A business strategy formulation for commercializing university-created technology: A university spin-offs

There are some mechanism to commercialize the innovations that have been developed by academic scientists in universities, i.e. patenting, licensing, start-up creation, and university–industry partnerships. The start-up creations or university spin-offs (USOs) company is a very special start-up company that is founded by an academic inventor and the university with the aim to commercialize the technological innovation that created by the university. However, it is not always as smooth as expected. The market competitiveness of the USOs obviously has many challenges to be able to compete with the existing companies, analysis need to be done to get the right business step so the business strategy will be efficient. In this article, we discuss a real case study of a university spin-off that owned by Sebelas Maret University for Commercializing Battery Lithium. The aim of our research is twofold: first, to identify the gap in the literature of business strategy formulation between a conventional and USOs. Second, to propose a business strategy formulation for commercializing university-created technology, i.e. battery lithium as core business of a university spin-off as a case study. We conduct surveys, observation and FGD in order to collect the data and information to build the company objective and goals. The analytical tools to generate the solution of business strategy are SWOT analysis, IFE-EFE matrix, and QSPM model so the result will be the most attractive and suitable for the company. The result shows that the case study of USO company is classified on conservative continuous improvement phase so the suitable strategy for this company are product development and business strategy integration.