Professor and Vice Provost of Innovation & Entrepreneurship, Stevens Institute of Technology
Abstract: There is a general perception that academic entrepreneurship (AE) and innovation refers mainly to the creation of commercializable output from a university’s intellectual property by creating new ventures also called spin-offs. This perspective is too limited, as the university as a whole can serve as catalyst to the output; therefore, a holistic culture has to be created to involve and motivate all stakeholders, particularly students, to create innovations. Thus, academic entrepreneurship is conceived to span across research and education. Implementation of basic principles of innovation and entrepreneurship in a university setting will be discussed along with challenges, opportunities, required resources and commitment from key stakeholders. It is widely recognized that it is not possible to implement AE successfully if it operates outside the academic structure. Furthermore, institutionalization of AE through proper policies and processes built into the university’s governance structure is the fastest and most efficient way to affect cultural change and gain acceptance of AE by all stakeholders.