Early Stage Report 2015: Foreword

While we think we are getting smarter and smarter that is merely a technological advance, not a moral one.

The ideas flowering now, for now, come from the same source of creativity they have always done. As physicist Albert Einstein reputedly said: “The true sign of intelligence is not knowledge but imagination.”

Imagination and ideas are sparked by the people around you. And in the competition for the talent that develops and sustains idea capitals – as John Sexton, president of New York University, a few years ago said – universities play an essential role.

But higher education has trouble nurturing successful entrepreneurs, largely due to a failure of providing practical experiences.

The academic-industry liaison creates a reciprocal ecosystem of human capital and research and development for both corporations and universities, develops a localised global network of opportunities and partnerships and empowers new waves of entrepreneurs with resources and experience.

It remains, however, a niche market for human and intellectual capital flow between universities and companies. This is changing.

University venturing is a great vehicle to connect those entrepreneurs with mentoring and networks, particularly with investors, fellow entrepreneurs and incumbent businesses that are increasingly open to them through their corporate venturing units.

The flowering of these corporate and university venturing funds brings hope the niche market will widen and become more fruitful. Governments increasingly recognise the impact that equity can play in supporting people with innovative ideas, as long as it is on a level playing field with debt. The unique data, insights and analysis in this report bring to light the conditions required for imaginative ideas and capital to come together.

But perhaps the greatest requirement is for the collaboration to come between the ideas capitals themselves. Here, too, we are seeing a flowering of mutually-beneficial interests coming together from different institutions and regions. But while technology can make it easier to communicate over distance, the cultural or moral challenge remains. Beyond capital and technology, the leaders of the next generation will also have to tackle this challenge.

In addition to his role with Global University Venturing, Shelley Harrison is senior adviser and head of corporate portfolio ventures at Coller Capital, a global investor in private equity secondaries with more than $13.5bn under management. He serves as NYU applied scientist, entrepreneur and inaugural executive-in-residence for the NYU Cenre for Urban Sciences & Progress (CUSP)