From Academia to Entrepreneurship: Key Lessons in Business Strategy from the Northern Triangle Mentor Sprint
- Carl Stanton
- Feb 10
- 4 min read
A few weeks ago, I had the opportunity to attend the Northern Triangle Mentor Sprint Session, a day filled with engaging discussions and promising Northern university spin-outs. The room was packed with exceptionally bright minds, all deeply embedded in academia. What struck me immediately was that every single one of them referred to themselves as "academics" rather than "entrepreneurs." This framing revealed a deep-rooted mindset—one that views commercialisation as a separate, almost secondary function rather than an intrinsic part of bringing research into the real world.
The Commercialisation Challenge
Many university spin-outs emerge through the work of commercialisation teams within academic institutions. However, the early-stage thinking around these ventures is often limited to research and technological development, rather than being positioned as business opportunities from the outset. As a result, the transition from academic discovery to sustainable business remains a major hurdle. A strong business strategy is essential to bridge this gap, ensuring that academic innovations are aligned with market demands.
The Big Question: Who Pays for It?
A number of fascinating medical spin-outs caught my attention. These innovations had the potential to transform healthcare, but a critical question lingered: Who will pay for these solutions? The harsh reality of commercialisation is that saving lives, while ethically compelling, must also align with a financial model that ensures long-term viability. If a product doesn't either generate revenue for a major player or lead to cost savings for a healthcare provider, then its market adoption faces significant challenges.
A crucial insight for these ventures is that financial feasibility must be considered alongside technological development. Whether it’s reducing readmissions, improving surgical precision, or streamlining hospital workflows, the value proposition needs to be clearly articulated in terms of financial impact. Implementing a sound business strategy early on can help define a sustainable revenue model.
The Missing Emotional Connection In The Business Strategy
One of the most striking gaps across the spin-outs was the lack of emotional connection in their business narratives. Each founder had a clear unique selling point (USP), but few had considered how their solutions resonated on a human level. Buyers—whether NHS decision-makers, venture capitalists, or corporate partners—don’t just purchase technology. They buy into the impact it will have on their work and lives.
For example, a surgeon adopting a new tool isn’t just interested in its technical superiority; underneath they care about how it reduces their stress, increases their confidence in complex procedures, and ultimately improves patient outcomes. Likewise, an NHS buyer must see how an innovation helps them hit their cost-saving targets and consequently makes them more successful. Every product or service solves a problem, but it must also address the emotional needs of its buyers.
The Value Mindset Shift
A recurring theme in conversations was pricing and value. Many attendees defaulted to a cost-plus pricing model—taking the production cost and adding a margin—rather than assessing the true value they deliver. This is a common mindset within public sector institutions, where services are traditionally delivered at minimal cost. However, successful commercial ventures price according to the value they create, not just their cost of production.
A parallel can be drawn from a conversation I had with a highly skilled child psychologist who transitioned from public sector work into private practice. Despite overwhelming demand, she struggled with pricing her services. The simple truth? She wasn’t charging enough. If you're too busy and overworked, your prices are too low. The same principle applies to university spin-outs: they must move beyond public sector pricing mindset and focus on monetising their true value. This is a fundamental aspect of an effective business strategy that ensures long-term success.
Rethinking Startup Structures
Another intriguing insight was the structural mindset of these spin-outs. Many assumed or had been advised they needed a full corporate hierarchy—CEO, CTO, CMO, CFO—from the outset. Most of the founders positioned themselves as CTOs rather than CEOs, reinforcing the idea that they saw themselves primarily as academics rather than business leaders.
While some investors might require a structured C-suite for funding, great success can be had with an alternative approach: the entrepreneur-operator model. In this structure, a CEO sets the vision and strategy, while a managing director (or integrator) ensures execution. This allows the visionary founder to drive the business forward without being bogged down in day-to-day operations. For early-stage ventures, this leaner, more dynamic approach can be far more effective than rigid corporate structures. A well-defined business strategy can help determine the most efficient leadership structure for scaling a startup.
Key Takeaways
Shift the Mindset: Stop calling yourself an academic. Start calling yourself an entrepreneur. It changes how you approach commercialisation.
Define the Business Model Early: Understand who will actually pay for your innovation and why.
Create an Emotional Connection: Buyers are human—appeal to their motivations, fears, and aspirations.
Price Based on Value, Not Cost: Avoid the cost-plus mindset and focus on the real impact your solution provides.
Rethink Your Startup Structure: The traditional C-suite isn’t always necessary early on. Consider a model that prioritises execution and vision.
Develop a Strong Business Strategy: A clear plan for commercialisation, pricing, and leadership structure is critical to success.
The potential within university spin-outs is enormous, but to succeed beyond the research lab, these founders must embrace the realities of entrepreneurship. The shift from academia to business isn’t just about commercialisation—it’s about fundamentally changing the way they think about their own role in the journey.
