Exploring the landscape of University-affiliated venture funds: an archetype approach

Abstract

In the last few decades, universities have engaged in the creation of university-affiliated venture capital (UVC) funds to solve the funding gap of new ventures that emerge from academic research. Little is known about their specific characteristics and typology in terms of their role, investment rationale and governance. This study undertakes an attempt to explore the diversity of UVC funds through the lens of an archetype approach. The analysis of 11 European UVC funds suggests that similarities and differences in such issues as governance system, industry focus and the stage of a venture development are the possible elements that define three distinct archetypes of UVC funding. The study contributes to academic research by proposing a categorisation of UVC funds, and demonstrating their uniqueness in terms of institutional hybridity, and dual organisational schemes and structures. It also suggests that UVC archetypes are not isolated and tend to borrow elements from each other, which contributes to creating a more fluid and flexible entrepreneurial university ecosystem.