Universities play a well-established role in regional economic growth, one contribution to which is academic entrepreneurship, the establishment and support of faculty and graduate student spinoff companies based on university research. A vibrant literature examines the general contributions of universities within regional innovation ecosystems while another strain of literature examines individual intermediaries, such as technology licensing offices and incubators, in support of the university's economic development mission. Little research exists, however, that conceptualizes the structure and function of an entrepreneurial university ecosystem. This paper seeks to address this gap in the literature by examining the composition, contributions, and evolution of social networks among faculty and graduate student entrepreneurs and the role of knowledge intermediaries therein. While our investigation supports an emerging literature that finds academic entrepreneurs are typically limited by their own homophilous social networks, we also find that spinoff success relies upon academic and non-academic contacts who connect faculty and students to other social networks important to spinoff success. We investigate how by creating a taxonomy of social network evolution among spinoffs; the results show that the contributions of universities depend on the existence and interrelationship of loosely coordinated, heterogeneous knowledge intermediaries guided by a strong collective ethos to encourage and support academic entrepreneurship.

Abstract. We present the results of a study based on an XMM-Newton Performance Verification observation of the central 30 of the nearby spiral galaxy M 31. In the 34-ks European Photon Imaging Camera (EPIC) exposure, we detect 116 sources down to a limiting luminosity of 6 10 35 erg s −1 (0.3-12 keV, d = 760 kpc). The luminosity distribution of the sources detected with XMM-Newton flattens at luminosities below ∼2.5 10 37 erg s −1 . We make use of hardness ratios for the detected sources in order to distinguish between classes of objects such as super-soft sources and intrinsically hard or highly absorbed sources. We demonstrate that the spectrum of the unresolved emission in the bulge of M 31 contains a soft excess which can be fitted with a ∼0.35-keV optically-thin thermal-plasma component clearly distinct from the composite point-source spectrum. We suggest that this may represent diffuse gas in the centre of M 31, and we illustrate its extent in a wavelet-deconvolved image.

Academic entrepreneurship, the establishment of new companies based on technologies derived from university research, is a well-recognized driver of regional and national economic development. For more than a decade, scholars have conceptualized individual university faculty as the primary agents of academic entrepreneurship. Recent research suggests that graduate students also play a critical role in the establishment and early development of university spinoff companies, but the nature of their involvement through the entrepreneurial process is not yet fully understood. Employing a case study approach, this paper investigates the role of graduate students in early-stage university spinoff companies from the Massachusetts Institute of Technology. We find that graduate students play role similar to that of individual faculty entrepreneurs in university spinoffs, both in terms of making the initial establishment decision and in reconfiguring the organization for marketable technology development. We also find that student entrepreneurs face unique challenges involving conflicts with faculty advisors and other students.

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