FROM KNOWLEDGE TO ENTREPRENEURSHIP: THE CONCEPT OF THE UTILITY FACTORS MODEL IN ECONOMICS AND FINANCE

Purpose: This study aims to develop the Utility Factors Model (UFM) to assess the utility of academic research and improve knowledge transfer by identifying factors that motivate entrepreneurs to engage with university knowledge and analyzing their attitudes toward economic and financial knowledge transfer.Additionally, it explores how research spillovers foster entrepreneurship and economic development, drawing on the Knowledge Spillover Theory of Entrepreneurship (KSTE).Design/methodology/approach: A qualitative research approach was employed, incorporating multiple case studies and semi-structured interviews with 44 Polish companies.The study followed a narrative literature review to contextualize knowledge transfer theories.The qualitative data from interviews were analyzed to identify barriers in research utilization, which directly informed the development of UFM.Findings: The findings reveal several key aspects.Identified barriers include a misalignment between academic research outputs and business needs, limited practical application of theoretical models, and ineffective knowledge transfer mechanisms.The practical application of UFM demonstrates that the model provides structured indicators for assessing the utility of economics and finance research, enabling entrepreneurs to evaluate feasibility, financial institutions to assess economic impact, and policymakers to design informed regulations.Additionally, knowledge transfer mechanisms are enhanced through the integration of theories such as Triple Helix, absorptive capacity, and KSTE, ensuring that research remains accessible and fosters entrepreneurship by structuring knowledge spillovers.Research limitations/implications: Future research on the empirical validation of UFM in various economics and finance contexts is necessary to refine its adaptability across different industries and policy environments. Practical implications:The practical contribution provides entrepreneurs, policymakers, university authorities, and financial professionals with a clear framework to integrate academic insights into business strategy, the innovation process, and regulatory decisions.UFM extends knowledge transfer theories by adapting them to the field of economics and finance, showing how research spillovers drive entrepreneurship and innovation.Originality/value: Unlike traditional knowledge transfer models, UFM incorporates KSTE, emphasizing structured spillovers as a source of entrepreneurial opportunities.It bridges the gap between theory and practice, offering a structured, transparent approach to making F. Siemiatowski, A. Szulczewska-Remi academic research actionable.The study contributes a novel methodology for assessing research impact beyond academic citations and journal rankings, emphasizing real-world usability.