innovation Partnership Program between Vietnam and Finland

Vietnam has chosen 2016 as the Nation Year of Startup Many corporations and big enterprises along with the government are supporting universities and students through a variety

of activities such as holding events (notably Tech Femme - an annual event organized by Microsoft to help students take advantage of technology to successfully start a business), innovative startup contests, entrepreneur’s thinking, and so on

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