#Capital Efficiency

European regional development boards and national funding agencies pour billions of euros into advanced scientific research every year. The explicit goal of this capital is to stimulate regional economies, create high-skill jobs, and solve pressing societal challenges through technological innovation. Yet, when we audit the commercial yield of these investments …

When a university lab develops a breakthrough physical instrument—whether it is an advanced metrology system or a novel microfluidic platform—the institutional reflex is almost always the same: launch a spin-off and raise venture capital. For the last two decades, the VC-backed startup has been the undisputed king of …