Leaving aside the question of whether spinouts are the optimum way in which to commercialise research (compared with licencing, for example), it appears that more analysis need to be undertaken to determine why spinouts are not as successful as they could be, particularly in realising profit for their investors through successful exits. Furthermore, there could be closer consideration by universities of the following questions:

Should there be a more rigorous approach to establishing exit planning strategies when spinouts prepare their business plans at start-up? Should there be more extensive training of academics intending to commercialise their research in business management and practice, the raising of finance, investor relations, IP protection, marketing and exit planning?

How can the quality of management and staff in university technology transfer offices be improved? Also, perhaps those UK universities with a less than successful history with spinouts and those coming into the spinout business for the first time could follow more closely the approach of Oxford and Cambridge Universities, as well as the template established by the successful American academic institutions.