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

USED ECONOMIC POUCY DEBATE Promoting University Startups' Development 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 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 of 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 B O n E I N M 'S SOaO-ECOHOW C DEVELOPMENT Number U , 2017 Promoting University Startups' Development ECONOMIC POUC* n w t,TT ^ ^ 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 earlystage 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 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 N n ife « r M ,2 a i7 VIETNAM 'S SOCIO-ECONOMIC DEVELOPM ENT m USED ECONOMIC POLICY DEBATE Promoting Univenity Startups' Development Figure 1: Finland system to promote innovation and startup Legislation and Policy Definitions Basic Education Parliament, Government, Research and Innovation Council, Ministry of Education and Culture, etc Educational Institutions, High Schools, Secondary Schools 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 EE3 V ED U U I'S SOCIO-ECONOMIC DEVELOPM ENT Number 1,2 17 ECONOMIC POUCY DEBATE Promoting University Staitnpi' Development 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 Introduction to startups and opportunity for team building Education and training on the startups process Advanced startup activities - Startups even at Aalto; - Startup course; - Internship at startups; - Slush; - Realistic education courses at Design Factory - summer months of startup activities supporting new startups - Visiting Stanford Co-working space, guiding new startup groups Access to seeds funding and venture capital - Startup Sauna - Aalto Center (startup incubator for organized by Entrepreneurship students); (ACE); - App Capus (supported by Microsoft and Nokia) - 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 of 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 N u n b ir N , 28 17 IKTIUII'S M CW ECMW C KfEUNENT b i USED ECONOMIC POLICY DEBAT! Promoting University Startups' Development 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 of 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 webenabled 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 ED nrm AM S s o c io - ec o n o m ic d c v elo p m eh t Number 10 ,20 17 Piomottn; University Staitnpi' Development ECONOMIC POLICY DEBATE VSED 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 welldefined 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 universityindustry 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 N u n h « r M 2Q l nETN JU IS SOCtS-ECaNOMK KYELOFM EM T m USED ECONOMIC POUCY DEBATE Promoting University Startups' Development 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, 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 USD 100,000 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 of 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 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 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 B VIETNAM 'S SOCIO-ECONOMIC DEVELOPM ENT Hunter 90,2017 Promoting Pnivenlty Startup*' Development ECONOMIC POUCY DEBATE 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 USD 125,000 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 businessuniversity 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 Number 17 VIETNAM 'S SOCIO-ECONOMIC DEVELOPM ENT E USED ECONOMIC POUCT DEBATE Promoting University Startups' Development 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 E3 nm uui sSOCK-ECONOM IC DEVELOPM ENT Itaafear M 17 Promoting PniYenlty Startups' Development ECONOMIC POLICY DEBATE 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 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 of 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 bio­ energy 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 N um btr ,2 17 l E n u m SOCIO-ECONOMIC DEVELOPMENT H I USED ECONOMIC POUCY DEBATE Promoting University Startups' Development and university research However, most companies 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 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 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 B O lE T H M 'S SOCIO-ECONOMIC DEVELOPM ENT Num ber M , Promoting Putveirity Startups' Derelopment ECONOMIC POUCY DEBATE USED Events and activities associated with inspiring student, developing startup dreams along with vocational activities have promoted startup among students in recent years: - At Hanoi University of Science and Technology (HUST): Lotte Data Communication Company has launched Lotte startup support space to support the students to perform their startup aspirations; Technology Investment and Development Company (BK-Holdings) is a "holding company" that conducts a series of activities for inspiring students: Co-working Space; E&I training programs; Seminars & Keynote Speeches; Workshops, Bootcamps & Demo Day and extends the network for funding, business advice and contacts, mentoring program BK Holdings also operates in the investment aspect via holdings or venture capital - FPT University combined with High Technology Business Incubator Center (HBI) FPT Venture Investment Fund and the Netherlands Development Organization officially launched the program namely "STARTUPUNI: Become a uni-preneur" - University of Commerce in collaboration with Vietnam Television and the Vietnam Climate Innovation Center (VCIC) - The Ministry of Science and Technology held the first session of the program Startup UniTour, the opening of a series of programs to connect and inspire creative entrepreneurship among startup businesses and communities - In Ho Chi Minh City, Business Startup Support Centre was founded in 2010 whose mission is to help young people to realize their dreams and to transfer all useful experience, knowledge, and resources from individuals and organizations to create a sustainable platform for the startup process o f Vietnamese youth - Central Youth Union launched the Youth Startup Program focusing on subjects: students from universities and colleges; young people who want to startup in rural area; young entrepreneurs, business owners, and business establishments At the launching ceremony, the Prime Minister has confirmed the government's determination to turn Vietnam into a "startup nation", and requested the related ministries, departments, Vietnam National University to accompany and facilitate the program - Vietnam Students Association has launched the "Student Startup Ideas" contest for the first time to raise students’ awareness on startup, create a new playing field to promote creativity, innovation and implementation of entrepreneurship ideas Participating in the contest, students may directly experience startup issues in startup companion and supporting activities; gain access to entrepreneurship training; and learn from successful entrepreneurs The excellent ideas will be funded to implement and connected to firms for investing and applying them into practice Also in 2016, several universities such as Hanoi University of Science and Technology, University of Technology - Vietnam National University (VNU) and FPT University have signed a memorandum of cooperation on the development of entrepreneurship activity with Vietnam Innovative Startup Accelerator Hum ber N , 117 n r o U M S SOCIO-ECONOMIC D Em O P N EK T m i USED ECONOMIC POLICY DEBATE Promoting University Startups' Development According to a report on the Vietnam Startup Index in 2015/2016, the awareness of business opportunities in Vietnam has increased: In 2013, only 36.8% of adults in Vietnam were aware of the opportunity to start a business, but in 2014 this ratio was 39.4%; by 2015, it raised to 56.8%, ranked 9/60 among surveyed countries Expectations for 2020, with the participation of the authorities, Vietnam startups community will have the opportunity to take- off 2.2 Main forms and methods for promoting universities startups Within the past decade, the startup activities in universities in Vietnam have taken place in many different forms Overall, universities that have partnered with many businesses have highly been interested in startup activities Two major forms of startup and supporting startup in universities currently are startups and technology business incubator - Forming startups A startup in university is formed by the direct and high level of combination between training and usage, university and enterprise The establishment of enterprises in the university (spin-off or spin-out) will contribute to promote activities in the field of commercialization of knowledge, technology transferring, patents, educational consultancy and attracting funding In addition, enterprises in universities also perform the function of scientific research, technology transferring, broadening educational activities and creating links with industry University startups have been established and operated in a number of universities in recent years, such as: the Technology Investment and Development Company (BK-Holdings) under Hanoi University of Science and Technology; Pharmacy Company under Hanoi University of Pharmacy; Construction Consultant University (CCU) of National University of Civil Engineering; and Labor Supplying and Training Company Limited (LETCO) belong to Hafldi University of Industry At Vietnam National University in Hanoi (VNU), there are enterprises: Tourism and Scientific Services Company of the University of Social Sciences and Humanities, Natural Sciences Company of the University of Natural Sciences, Microbiology Technology JSC from Institute of Micro-organism and Biotechnology Technology The annual revalue of these companies accounts for 3% to 7% of the universities (excluding the state budget), respectively, but has tended to increase since 2014 Until now, two of the most successful spin-ofF companies in Vietnamese universities are BKAV Company and Topica Company Starting from “anti-virus" software in 1995 by a student of Hanoi University of Technology, 10 years later, the original software company was corporatized into BKAV Company and became a well-known IT private company After years since the launch of the first "Business Incubator" in Vietnam (CRC-TOPIC), TOPICA Education Technology Association was established in 2008 Currently, TOPICA is the leading online education provider in Southeast Asia, and the first Vietnamese company to export educational technology abroad - Building business incubator: Practice has proven the important function of business incubators as the link between centers, research institutes, universities, government and enterprises (or groups and individuals) E IttTN A M S SOCIO-ECONOMIC DEVELOPM ENT N o n b a r ,2 ECONOMIC POUC* Promoting University Staitupt' Development nnm h ’K I ^ that intend to establish enterprise to create a “nurturing” environment for the startup enterprises in a certain period so that enterprises can overcome the initial difficulties, confirm their existence and develop as independent enterprises In universities, the role of incubators is underlining as a tool for promoting creativity, innovation, technology transfer and commercialization of successful technological ideas thanks to more closely relationships between universities institutes - enterprises Since 2005, Vietnam has formed and developed some technology business incubators They are located in the two central cities of Vietnam: Hanoi and Ho Chi Minh City (HCMC) According to the statistics, up to September 2016, there are 12 business incubators operating in the country, including in the Northern Region and in the Southern Region, of which, are leading university incubators (Table 2) Table 2: Leading university startups - technology business incubators in Vietnam Name Prioritized area Status Hanoi University of Information Technology Technology Business Incubator (CRC - TOPICA) BK Holding Incubator - Hanoi University of Technology Discontinued (Topica Establishment) Information Technology, telecommunications, mechanics automation, materials technology and biotechnology Running Technology Business Incubator Agriculture, forestry and fishery - HCMC Agriculture and mechanical, biotechnology Forestry Education applications, and so on Running Technology Business Incubator Biotechnology, new materials, - HCMC University of industrial, IT Technology Running Technology Business Incubator Agriculture, fisheries, post-harvest - Can Tho University technology, environment and information technology Running Source: Compiled by the author 2.3 The role of university startups’ activities Over the decade or so, the universities startups and business incubators in Vietnam have brought about major results as follows: Creating and strengthening linkages, effective cooperation between universities and enterprise via transfer o f research results: the establishment of startups and technology business incubators both has a common goal of tapping the ideas of the research program into a specific Mumbsr 90, 2017 VIETNAM 'S SOCIO-ECONOMIC DEVELOPMENT ESI USED ECONOIHC POLICY DEBATE Promoting University Startups' Development product, providing inventors and innovators in universities the opportunity to transfer thrir research and innovative ideas for businesses Startup is the bridge of cooperation between universities and enterprises to transfer the results of scientific research into business; enterprisss have an address to connect to, share information on investment opportunities that has tie potential while not having invested in research or experimentation Despite the limited number, universities’ startups and incubators have contributed to promote the transfer of research results to business For example, within years from 2011 to 2015, the Natural Sciences Company of the VNU's University of Natural Sciences has male more than 90 technology transfer contracts and production test from its research This has positive impact on linking research with practice The Tourism and Scientific Services Compaiy at the VNU's University of Social Sciences and Humanities provides diverse services for enterprises and foreign students by its lecturers and students Thus, the partnership, mutial understanding and knowledge sharing, experience have ben enhancing - Fostering the spirit o f creativity, entrepreneurship in university: startup is a method to realize the application of new technology, new research product for active companies that may not be willing to invest on the new, risky and unproven technology In addition, startup hefcs promote scientific research activities in the university Scientists and students have mere practical purpose and a higher motivation in scientific research From good research topic, students can establish their enterprises right in their studenthood Findings of Information Technology Park of Vietnam National University, Ho Chi Mhh City in 2015 (Information Technology Park 2015) on the factors affecting entrepreneursiip intention of IT students has shown that the percentage of respondents who wanted to staE a business right from when he or she was still studying was more than 80% More notably, one of three most important reasons that motivated students to start a business was that their stamp ideas were sponsored by the investment funds This reveals that when businesses engage more deeply into university - enterprise partnership, they themselves have created a major driving force in promoting the entrepreneurship in universities - The activities o f startups bring revenues, diversify resources and change the management mindset o f the universities: The Tourism and Scientific Services Company at the University of Social Sciences and Humanities (VNU) achieved cumulative revenue from 2011 to 2015 of more than VND 20 billion, accounting for almost 8% of total revenue (excluding state budget) of the university in 2014 Before 2010 (without the enterprise), the university reveiue mainly came from tuition fee and training, researching contracts Especially, business and services activities associated with market demand of startups have created a new breeze, a new spirit for the teaching staff and management staff of the university: proactivity, flexibility, and reality Previously, the majority of them are only familiar with the working style of subsidized public service agency which is passive and shy away fiom innovation and practicality D VIETNAM 'S SOCIO-ECONOMIC DEVELOPM ENT H u n te r 10,2017 Promoting Unlvenlty Startups' Development ECONOMIC P O U r* n c B M t ^ 2.4 Limitations, shortcomings, and causes Upon evaluating startup activities in Vietnam, the general perception of researchers is "the number of startups in Vietnam is quite large, young people have the entrepreneurial spirit, starting business just after their graduation or even before their graduation, so the quality is low compared to the quantity" According to economists, the success rate of startups in Vietnam is only about 10% (Ngoc 2016) and most business activities are not innovative According to Ngoc (2016), innovation index of startup operations in Vietnam in 2015 was only 16.5%, ranking 50/60 among surveyed countries The Statistics of Topica Founder Institute on the successful startup models in Vietnam recently showed that 100% of them are inspired by and localized from similar models that have been successful abroad (Kieu Chau 2016) Recently, many Vietnamese and international experts agreed that young Vietnamese people consider startups as a way to make money or a free working space without depending on others The notion contains unprofessionalism in term of entrepreneurship, because starting a startup requires determination and commitment The founders need endurance, find every possible ways and follow through to success and if it is "unfeasible", it must be "not feasible yet" However, many young people are really capable, enthusiastic but mostly startups are "spontaneous" without the companionship of effective working groups, while they need to have co-founders who will travel with them throughout the difficult journeys As a successful entrepreneur and also an investor for startups, Mr Do Hoai Nam, a Vietnamese American supposed "there is an unwritten rule of a successful business, which is to never invest on an individual without the companionship of a group" (Ngoc 2016) It is important to note that the startup activities and startup incubation at universities are still limited in both quantity and quality, due to a number of barriers and difficulties for the development as follows: First of all, the number of successful startups is small and they are operating inefficiently Besides general observations above, the author’s assessment in 2016 investigated the activities of businesses of VNU showing that only companies were still active during years after their establishment; the operation were mainly on providing services; its role as a bridge between scientists and enterprises with supported organizations and potential investors was limited; activities were not associated with technology transferring and knowledge transferring (Dinh, Hoang and Nguyen 2016) Secondly, the number and diversity of startup incubators are very limited The existing incubators are mostly technology startup incubators, mainly operating in information technology The major reason is comparative and competitive advantages of Vietnamese IT Thirdly, the mobilization of resources for the formation and maintenance activities of the incubators has encountered a number of difficulties Funding from the state budget and the university for establishment and operation of non-profit startup incubators is very little The M uter a a ,a i n m U M ’S M C M -EC M M C K IELO M K N T m USED ECONOMIC POUCY DEBATE Promoting University Startups' Development State and university support are provided only in form of premises and workshops The startups and incubators find them difficult to get access to investment institutions and venture funds Fourthly, the quality of "input" startups for the incubators is poor Many business preparation plans are not thorough and have low feasibility, containing largely theoretical contents Fifthly, the network of experts and professional services for startup businesses and incubators’ activities and their establishment is insufficient Infrastructure and technical support services (laboratory and pilot production premises, and so on) are still simple and insufficient, generally not meet all the needs of the businesses Sixthly, the supporting policies and mechanisms from the government and activities of the incubators have not been able to attract science and technology enterprises The results of surveys from the Ministry of Science and Technology showed that most incubators are operating individually and encountering difficulties in establishing and connecting with both domestic and foreign financial institutions Meanwhile, science and technology enterprises have to create resources independently Some organizations and individuals with new ideas are still hesitant about the requirements when they approach supportive activities from the incubators The commercialization of products from these incubators is still limited due to lack of information on the market and marketing experience (Quynh Chi 2015) The main reasons for the limitations and barriers mentioned above are as follows: • The legal framework and mechanisms for the operation of startups and incubators not create favorable environment for activities and funding approach of these organizations In the project "National Program to Support Innovative Startup Ecosystem in Vietnam by the year 2025", the government aims to complete a new legal system to support startup and innovation and solve the current inadequacies by 2020 Many laws such as the Law of Cadre and Public Servant (not allow public employees to manage business); Criminal Codex (article 292 on business providing services online); Immigration Law (not allowing more than two entries into Vietnam within months); Investment Law and Tax regulations (no tax surplus exempt policy for startup capital), and regulations on venture funds establishment, and so on are obstructing the activities of startups and investment for startups • The direct funding regulations for incubators are not yet active There is no regulation for venture capital funds, angel investors and seed capital Moreover, the underdeveloped stock market also obstruct venture capital for incubators • There is insufficient awareness of community of the role, functions, and socio­ economic benefits of the incubators, even among the researchers and policymakers This decreases the effectiveness of institution system planning and reduces funding from the business for incubators B H ET tU M 'J SOCIO-ECONOMIC DEVELOPM ENT N u m b * ,2 Promoting Pnirerritj Startups' Development ECONOMIC POUC* ^ j|l ■ • The enterprises lack confidence in their ability to solve practical problems of researchers in general and of universities in particular Many business leaders are not ready to share owner’s equity and cooperate with universities • On the other hand, universities not actively in cooperating and sharing information and patents; this adversely affects the development of incubators and university startups, especially the seed capital Universities and enterprises are not really linked closely together Enterprises are not confident in the ability of universities to successfully commercialize products, while the universities and scientists also have a habit of concealing products of their research • Management skills according to business models in the university (non-profit) incubators are limited The personnel working in the incubators at the university mainly are part-time, so they not pay enough attention to the incubators Low income also leads to difficulty in employing professional management staff for incubators • Startup support units and programs such as technology transfer unit/office, startup support centers and effective programs or projects (incubation, mentorship programs ) have not established and conducted yet in universities Policy recommendations to foster development of university startups in Vietnam 3.1 For the government t Apart from nation-wide programs such as the project "Supporting Innovation and Startup National Ecosystem until 2025", the poor performed legal framework with narrow adjustment range and slow issuing process have led to a lack in specific incentives for the establishment and operation of startups and startup incubators The definition of technology startup incubators is not really defined and non-statutory Thus, the role of the government should be enhanced in formulating policies and mechanisms to create favorable conditions for technology market so that knowledge can be transferred and research results can be commercialized successfully The government should improve the startup ecosystem via creating an open and free space for research and development activities of universities and scientists In addition, the awareness on and role of venture capital in technological innovation and investment of the company should also be raised Furthermore, it is necessary to develop mechanisms to encourage investment from the private sector to venture capital funds, angel investment and seed capital The Ministry of Planning and Investment should urgently complete the Decree on Venture Capital Fund for innovative startup, remove obstacles of investment for foreign venture capital and make it easier to own equity in startups The government should amend the related laws and regulations that are obstructing the formation and deployment of startup activities Startups need not only favorable policies and incentives from the government, but also the support of the community, investment funds, consultants and enterprises Meanwhile, the Hunter M , 2117 V E T N M 'S SQ CM -EC QM M C DEVELOPMENT E H VSED ECONOMIC POLICY DEBATE Promoting University Startups' Development , reform of administrative procedures, improvement of the business environment of Vietnam have made many positive changes but still have not yet met expectations Many procedures still need to be streamlined to facilitate the business community in general and the startups community in particular, namely: the registration of establishment and activities of venture capitalists and technology business incubators; investment and support policies and mechanisms of the State; and subsequent investment for innovative entrepreneurship of the scientists It is important to improve legal and regulatory framework to promote socialization in higher education: increasing the autonomy and self-responsibility of universities; encouraging enterprises to connect with universities in training and collaborative research; amending rules and regulations of administrative nature to the universities with mechanism to promote autonomy and social self-responsibility of universities It is crucial to build a separate financial mechanism for startups in universities, include not only high venture capital financing activities such as investment funds, but also conventional financing activities through the banking system in order to promote efficiency If banks not participate fully in this process due to the need to place high priority on serving business in the traditional way, the support of the State Fund is a suitable alternative It also needs to establish a support channel for communication or network between enterprises and universities to enhance information sharing about possibilities, demands of each party at national sector and local level The network or channel has the role of collecting and updating data, consulting and providing information, and so on for the parties to be able to find the right partners to connect the stakeholders of a startup ecosystem in order to build a solid foundation, promote cooperation in innovation and startup between Vietnam and other countries 3.2 For universities and enterprises The parties need to change the perception and view on cooperation in research, development, and commercialization of research products and new technologies as mutual understanding and mutually benefit from cooperation At the same time, there is also a need for flexible operation mechanism: the universities and scientists should care about protecting intellectual property or patents; enterprises should not be "too worried" on keeping technology secret, financial mechanisms and investment policies; instead, there needs a mechanism for cooperation and sharing of information, development strategy to build long-term and strategic cooperation The enterprises should consider investment in university startups through collaborative research, commercialization of scientific and technological products as important and sustainable cooperation that brings major benefits to the enterprises At the same time, enterprises need to have mechanisms and policies to encourage professors, doctors and lecturers of high quality in universities to participate in projects or give them advices through training programs to upgrade their internal capacity For universities, it is important to: B nEn um s o c io - e c o n o m i c d e v e l o p m e n t N u n n * ,2 Promoting Pnherrity Staifrnni' jrn lo p m tn t ECONOMIC POUCT DEBATE USED - Focus on the fundamentals of creative ideas, university startups’ and the startup incubators’ establishing processes In particular, universities need solutions to create motivation and support students and young staffs to promote entrepreneurship through specific actions such as: setting up training methods of innovation promotion, establishing startup clubs and providing information about the enterprises support - Develop specific startup encouragement and support policies; build mechanisms and regulations on the implementation process and content to ensure sufficient resources, while encourage scientists and individuals to participate in startup activities Help them to exploit actively along with protect intellectual property rights through registration and transfer it to enterprises to have financial revenue and re-invest in research and development - Develop a database system for business partners and form a specialized agency for contacting and connecting businesses and partners to support and coordinate with the startups from capital acquisition to pilot production; encourage startups to exploit intellectual property rights and benefits from the commercialization of research results This agency does not operate independently but must incorporate with management staffs, faculties and alumni It should coordinate the professional associations and the local authorities to find out information about potential enterprises and cooperation - Accelerate the establishment of technology business incubators, technology transferring offices and startup centers in universities to help startups, scientists and students connect with investment funds, venture capital and consultants; provide business management services and training, and support entrepreneurship for all students - Diversify and establish enterprises with the corporate model (wholly-owned or partly- owned) to exploit the research results provide services and implement business ideas in research process in university The companies may split into two levels: (1) The "mother company" (umbrella) under the university, controlling intellectual property rights of units (research institutions) in the university and is still subjected to the direct control of the agency; (2) Group of several satellite companies from agencies and research institutions that are established to exploit the benefits from the commercialization of research results - For engineering universities, an innovation center should be established This is one of the most popular and effective model which is currently employed by major universities in the United States (Ohio University, University of Michigan, University of Texas, and so on) and the United Kingdom (Manchester University) to provide infrastructure for incubate technologybased businesses and commercialize intellectual property services The innovative model of innovation in universities is the combination of former models - technology transfer organizations (TTOs), technology licensing offices (TLOs) with current innovation trend startup advice,, technology incubation support, connectivity support, venture capital funds, community funds, angel investors, and so on for students and startup businesses These centers also conduct research, analyze and evaluate technology market and demands as a basis for research orientation of universities N m n b tr M 17 IK IN M 'S M C M -E C M M C K V E U H E N T ESI USED ECONOMIC POLICY DEBATE Promoting University Startups' Development Proactively invite competent managers and scientists from enterprises to engage in the university's research and training activities, while choose and train staffs with the entrepreneurial spirit and aspirations in order to support business to join the startup programs and projects, and to foster process of commercializing scientific research results Conclusions Startup in universities is an inevitable trend and has become the need to bring long-term benefits and enhance the exploitation of the strengths of related parties In the process of developing this activities and cooperation, the government acts as a "midwife" by creating the legal and regulatory framework and implementation mechanism Countries like the US, many European countries, Japan, Taiwanese China, and recently China, have achieved many successes Economic studies and practical results showed the great potential of universities in entrepreneurship development and startup In Vietnam, the government has made a lot of efforts to promote startup spirit among students and young people However, the results of startup have been very limited, with monotonous types and poor quality; and benefits of stakeholders are still tiny compared to the potentials The startups and incubators in universities encounter difficulties in getting access to capital and investors, while the venture capital funds are limited in term of quantity The main reasons for the under-development of the startups and incubators are: (i) poor quality of the legal and policy framework; (ii) weak linkage between universities and enterprises; and (iii) failure in commercialization of research results Thus, the slogans and declarations by the government are not enough The State, investors and community need to swiftly tap them into efficient policies and mechanisms to liberate the unemployed resources o f universities, encourage investment in innovation and develop entrepreneurship in universities References • Audretsch, DB, Grilo, I and Thurik, AR (eds.) 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Entrepreneurship Theory and Practice', 13(1), 7-13, University o f Calgary, Faculty o f Management Vu M (2013), 'Learn from Universities that Create and Train Entrepreneur's', [viewed 30 October 2016, .] VETHJUI t SOCIO-ECONOMIC DEVELOPMENT N u m b * ,2 ... revenue and re-invest in research and development - Develop a database system for business partners and form a specialized agency for contacting and connecting businesses and partners to support and. .. 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,... i7 VIETNAM 'S SOCIO-ECONOMIC DEVELOPM ENT m USED ECONOMIC POLICY DEBATE Promoting Univenity Startups' Development Figure 1: Finland system to promote innovation and startup Legislation and Policy