Empowering young researchers to become entrepreneurs

In recent years, there has been a strong push across Europe to foster a more entrepreneurial mindset within higher education institutions. This strategic shift is clearly reflected in key EU policy frameworks – such as the European Research Area (ERA) and the European Innovation Agenda – as well as in the priorities of funding programmes such as Horizon Europe and the EIT Higher Education Initiative (EIT HEI). According to the European Commission, over 70% of universities in the EU have introduced entrepreneurship-related activities in recent years, yet significant structural and cultural challenges persist.

In this insightful article, Mr. Antonis Hadjichristodoulou, Senior Financial Consultant at GrantXpert Consulting, discusses the key obstacles impeding the entrepreneurial transformation of academia and explores the benefits of cultivating entrepreneurial ecosystems within universities – not only for researchers and academic institutions but also for national economies and the broader European innovation landscape. Fostering entrepreneurial skills and commercialisation pathways can significantly boost regional development, enhance the employability of graduates, and increase the societal and economic impact of publicly funded research.

Why most university professors and researchers are reluctant towards entrepreneurship

In academia, groundbreaking discoveries and innovative research often remain confined within the walls of universities and laboratories. These ideas have the potential through entrepreneurial activities to transform industries, solve real-world problems, contribute to economic growth and greatly improve social well-being. Most tenured academics/researchers prefer to remain academics in all their life, as this is a safer and easier to follow option. In addition, more academics, avoid becoming entrepreneurs because of the following reasons:

• Fear of failure.

• Lack of entrepreneurial capabilities, knowledge and mindset.

• Aversion to risk and stress.

• Lack of own financial resources/external funding needed to start a business.

• Lack of motives and incentives offered by their employer (i.e. the university)

• The “publish or perish” culture of academia imposed on researchers. This prevents useful research from reaching the market, leaving it abandoned and unexploited in university archives.

It is time to break down the walls of the “ivory tower” of research laboratories and open these ideas to real-world impact and entrepreneurship.

Reasons justifying research commercialisation and creation of university spin-offs

During the past few decades, universities all over the world have realized that their research departments cannot survive for long, because of lack of public funding. In view of this setback, universities had no other option but to find alternative sources of funding and revenue streams for their research faculties. Within this context, they have started fostering a culture of entrepreneurship, by empowering their researchers to commercialize their research and bring their innovations to the market. This positive development is achieved primarily by the creation of University Spin-Offs – companies that commercialize technological inventions developed from university research. Over time, university spin-offs have proven vital for driving innovation and fostering economic growth globally. Many amazing commercialized innovations were the products of professors and young researchers working at universities. Such innovations have saved lives in the healthcare sector, whereas in the industrial, agricultural and service sectors, they have assisted business firms to grow, by becoming more competitive through automation and digital transformation. The economic and social benefits derived from university spin-offs are therefore tremendous for a country. Some of these are the following:

• Job creation and talent retention: University spin-offs create high-skilled jobs and help retain talented graduates and researchers within the region.

• Commercialisation of research: They turn academic research into marketable products and services, accelerating innovation.

• Income from intellectual property: Spin-offs can generate revenue for universities through licensing fees, royalties, and equity in companies based on patented technologies.

• Regional economic growth: By attracting investment and fostering innovation ecosystems, spin-offs contribute to local and national economic development.

University-Industry joint ventures: a win-win strategy for both

The most successful university spin offs are those founded jointly by universities and industry experts. Such joint ventures result in win-win outcomes for the spin-offs and the industry. On the one hand, academic expertise and research helps private business firms develop innovative products/services or improve their existing ones. On the other hand, these joint ventures bring numerous benefits to universities, researchers and the society since they: 

• Create real-world solutions, by translating their research into tangible benefits.

• Make access to additional income streams possible for universities, at a time when public funding for research is highly competitive. 

• Widen researchers’ perspective. Working with industry partners helps young researchers to start thinking and acting entrepreneurially – familiarising themselves with terms such as cash-flow, break-even point, ROI etc., and thinking about their research from an applied problem-solving perspective.  

• Make access to resources, facilities and data possible. Businesses often have resources and equipment that universities don’t have.  

  
  

Noteworthy global cases of University-Industry collaboration/innovation

• Oxford university UK -Astrazeneca/Covid vaccine

• Stanford University USA -Google/ Google Search Algorithm

• University of California, Berkeley USA- Caribou Biosciences/DNA recognition

• Cambridge university UK-Silicon Radio /CSR became a global leader in Bluetooth and wireless technology

University-industry R&D collaboration in Cyprus

University-industry R&D collaboration in Cyprus over the recent decades can be considered moderate due to a combination of structural, economic, and institutional factors. Here's a breakdown of the key reasons:

• The entrepreneurial mindset was not over time adequately cultivated at Cyprus universities, limiting graduates' and researchers’ ability to drive industry collaboration and start-up ventures.

• Disputes over who owns the IP – the university, the researcher, or jointly – prevent the creation of university spin-offs.

• Absence of a relevant legal framework

• Policy and Infrastructure Gaps

  - Underdeveloped innovation ecosystem: Cyprus is still building the institutional framework and support structures (e.g. technology transfer offices, incubators) needed to foster spin-offs and university-industry collaboration.

  - Bureaucratic hurdles: Complex or slow administrative processes can discourage companies from partnering with universities.

• Insufficient Public and Private R&D Investment

  - Below-EU-average R&D spending: Cyprus invests less in R&D than most EU countries.

  - University focus on academic rather than applied research: Academic institutions prioritize publication-driven research over industry-relevant innovation.

Recent improvements in the innovation ecosystem of Cyprus:

Three significant improvements have taken place in the innovation ecosystem of Cyprus during the last few years:

• EU and national funding support: Initiatives under programs like Horizon Europe and the Cyprus Research and Innovation Foundation (RIF) help the commercialisation of research and the collaboration of universities with the industry.

• Growing focus of universities on entrepreneurship: Universities are increasingly offering innovation hubs, spin-offs, and collaboration platforms, though still in early stages. Both the public university and the private universities of the island are increasingly shifting towards applied research, entrepreneurship, and greater cooperation with the industry.

• Incubation, acceleration and innovation support programmes: Programmes like the EUC Startup programme powered by Microsoft, Cyprus Seeds, SIL by KPMG, IDEA by Bank of Cyprus, Gravity Ventures and other high-quality programmes offer the opportunity to researchers to learn more about start-ups and commercialisation through training, mentoring, access to funding and networking opportunities.

The recent positive developments are steadily enhancing the creation of noteworthy university-industry spin-offs and the growth of innovative start-ups across the island. However, significant room for improvement remains – particularly the urgent need for strengthening entrepreneurship education and fostering an entrepreneurial mindset among university graduates and researchers.

The B-KINETIC Project: How GrantXpert Contributes to Fostering Entrepreneurship among University Graduates and Researchers

GrantXpert Consulting is a leading EU funding, consulting and training organisation that helps startups develop, innovate and grow. During the past 16 years, the company has trained 10,000+ people in entrepreneurship and start-up development, leadership, employability/soft skills, digital skills, business planning and more. The team also supports startups in reaching investors, accessing funds, developing a sound business network and receiving expert mentoring. Since 2009, GrantXpert has coordinated 40+ large scale EU projects and implemented 150+ national and EU funded projects as partner, focusing on entrepreneurship, business development and innovation.

One of the latest initiatives in which GrantXpert is actively participating as a project partner is B-KINETIC (Bridge Knowledge to Innovation: Entrepreneurial Training into HEI Communities). This forward-looking project aims to strengthen the entrepreneurial capabilities of Higher Education Institutions (HEIs) across Europe, equipping students, educators, and collaborators with the skills and tools needed to turn ideas into impactful innovations.

As part of a consortium of eight partners from six EU countries, GrantXpert is contributing to building bridges between educational and research institutions, policymakers, and industry stakeholders – fostering sustainable entrepreneurial ecosystems across Europe.

By empowering researchers to think and act like entrepreneurs, projects like B-KINETIC pave the way for ideas born in universities to shape industries, solve real-world challenges, and drive sustainable growth across Europe.

To discover more and stay up to date with project news and activities, visit the official B-KINETIC website: https://www.bkinetic.eu/