TECHNOLOGY TRANSFER AS A HIDDEN MECHANISM OF VENTURE INVESTMENT IN INNOVATIVE STARTUPS
Abstract
This article examines technology transfer as a concealed yet fundamental aspect of venture investment at the early stages of innovative startup development. Rather than serving solely research commercialization, technology transfer acts as a strategic mechanism of non-monetary institutional investment, particularly during the pre-seed phase when startups lack liquidity and assets to attract conventional capital. Intangible contributions, including intellectual property rights, access to research infrastructure, expert mentorship, and integration into networks, substitute for early financial investment by reducing uncertainty and enhancing investment readiness. The methodology applies conceptual modeling, structural-functional analysis, and institutional theory. A staged framework illustrates the evolution of non-financial resources into venture-attractive value, progressing from technology disclosure and legal protection toward commercialization or venture capital attraction, with institutional participation interpreted as latent investment capacity critical for startup viability but often omitted from financial reporting. Findings reveal that technology transfer activities embody venture capital logic, characterized by long-term orientation, risk asymmetry, deferred returns, and strategic alignment between donor institutions and entrepreneurial teams. This conceptualization redefines technology transfer as an integral element of innovation financing infrastructure, positioning universities, research institutes, and technology transfer offices as proactive agents of entrepreneurial capital formation. From a practical perspective, the study emphasizes the importance of formally recognizing technology transfer within national innovation policy and early-stage financing frameworks. Institutional contributions should be systematically evaluated and integrated into startup support programs to improve startup potential assessment, strengthen innovation ecosystems, and support the development of hybrid models.
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