Public research commercialisation, entrepreneurship and new technology based firms : an integrated model

Entrepreneurship is the engine of innovation. The accumulated tacit knowledge and culture of the entrepreneur are the resources essential to create wealth from research commercialisation leading to technological innovation and the creation of New Technology Based Firms (NTBFs). The authors explore, in definitional terms, discovery of entrepreneurial opportunity and entrepreneurial capacity as the essential elements in the interaction between all types of tacit knowledge (technological, managerial, risk management, financial, etc.). These both derive from and affect interactions between the institutions (sets of rules), organisational culture and external business environment. They also interact with the entrepreneur’s own background and personality. This leads then to a wider analysis of the importance of such tacit knowledge as the glue bringing together effective mechanisms for wealth creation out of research commercialisation.