Venture Skipper by Karoly Szanto

IP Ownership, Spinout Structure, and the Case of University of Pannonia

University of Pannonia Chancellor Zsolt Csillag and researcher Dr Gabor Jarvas join Karoly Szanto to discuss the IP licensing model the university developed to make its spinouts investable for institutional capital. The model separates property rights from operational ownership. The university retains the intellectual property and receives a royalty on net revenue. The researchers own and manage the spinout company, which holds an exclusive licence to develop and commercialise the IP. Csillag explains the institutional reasoning: why universities that attempt to act as equity investors encounter legal and financial constraints they are not equipped to manage, how the University of Pannonia Technology Transfer Company is structured as a cost centre rather than a revenue-generating entity, and what the KPI framework looks like when spinout capital attraction becomes a national policy indicator. Jarvas describes the process from the researcher's side: the prostate cancer diagnostic method that became the first spinout, 56 contract versions, the importance of consulting the venture capital perspective early, and what a structure that keeps every stakeholder motivated through multiple funding rounds actually requires. Karoly Szanto contextualises the University of Pannonia model within the European UVC landscape, where around 25% of research reaching the spinout phase attracts venture capital, and where the Netherlands and Denmark have recently moved to address ownership structure at the policy level. For UVC GPs, LPs evaluating spinout investability across the European UVC segment, university leadership teams, and anyone working on IP strategy or technology transfer policy, this conversation surfaces the structural decisions that determine whether external capital can enter a university spinout. 00:00 Introduction and topic 02:47 University KPIs and funding 07:47 IP and spinout metrics 11:08 Researcher entrepreneurial motivation 14:12 Why not university ownership 24:13 iPsy research and lessons learned 28:14 Royalty-based IP model 33:16 Investor perspective and trends 48:41 TTC and the university toolkit 01:02:59 International connections and capital network 01:10:04 Closing messages and goodbye Links: Karoly Szanto LinkedIn:  https://www.linkedin.com/in/karolyszanto1/ [https://www.linkedin.com/in/karolyszanto1/] Karoly Szanto Personal Website: https://www.karolyszanto.com/ [https://www.karolyszanto.com/] University Venture Capital Coalition: https://univccoalition.org/ [https://univccoalition.org/] Guests: Chancellor Zsolt Csillag: https://www.linkedin.com/in/csillag-zsolt-a1649142/ [https://www.linkedin.com/in/csillag-zsolt-a1649142/] Dr. Gábor Járvás: https://www.linkedin.com/in/gabor-jarvas/ [https://www.linkedin.com/in/gabor-jarvas/]

EP12 - Towards a Legible Asset Class: The Evolution of UVC

University venture capital, or UVC, is gaining visibility across global innovation ecosystems. More universities are launching funds, and more capital is entering the space. Yet performance remains uneven and difficult to evaluate from an institutional perspective. In this episode, Karoly Szanto explores why the core challenge is not a lack of activity, but a lack of coherence. He breaks down the structural factors that determine whether university spinouts attract venture capital, including IP alignment, equity structures, and market visibility. The conversation also addresses why UVC is still not fully legible as an asset class, and how fragmented data, inconsistent benchmarks, and limited comparability affect capital allocation decisions. Rather than proposing new solutions, this discussion focuses on what is already emerging. A more connected, structured layer that links existing knowledge, data, and actors into a system that can be understood and evaluated. From fragmented insights to accumulated knowledge. That is how UVC evolves into a category that institutional capital can engage with at scale. Timecode: 00:00 Why Universities Underperform 01:16 Fixing Spinout Funding Gaps 02:16 Value of University VC Funds 02:32 Why Launching Is Complex 04:00 Learning From a Community 05:23 Deep Tech Investing Talent 06:45 Missing Entrepreneur Operators 07:38 Venture Builders for Spinouts Links: Karoly Szanto LinkedIn:  https://www.linkedin.com/in/karolyszanto1/ [https://www.linkedin.com/in/karolyszanto1/] Karoly Szanto Personal Website: https://www.karolyszanto.com/ [https://www.karolyszanto.com/] UniPrisma: https://uniprisma.com/ [https://uniprisma.com/] Guests: Thijmen Meijer: https://www.thijmenmeijer.com/ [https://www.thijmenmeijer.com/]

EP 11- The Questions That Still Don’t Have Clear Answers In University Venture Capital

University Venture Capital is no longer experimental. Funds are being launched. Spinouts are increasing. Ecosystems are forming. But if you look closer, something is missing. Not activity. Structure. In this episode, we explore the questions that still don’t have clear answers in UVC: How should these funds actually be structured? What does performance mean in this context? How do IP, ownership, and governance work across institutions? And why is it still so difficult to compare opportunities from an LP perspective? The challenge is not a lack of effort. It is fragmentation. Knowledge exists. But it does not accumulate. This creates an uneven landscape in which strong institutions move forward while others rebuild from scratch. The real opportunity is not to standardize the system. It is to make it learn faster. Because in the end, the speed of evolution depends on the speed of learning. Timecode 00:00 Uni VCC Begins 00:28 The Lonely Founder Problem 01:52 Key Challenges to Solve 03:07 What Uni VCs Optimize For 04:39 Deep Ecosystems Breakthrough 07:17 Building the Coalition Platform 12:04 Infrastructure and Co-Investing 14:57 Policy Makers and EU Workshop 17:39 Who the Platform Serves Links: Karoly Szanto LinkedIn:  https://www.linkedin.com/in/karolyszanto1/ [https://www.linkedin.com/in/karolyszanto1/] Karoly Szanto Personal Website: https://www.karolyszanto.com/ [https://www.karolyszanto.com/] UniPrisma: https://uniprisma.com/ [https://uniprisma.com/] Guests: Thijmen Meijer: https://www.thijmenmeijer.com/ [https://www.thijmenmeijer.com/]

EP10 - Why University Venture Capital Hasn’t Scaled -Yet

In this conversation with Thijmen Meijer, we unpack a key challenge in university venture capital. Why is it still difficult to attract LP capital, despite strong research and innovation coming from universities? We go into: Why are fragmented fundraising limits a scale What LPs actually look for when allocating capital How coordinated efforts between universities could change the game Why structure and trust matter more than hype This is not about building one big fund. It’s about building a system that works for investors, universities, and founders. If you are part of the venture ecosystem, this conversation is worth reflecting on. Timecode: 00:00 M2.3 The missed opportunity in fundraising for venture capital funds 00:00 M2.3 Addressing Fundraising Challenges 02:17 (Q to Karoly) Event Planning and Execution Links: Karoly Szanto LinkedIn:  https://www.linkedin.com/in/karolyszanto1/ [https://www.linkedin.com/in/karolyszanto1/] Karoly Szanto Personal Website: https://www.karolyszanto.com/ [https://www.karolyszanto.com/] UniPrisma: https://uniprisma.com/ [https://uniprisma.com/] Guests: Thijmen Meijer: https://www.thijmenmeijer.com/ [https://www.thijmenmeijer.com/]

EP09 - Building a Collaborative Infrastructure for University Venture Capital

In this episode of Venture Skipper, Karoly Szanto and Thijmen Meijer discuss the structural challenges around university venture capital and why the ecosystem remains fragmented. This conversation explores a new initiative to build a coalition around university venture capital. The goal is to gather structured data, connect practitioners, and create a platform where universities and investors can share knowledge, benchmark performance, and collaborate on venture creation. This episode is an open invitation to universities, venture capital funds, tech transfer offices, and investors who believe that collaboration can unlock the full potential of academic innovation. If you want to understand how venture ecosystems are built, this conversation is a good place to start. Timecode: 00:00 (Karoly) Introduction to University Venture Capital (Karoly) 00:22 Building a Unified Community 01:34 Research and Data Gathering 03:23 (Q to Karoly)Creating a Collaborative Platform 06:13 (Q to Thijmen)Operational Plans and Membership 07:17 Karoly rephrases Links: Karoly Szanto LinkedIn:  https://www.linkedin.com/in/karolyszanto1/ [https://www.linkedin.com/in/karolyszanto1/] Karoly Szanto Personal Website: https://www.karolyszanto.com/ [https://www.karolyszanto.com/] UniPrisma: https://uniprisma.com/ [https://uniprisma.com/] Guests: Thijmen Meijer: https://www.thijmenmeijer.com/ [https://www.thijmenmeijer.com/]