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This paper discusses the use of a university spin-out firm to bring a potentially disruptive technology to market. The focus for discussion is how a spin-out can build a technology ecosystem of providers of complementary resources to enable partner organizations to build competence in a novel and potentially disruptive technology. The paper uses the illustrative case of Cambridge Display Technology Ltd (CDT) to consider these issues from the perspective of the literature on open innovation (with particular emphasis on the role of partnerships between start-ups and established firms), the commercialization of university IP, and the commercialization of disruptive technologies.

This research aims to develop a conceptual framework in order to inquire into the dynamic growth process of university spin-outs (hereafter referred to as USOs) in China, attempting to understand the configuration of capabilities that are necessary for dynamic growth. Based on the extant literature and empirical cases, the study attempts to address the following question: How do USOs in China build and configure the innovation capabilities to cope with the dynamic growth? This paper aims to contribute to the existing literature by providing a theoretical discussion on the USOs' dynamic entrepreneurial process, by investigating the interconnections between innovation problem-solving and the required configuration of innovation capabilities in four growth phases. Further, it takes particular interest in the integrative capabilities and their impact on the USOs' entrepreneurial innovation process, in terms of knowledge integration, alliance, venture finance and venture governance. To date, studies have investigated the dynamic development process of USOs in China and have recognized the heterogeneity of USOs. Yet studies of capabilities that are required for rapid growth remain sparse. Addressing this research gap will be of great interest to entrepreneurs, policy-makers and venture investors.