{"id":89094,"date":"2026-08-06T10:00:36","date_gmt":"2026-08-06T01:00:36","guid":{"rendered":"https:\/\/www.waseda.jp\/top\/en\/?p=89094"},"modified":"2026-08-04T16:23:04","modified_gmt":"2026-08-04T07:23:04","slug":"podcast-column-why-great-science-doesnt-always-make-great-startups","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/top\/en\/news\/89094","title":{"rendered":"[Podcast Column] Why Great Science Doesn\u2019t Always Make Great Startups"},"content":{"rendered":"<p><span data-contrast=\"auto\">This podcast column features an episode of Season 2 of\u00a0Waseda\u00a0University\u2019s English-language podcast \u201cRigorous Research, Real Impact.\u201d In this episode, Professor Alex Coad (<\/span><a href=\"https:\/\/www.waseda.jp\/fcom\/en\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Faculty of Commerce<\/span><\/a><span data-contrast=\"auto\">) appears as a guest to discuss entrepreneurship, innovation, and the differing dynamics of startups\u00a0emerging\u00a0from universities and corporations.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;134245417&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Framed by his research in entrepreneurship and innovation studies, Professor Coad questions the widely held assumption that<\/span><span data-contrast=\"auto\">,\u00a0<\/span><span data-contrast=\"auto\">despite producing leading scientific breakthroughs<\/span><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0universities<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">are also the primary source of the most successful startups. In the excerpt below, he explains why empirical evidence\u00a0challenges this view, highlighting differences in performance between university spinouts and private-sector startups, as well as the unexpected advantages often given to academic entrepreneurs.<\/span>\u00a0<\/p>\n<p><iframe title=\"Spotify Embed: University vs. Corporate Startups: A Tale of Two Entrepreneurial Paths (Prof. Alex Coad)\" style=\"border-radius: 12px\" width=\"100%\" height=\"152\" frameborder=\"0\" allowfullscreen allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\" src=\"https:\/\/open.spotify.com\/embed\/episode\/1GkgVfeVysb0G8a4MzN2jo?si=uwGDfdl9SqqFuGNJ1RmL-Q&amp;utm_source=oembed\"><\/iframe><\/p>\n<p><span data-contrast=\"auto\">All eight episodes of Season 2\u00a0of\u00a0Waseda\u00a0University\u2019s English podcast \u201cRigorous Research, Real Impact\u201d\u00a0are\u00a0currently streaming for free on\u202f<\/span><a href=\"https:\/\/open.spotify.com\/show\/61VF3lETynCBuXt1AxXjXK?si=3eba847f8061431e\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Spotify,<\/span><\/a><span data-contrast=\"auto\">\u202f<\/span><a href=\"https:\/\/music.amazon.com\/podcasts\/e0aa1340-7af7-4227-9361-88eecc575214\/waseda-university-podcasts-rigorous-research-real-impact\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Amazon Music<\/span><\/a><span data-contrast=\"auto\">,\u202f<\/span><a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/waseda-university-podcasts-rigorous-research-real-impact\/id1777915569\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Apple Podcasts<\/span><\/a><span data-contrast=\"auto\">, and\u202f<\/span><a href=\"https:\/\/www.youtube.com\/playlist?list=PLeA0hDJkLYZDjs3b58eEZ1WnkvNJf9e9R\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">YouTube<\/span><\/a><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p>\n<div id=\"attachment_89097\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.waseda.jp\/top\/en\/news\/86797\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-89097 size-full\" src=\"https:\/\/www.waseda.jp\/top\/en\/assets\/uploads\/2026\/08\/2026.6.29-Eng-Pod-episode-7-cropped-banner.png\" alt=\"\" width=\"1638\" height=\"946\" srcset=\"https:\/\/www.waseda.jp\/top\/en\/assets\/uploads\/2026\/08\/2026.6.29-Eng-Pod-episode-7-cropped-banner.png 1638w, https:\/\/www.waseda.jp\/top\/en\/assets\/uploads\/2026\/08\/2026.6.29-Eng-Pod-episode-7-cropped-banner-610x352.png 610w, https:\/\/www.waseda.jp\/top\/en\/assets\/uploads\/2026\/08\/2026.6.29-Eng-Pod-episode-7-cropped-banner-768x444.png 768w, https:\/\/www.waseda.jp\/top\/en\/assets\/uploads\/2026\/08\/2026.6.29-Eng-Pod-episode-7-cropped-banner-1536x887.png 1536w\" sizes=\"auto, (max-width: 1638px) 100vw, 1638px\" \/><\/a><p class=\"wp-caption-text\">You can read the full transcript by clicking the above episode banner. <span style=\"font-size: 16px;\">\u00a0<\/span><\/p><\/div>\n<h2><b><span data-contrast=\"auto\">Question:\u00a0Since universities are often seen as sources of major scientific breakthroughs, there is a common assumption that they also produce the most successful startups. Your work challenges this. What made you question this assumption and explore the gap between scientific and entrepreneurial success?<\/span><\/b><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Prof. Coad (5:02):<\/span>\u00a0<br \/>\n<span data-contrast=\"auto\">First\u00a0of all,\u00a0there\u2019s\u00a0the assumption often held by policymakers and economists that because universities often have the world\u2019s best scientific research, that this research\u00a0should automatically translate into innovative entrepreneurship. So, it makes sense to assume that, but it\u00a0doesn\u2019t\u00a0really work out that way in the real world.\u00a0<\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">So, when we look at the data on where\u00a0are these most innovative startups<\/span><span data-contrast=\"auto\">,\u00a0<\/span><span data-contrast=\"auto\">where are\u00a0the innovative entrepreneurs actually coming from, we don\u2019t see that university spinouts perform better; they actually seem to perform a bit worse than spinoffs and startups coming from the private sector.\u00a0<\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">So, the first thing that got me interested in this topic was the kind of disconnect between the policymakers\u2019 and economists\u2019 assumption and what the evidence is saying from the many high-quality studies that have been published looking at large sample evidence in large sample representative data sets.\u00a0<\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">And also, considering\u00a0all of\u00a0the support that university-based entrepreneurs get. So, university-based entrepreneurs, they benefit from all kinds of support: financial support from their department, they can take the intellectual property with them in many cases, and if it doesn\u2019t work out, they can come back to their previous job at the university.\u00a0<\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">That is unheard\u00a0of in\u00a0the private sector. You\u00a0can\u2019t\u00a0leave a company, take their secrets with you, try to set up your own business, and then if that fails, come back to your\u00a0previous\u00a0job in the private sector.\u00a0So\u00a0university entrepreneurs have\u00a0all of\u00a0this support, why don\u2019t they do better?\u00a0That\u2019s\u00a0something that led me to investigate this issue.<\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1}\">\u00a0<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"Waseda Podcasts: &quot;Rigorous Research, Real Impact&quot;-- Season 2, Ep. 7 Teaser\" width=\"422\" height=\"750\" src=\"https:\/\/www.youtube.com\/embed\/AFSRVhwa2s4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h2><b><span data-contrast=\"auto\">About the Guest:<\/span><\/b><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-89100\" src=\"https:\/\/www.waseda.jp\/top\/en\/assets\/uploads\/2026\/08\/0Z8_8266-scaled.jpg\" alt=\"\" width=\"520\" height=\"347\" srcset=\"https:\/\/www.waseda.jp\/top\/en\/assets\/uploads\/2026\/08\/0Z8_8266-scaled.jpg 2560w, https:\/\/www.waseda.jp\/top\/en\/assets\/uploads\/2026\/08\/0Z8_8266-610x407.jpg 610w, https:\/\/www.waseda.jp\/top\/en\/assets\/uploads\/2026\/08\/0Z8_8266-2000x1333.jpg 2000w, https:\/\/www.waseda.jp\/top\/en\/assets\/uploads\/2026\/08\/0Z8_8266-768x512.jpg 768w, https:\/\/www.waseda.jp\/top\/en\/assets\/uploads\/2026\/08\/0Z8_8266-1536x1024.jpg 1536w, https:\/\/www.waseda.jp\/top\/en\/assets\/uploads\/2026\/08\/0Z8_8266-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 520px) 100vw, 520px\" \/><br \/>\n<a href=\"https:\/\/w-rdb.waseda.jp\/html\/100002156_en.html\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Professor Alex\u00a0Coad<\/span><\/a><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Professor Alex Coad is a\u00a0highly-cited\u00a0scholar in the areas of firm growth,\u00a0entrepreneurship\u00a0and innovation, and has published over 80 articles in leading international peer-reviewed journals. Prof. Coad is an editor at the journals \u2018Research Policy\u2019 (Financial Times Top 50 list of journals for Business Schools) and \u2018Small Business Economics.\u2019 Previously he obtained a joint PhD from Universit\u00e9 Paris 1 Panth\u00e9on-Sorbonne and the Sant\u2019Anna School, Pisa, Italy. In December 2016, Prof. Coad received the 2016 Nelson Prize at\u00a0University\u00a0of California Berkeley.<\/span><span data-ccp-props=\"{&quot;134245417&quot;:false,&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This podcast column features an episode of Season 2 of\u00a0Waseda\u00a0University\u2019s English-language podcast \u201cRigorous  [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":89102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[81,117],"tags":[355,379,178],"class_list":["post-89094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-topic","tag-highlight-en","tag-podcast-en","tag-research-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/top\/en\/wp-json\/wp\/v2\/posts\/89094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/top\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/top\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/top\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/top\/en\/wp-json\/wp\/v2\/comments?post=89094"}],"version-history":[{"count":2,"href":"https:\/\/www.waseda.jp\/top\/en\/wp-json\/wp\/v2\/posts\/89094\/revisions"}],"predecessor-version":[{"id":89104,"href":"https:\/\/www.waseda.jp\/top\/en\/wp-json\/wp\/v2\/posts\/89094\/revisions\/89104"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/top\/en\/wp-json\/wp\/v2\/media\/89102"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/top\/en\/wp-json\/wp\/v2\/media?parent=89094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/top\/en\/wp-json\/wp\/v2\/categories?post=89094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/top\/en\/wp-json\/wp\/v2\/tags?post=89094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}