From science to market: Challenges and development opportunities of academic spin-offs companies in Serbia

Abstract

The commercialization of scientific research through the formation of spin-off companies is a crucial pathway for transferring academic knowledge into the economy. In Serbia, however, the development of spin-offs remains limited due to a range of institutional, legal, and organizational barriers. This paper explores the challenges and development opportunities related to the creation and support of academic spin-off companies within Serbian universities and research institutes. The study identifies critical obstacles such as unclear intellectual property frameworks, insufficient incentives for researchers, limited early-stage funding dedicated to the development of academic business ideas, and a lack of entrepreneurial education. The paper also highlights positive developments and growth opportunities, including the emergence of science and technology parks, academic innovation incubators, and increasing awareness of university-business collaboration. Recommendations are offered to enhance both the policy and institutional environment. This research aims to contribute to academic discourse and to inform decision-makers engaged in innovation and higher education policy. Furthermore, it seeks to support academic staff in understanding and navigating the process of developing successful spinoff companies.