Academic Entrepreneurship in the University of Cyprus

Christis Christoforou

Giorgos Dimitriou

Giorgos Papadopoulos

Nestoras Nestorides

Stella PanayiotouMarch 2017

Stevens Institute of Technology, stevens.edu

• Provide a better understanding of UCY’s entrepreneurship ecosystem and the perception of the academic community

• Identify the degree to which the University is geared towards developing entrepreneurial initiatives

• Identify bottlenecks and constrains in the current way of operations

• Provide recommendations on the actions that the University should take and explore better practices and how can they be integrated in UCY

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Objectives

Structure of the Project

• Essentials ingredients of an entrepreneurial university

• The startup ecosystem in Cyprus

• Academic entrepreneurship in the UCY

• Research Methodology– Self-assessment questionnaire / online survey

• Findings and Recommendations

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Essentials Ingredients of an Entrepreneurial University

• Attitude towards entrepreneurship (top-level commitment)

• Address skill deficiencies and reward systems

• Education/training for university members

• Cross-collaboration between individuals/faculties and external stakeholders

• Coordination of activities

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Defining Start-up Ecosystem

Incubation Process

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Start-up Financing Cycle

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• Bootstrapping • Friends, Family and Fools (3-F)

• Small Business Centers • Business Angels/Seed investors

• Bank loan • Venture capital (VC)/risk capital

• Crowd funding

Sources of funding:

Startup ecosystem in Cyprus

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Source: Support Structures of the Cyprus Startup Ecosystem (Stavriana Kofteros – the New and the way forward)

Successful start-ups in Cyprus

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Business Incubation Mechanisms in Cyprus

Organization Incubator Accelerator Website

Diogenes x   www.diogenes-incubator.com

Helix x  Error! Hyperlink reference not valid. Co !!!!!

Ermis - ERIC x  http://www.talos-rtd.com/en/participations/ermis-research-and-incubator-center-(eric)

Chrysalis Leap   x http://chrysalisleap.com/

Cyta Innovation Center

  xhttps://www.cyta.com.cy/kentro-kenotomias/en

CYBAN     http://www.cyban.com.cy/

IDEA x x www.ideacy.net

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University of Cyprus in the start-up Ecosystem

• Contribute to the production and valorisation of knowledge

• Engage in research and development

• Stimulate the complex process of innovation & entrepreneurship

• Support new ideas- foster entrepreneurship

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UCY - Internal ecosystem

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Faculties and

Departments

Research centres

AdminDiogenis

incubator

Cyprus Entrepreneur

ship Competition

Research and

International Relations ServiceStudents,

Academic staff,

Researchers, Graduates,

Alumni

University Industry Liaison Office

Academic Affairs and

Student welfare Careers Office

Cooperation Networks

Industrial partners

MBA Program

Efforts to Develop Entrepreneurship in UCY

• Supporter of the Cyprus Entrepreneurship competition- sponsor for the organization of the annual entrepreneurship competition.

• Diogenis Business Incubator, owned by the UCY

• Participation in European research project InnoFun Interreg IVC

• Supported the 7th International Conference of Entrepreneurship, Innovation and Regional Development

• Establishment of the Institute for Research, Innovation and Entrepreneurship at the UCY

• Center of Entrepreneurship (C4E)

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UCY– Research & Commercialization Research activities • European programs securing external

funding: “Horizon 2020”, ”EU Seventh Framework Program”, “Lifelong Learning Program”

• Unified European Research Area : ex. “EUMEDIS”, “Marie Curie”.

• European research projects “GOFLEX” and “InteGRIDY”

EXPLOITATION OF RESEARCH RESULTSThe Cyprus Research Promotion Foundation focuses on the exploitation of research and technological development results obtained by research and academic communities.

Commercialization of patents

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• Several advances and innovations

• Patents

CYPRIOT LAW : grey areas

cannot legally act as the creator of private start-up companies

Legislative Framework of Entrepreneurship in UCY

• UCY operates within a strict legislative framework as prescribed by the University of Cyprus Law 1989 (144/89)

• Entrepreneurship and Innovation are not currently part of the objects of the UCY legislation

• UCY is prohibited from participating in a private company which does not pursue fulfillment of its objects

• The UCY Law is also restrictive in relation to the participation of the University in any commercial activity or the participation in any start-up which pursues commercial activity 

• Limitations as to the participation of UCY academic staff in companies without prior approval of the University

• IPR Policy – Revenue Sharing Scheme

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Methodology• Self-assessment tool, HEInnovate (developed by

OECD/EC)– Better quantification of results

– Reaching more people

• Relative comparison with HEInnovate report of 2014, answered as part of a workshop

• Targeted groups– Academic Faculty (in research centers and head of schools)

– Governance and Administration

– PostDoc/PhD/researchers16

Questionnaire segments

1. Leadership and Governance

2. Organisational Capacity, People and Incentives

3. Entrepreneurship Development in Teaching and Learning

4. Pathways for Entrepreneurs

5. UCY’s Business/External Relationships for Knowledge Exchange

6. UCY as an internationalised institution

7. Measuring the impact

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Participation in the assessment

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29%

20%

51%

Academic Faculty

Governance and Administration

PostDoctoral/ PhD/ Researcher

• 39 answers out of 121 (32%)

• Averages by groups and frequencies of responses

Overall Average Scores

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Overall average: 4.3/10

Highest score: UCY as an internationalised institution - 6.0/10

Lowest score: Entrepreneurship Development in Teaching and Learning – 3.7/10

• Q1: Entrepreneurship is a major part of the university strategy

• Q2: There is commitment at a high level to implementing the entrepreneurial strategy

• Q3: UCY has a model for coordinating and integrating entrepreneurial activities at all levels across the university

• Q4: The faculties and units have autonomy to act

• Q5: UCY is a driving force for entrepreneurship development in the wider regional, social and community environment

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1. Leadership and governance

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1. Leadership and governance – averages by groups

• The level of commitment (Q2) has the highest score and the existence of a model for coordination (Q3) had the lowest score along with the autonomy of faculties

• Academic faculty believe that there is lack of coordination (Q3), in a higher degree than the other groups

• Increased level of commitment compared with 2014 report, no significant change regarding the model of coordination

2. Organizational capacity, people and incentives

• Q6: The University’s entrepreneurial objectives are supported by a wide variety of funding sources/investment, including investment by external stakeholders.

• Q7: The University has a sustainable financial strategy in place to support entrepreneurial development.

• Q8: There are mechanisms in place for breaking down traditional boundaries and fostering new relationships - bringing internal stakeholders together (staff and students) and building synergies between them.

• Q9: The University is open to recruiting and engaging with individuals who have entrepreneurial attitudes, behaviors and experience.

• Q10: The University invests in staff development to support its entrepreneurial agenda.

• Q11: There are clear incentives and rewards for staff who actively support the university’s entrepreneurial agenda.

• Q12: The University gives status and recognition to other stakeholders who contribute to the university’s entrepreneurial agenda.

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2. Organizational capacity, people and incentives – averages by groups

• Q11 statement has the lowest score (3.4) (clear rewards and incentives)

• The question with the highest score was Q9 (4.6)

• Academic faculty seems more concerned about the lack of a sustainable financial strategy to promote entrepreneurship (Q7)

3. Entrepreneurial teaching and learning

• Q13: UCY is structured in such a way that it stimulates and supports the development of entrepreneurial mindsets and skills

• Q14: Entrepreneurial training for staff takes place in all parts of the university

• Q15: Staff takes an entrepreneurial approach to teaching in all departments, promoting diversity and innovation in teaching and learning

• Q16: Entrepreneurial behavior is supported throughout the university experience; from creating awareness and stimulating ideas through to development and implementation

• Q17: UCY validates entrepreneurship learning outcomes

• Q18: Collaborating and engaging with external stakeholders is a key component of teaching and learning development in an Entrepreneurial University

• Q19: Research results are integrated into entrepreneurship education and training

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3. Entrepreneurial teaching and learning – averages by groups

• Training for staff (Q14) statement has the lowest score (2.8) out of all questions in the questionnaire

• All groups agree that engaging with external stakeholders is a key component of teaching and learning

• Comparing with the 2014 report the situation remains the same or even worse in some cases for this segment

4. Pathways for entrepreneurs

• Q20: UCY raises awareness of the value/importance of developing entrepreneurial abilities amongst staff and students

• Q21: UCY actively encourages individuals to become entrepreneurial

• Q22: UCY provides opportunities to experience entrepreneurship

• Q23: UCY provides support for individuals and groups to move from entrepreneurial ideas to action

• Q24: Mentoring by academic and industry personnel is available

• Q25: UCY facilitates access to private financing for its potential entrepreneurs

• Q26: UCY provides access to business incubation facilities

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4. Pathways for entrepreneurs – averages by groups

• Availability of mentoring (Q24) received the highest score in this segment (4.4). Is significantly better than the 2014 report, meaning that the recently created mentoring list is gaining awareness and credit amongst the academic community

• Despite the existence of Diogenis incubator the access to incubation facilities is considered substandard

5. UCY – business/external relationships for knowledge exchange

• Q27: UCY is committed to collaboration and knowledge exchange with industry, society and the public sector

• Q28: UCY demonstrates active involvement in partnerships and relationships with a wide range of stakeholders

• Q29: UCY has strong links with incubators, science parks and other external initiatives, creating opportunities for dynamic knowledge exchange

• Q30: UCY provides opportunities for staff and students to take part in entrepreneurial activities with business/the external environment

• Q31: UCY specifically supports staff and student mobility between academia and the external environment

• Q32: UCY links research, education and industry (wider community) activities together to affect the whole knowledge ecosystem

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5. University – business/external relationships for knowledge exchange – averages by groups

• The university is committed to collaboration and knowledge exchange (Q27) and has created partnership and links with a wide range of stakeholders (Q28)

• However, it fails to combine and bring together research, education and industry (Q29)

6. The Entrepreneurial University as an internationalized institution

• Q33: Internationalization is a key part of the university’s entrepreneurial strategy

• Q34: The University explicitly supports the international mobility of its staff and students (including PhD students)

• Q35: The University seeks and attracts international and entrepreneurial staff (including teaching, research and PhDs)

• Q36: The University demonstrates internationalization in its approach to teaching

• Q37: The University, its departments and faculties actively participate in international networks

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6. The Entrepreneurial University as an internationalized institution – averages by groups

• UCY shows an extrovert behavior and is part of the international scene (through networks, mobility and research projects)

• It seems there is some difficulty to attract international staff and this may be due the language barrier (Q35)

• In 2014 report this segment also had the highest performance in the questionnaire. This show a consistent effort towards internationalization

7. Measuring the impact

• Q38: UCY assesses the impact of its entrepreneurial strategy and the strategy is responsive to change

• Q39: UCY assesses the level of engagement in entrepreneurial teaching and learning across the institution.

• Q40: UCY regularly assesses the impact of entrepreneurship teaching and learning

• Q41: UCY carries out regular monitoring and evaluation of the university's knowledge exchange activities

• Q42: UCY carries out regular monitoring and evaluation of the impact of start-up support

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7. Measuring the impact – averages by groups

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• There is a lot of room for improvement in this section as the overall average is 3.8

• It is crucial to understand the impact of actions taken towards entrepreneurship, but there is not a consistent framework of doing this

Research Findings (1)

• Fostering entrepreneurship is part of UCY’s major strategy and there is high-level management commitment towards that direction. In addition, an increase in this level of commitment is noticeable compared to 2014.

• Collaborative culture, across departments of UCY, towards entrepreneurship is lacking.

• There are no clear incentives to promote entrepreneurial behavior amongst academic and research staff.

• Entrepreneurial teaching and learning and staff development is substandard.

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Research Findings (2)• Although UCY’s ties with external stakeholders seem to exist there are not strong

links with external incubators, accelerators or science parks

• The recently created mentoring list by C4E is gaining awareness and is considered as a significant measure to create a pathway for entrepreneurship culture

• Internationalization is a significant aspect of UCY and its departments and faculties actively participate in international networks

• Measuring the impact of changes is low and there is no regular monitoring or evaluation of the actions taken to support entrepreneurship

• Current legislative background of the University is restrictive and limiting in promoting entrepreneurial initiatives. Update: there is currently a proposed framework, mutually agreed between public Universities,under discussion with all external involved parties.

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Recommendations (1)• The university should create a clear roadmap to coordinate and integrate all

entrepreneurial activities across existing structures. This could be able to create economies of scale, increase the efficiency of operations but also leverage the power of UCY towards entrepreneurship. (Update: UCY Council approved C4E roadmap)

• Emphasis should be given to incentivizing staff as well as providing them with the necessary time and support for training and development.

• Internationalization is a major part of UCY but this is not viewed under an entrepreneurship lens. The international networks and the engagement with external stakeholders should be further exploited towards the strengthening of the entrepreneurship culture of the university

• The university should focus towards creating stronger links with accelerators and incubators, both in the local and international horizon

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Recommendations (2)

• Embed entrepreneurship courses and initiatives into undergrad and postgrad curriculum in order to promote culture (paradigm of Hanze)

• Increased usage of the English language in order to attract non-Greek speaking faculty and students and improve its international presence

• Measuring the impact and taking into account any feedback consistently to achieve sustainable entrepreneurship

• The legislative framework should be amended and enriched to accommodate for academic entrepreneurship and innovation

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Academic Entrepreneurship in the University of Cyprus

Thank YOU!March 2017