THE COUNTRY NEEDS MORE SPIN-OFFS

Initiatives like Spin-off Austria are making meters forward here; nevertheless, it is worth taking a closer look at the domestic universities. There is no shortage of clever ideas and groundbreaking research. Many great examples prove how fruitful cooperation between industry and research can be. In the case of Legitary, too, a problem that existed on the market was solved scientifically: The idea was born at a tech conference in Las Vegas, and research was conducted at the Vienna University of Technology. Today, labels and auditing companies worldwide use our patented technology, which, driven by AI, has already analyzed more than 100 billion streams to verify royalties from streaming services.

Research institutions are a key driver of innovation and need to be strengthened from within and without so that innovation reaches society and is not just done in the ivory tower. This is not just about competitive advantages, but in particular about the foundation of sustainable benefits for society. These demands can also be reconciled with the existing pillars of research and teaching - a special focus must therefore be placed on those institutions within the universities that are precisely those that build bridges between research and business.

Nermina Mumic
...received her doctorate in mathematics and statistics from the Vienna University of Technology. Together with Günter Loibl and TU professor Peter Filzmoser, she developed Legitary, a start-up that aims to bring about more transparency and fairness in the streaming market.

Depending on the university, they are structured differently and include focuses ranging from IP transfer to incubation programs, such as the Innovation Incubation Center ("i²c") at TU Vienna. In contrast to conventional programs, these incubators accompany start-ups over a period of more than a year, as the process from proof of principle to MVP is a very long one in scientific projects.

In order for these projects to be successful in the end, more resources are needed in terms of support and set-up, both for the programs and for the spin-offs. At the same time, the right framework conditions for spin-offs are needed, in which the involvement of universities is not seen as a potential obstacle, but as an asset. In addition to the well-developed funding landscape with institutions such as AWS or FFG, investments are needed that start even earlier. An investment does not always have to be capital, but mentoring and the provision of know-how alone can accelerate development enormously. The more active this early process is, the faster we will see spin-offs that are ready to succeed in the market - and the faster they will secure a place in the future.

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Guest Commentary: Nermina Mumic

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