It is a common lament that academics lack entrepreneurial flair. However, this perception appears to be far from reality. Drawing on a large-scale survey of thousands of UK academics sponsored by the Advanced Institute of Management Research we found that, on average, academics are five times more likely to be entrepreneurs than a member of the general public. Academic entrepreneurs are found in almost all disciplines, even the much maligned social sciences.
The best research often produces the greatest opportunities for entrepren-eurship. The most active academic entrepreneurs tend to be among the most productive researchers.
The primary motivation for academics to become involved in creating a venture is not financial but rather to help ensure that their research is developed and used. Academic entrepreneurs see entrepreneurship as an exciting and challenging activity, stretching their research into unanticipated ways. Very few academics say they are motivated by money or peer pressure to start their companies. The so-called Porsche effect – where an academic launches a venture because his colleague purchased a posh new car from proceeds of the business – is an urban myth.