Leveraging University Resources for Business Development

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However, today’s higher education system is facing rising challenges in defining its autonomous role, rationalizing basic and applied research, adjusting organizational structures to new demands, and fulfilling its responsibilities to society, the environment and the economy. All of these are crucial in improving the quality of student learning and practical skills as well as supplying the talent pipeline for Vietnam’s business community.

The information and communications technology (ICT) revolution, the emergence of the knowledge economy and major global megatrends such as big data, the Internet of Things (IoT), artificial intelligence (AI), Industry 4.0 and Industry 5.0 have redefined expectations for higher education systems worldwide. These evolutions require a shift toward an entrepreneurial university model built on strategic collaboration between government, industry and universities to drive innovations.

An entrepreneurial university is a modern concept that enhances different mechanisms for scientists to contribute to economic development and increase their income potential. However, this model may vary across entrepreneurial universities but both theory and experience show that a four-party ecosystem of entrepreneurial universities can be developed to support the diffusion and commercialization of knowledge. According to strategists, concrete solutions are needed to establish a framework that integrates all four stakeholders into the entrepreneurial university ecosystem.

Knowledge enablers

Government

The government plays a foundational role in enabling the diffusion of knowledge from universities. At first, it builds good support policies and political incentives that encourage the transfer of knowledge and technology. The government is considered a critical enabler that offers favorable conditions (like laws, startup policies and incentives, infrastructure and technology licensing) and provides seed funding for university research.

Industry

The relationship between universities and industry is often forged through research contracts, which serve as an effective instrument and channel for knowledge diffusion. These partnerships help facilitate the commercialization of research, engage scientists in business activities and foster a culture of entrepreneurship within universities. Once knowledge is generated, universities provide different services for industry. Such projects also act as a channel for knowledge transfer and can be delivered through consulting services and additional training programs. Therefore, industry not only provides financial support via contracts but also nurtures an entrepreneurial culture in universities.

Knowledge providers 

Researchers

Once opportunities are generated and organizational conditions are established, the creation of knowledge takes place within universities. Researchers who transfer knowledge by selling intellectual property licenses, establishing spinoffs and startups, are both scientists and scientific entrepreneurs.

Students

University graduates are a key source of human capital for sparking new business ventures at universities. During their education, interactions occur not only between students and professors but also among students themselves. In research, graduate students, doctoral candidates and postdoctoral researchers play a vital role in generating new knowledge through research projects and creating intellectual property. This can be leveraged to establish academic spinoff companies based on market opportunities.

Human capital identifies opportunities and experiments with new ideas to create knowledge. This can then be commercialized to create new business ventures tailored to market needs. Knowledge generated by lecturers and students can follow either a traditional (linear) licensing process, requiring inventions to be codified and protected through technology transfer offices, or a flexible (non-linear) approach involving stakeholder groups such as science parks (SPs) and business incubators (BIs) to facilitate commercialization.

Knowledge codifiers

Technology transfer offices (TTOs) and intellectual property (IP) offices

To protect a specific invention, academia often collaborates with technology and intellectual property offices responsible for safeguarding intellectual property (IP) rights through the codification of new knowledge and technology, including patents, copyrights, trademarks and designs. Additionally, TTOs are considered crucial cross-brokers in the startup ecosystem to figure out potential applications of codified knowledge. Patents and licenses serve as tangible methods and channels for disseminating codified knowledge through traditional pathways. They facilitate the commercialization of inventions and foster new university projects. They also enable startups (established based on research outcomes and market potential) to seek external funding. Patents are a strong, reliable predictor of a financial agent’s decision to invest in a company. Therefore, patents can be seen as a promising starting point for diffusing knowledge and commercializing technologies.

Patent licensing is one of the channels through which new knowledge can be transferred from universities to industry. This process occurs through TTOs, which facilitate communication with other stakeholders, promote codified knowledge to industry, and formalize the knowledge transfer process. Selling licenses to companies is a way to exploit university patents and generate significant incomes for universities.

Knowledge disseminators

Science Parks (SPs) and Business Incubators (BIs)

When new knowledge generated by universities is not formally commercialized through TTOs (like patents or licenses), it can be used to establish new companies.

The primary goal of SPs and BIs is to facilitate the transfer of knowledge from academia and research institutes to create new companies. The core idea behind establishing SPs is to foster knowledge dissemination, develop the necessary infrastructure, and provide opportunities for connecting social resources as well as administrative, logistical and technical support for new companies, including those driven by university research. SPs facilitate universities to receive external research funding and shift their research focus toward greater commercial orientation.

The support provided by BIs helps individuals shape their ideas (not necessarily based on research outcomes) and successfully launch startups, thus facilitating knowledge dissemination. Such support for new companies may include workshops, mentoring, access to investors and access to entrepreneurial networks. Besides, BIs offer support services in the form of equipment like fax machines, photocopiers, computers, facilities (office space), knowledge and management support. Although the impact of BIs on the existence of new companies depends on the form of support provided, they facilitate business formation by offering incubation services.

Venture capitalists (VC)

Venture capitalists (VCs) are critical to a company’s success. Universities can commercialize their knowledge by establishing new companies and acquiring ownership rights to inventions, which are more likely to succeed in accessing venture capital. Beyond financial capital, VCs provide academic entrepreneurs with management and technical advice to run the business and offer access to their business networks, markets and industries.

Thus, entrepreneurial universities are indeed a new force in promoting entrepreneurship and show a significant structural shift from traditional missions such as education and research toward a third mission: Commercializing new knowledge in the form of patents, licenses and startups.

Certainly, with resources of entrepreneurial universities, we can improve students' learning and practical skills and make meaningful contributions to the success of Resolution 68-NQ/TW (May 2025) of the Politburo on private economic development, aiming to have at least two million businesses by 2030. This effort aligns with President Ho Chi Minh’s vision and contributes to making Vietnam glorious and prosperous.