Value creation from the innovation environment: Partnership strategies in university spin-outs

University spin-out (USO) companies play an increasingly important role in generating value from radical, generic technologies, but this translation requires significant resources from other players to reach the market. Seven case studies illuminate how relationships with each type of partner can be leveraged to help the firm create value. We find that most firms in the sample are aware of the importance of corporate partners and actively seek to cultivate these relationships, but may not be taking full advantage of the resources available through nonparent academic institutions and other USOs with similar or complementary technologies. © 2013 The Authors. R&D Management © 2013 Blackwell Publishing Ltd.

Serotonin selectively modulates reward value in human decision-making.

Establishing a function for the neuromodulator serotonin in human decision-making has proved remarkably difficult because if its complex role in reward and punishment processing. In a novel choice task where actions led concurrently and independently to the stochastic delivery of both money and pain, we studied the impact of decreased brain serotonin induced by acute dietary tryptophan depletion. Depletion selectively impaired both behavioral and neural representations of reward outcome value, and hence the effective exchange rate by which rewards and punishments were compared. This effect was computationally and anatomically distinct from a separate effect on increasing outcome-independent choice perseveration. Our results provide evidence for a surprising role for serotonin in reward processing, while illustrating its complex and multifarious effects.