Georgia Tech has historically not adequately recognized the importance of innovation and entrepreneurship to our undergraduates. The InVenture Prize television show and competition was initiated to help remedy this. The competition represents a dramatically new approach to creating and establishing a sustainable culture of innovation and entrepreneurship among our undergraduate students; it is a significant departure from anything traditionally done at universities. Our goal is transformational change across the entire undergraduate population and, judging from student response to our efforts, we are on the road to achieving this. By design, the InVenture Prize brings an emotional dimension into play. This unlocks a surprisingly-large number of opportunities for many more than just the hundreds of active participants to engage, learn, and develop entrepreneurial skills and understanding. Anecdotally, we hear the experience described as “exciting as college sports.” Alumni, friends, families, teachers, students (including K-12), supporters, legislators and the public connect with the program. National Public Radio calls it “American Idol for Nerds.”
An extracurricular undergraduate inventiontelevision show and competition at Georgia Tech Craig R. Forest, Merrick L. Furst, Ray Vito, John Leonard NCIIA 16th Annual Conference March 22-24, 2012 San Francisco, CA
Demographics 476 students in the competition relative to 13007 undergraduates in spring 2012ENGR and ARCH students are overrepresented.MGT students are underrepresented. ENGR = 60% of students, but 74% of competitors ARCH = 3.5% of students, but 7.4% of competitors MGT = 10% of students, but 1% of competitorsIn ENGR: ME, EE/CMPE, and BMED students are overrepresented ME= 12.4% of students, but 19.7% of competitors EE/CMPE=9.1% of students, but 13.3% of competitors BMED=8.2% of students, but 17.5% of competitors
Gender and under-represented minoritiesWomen are underrepresented ENGR = 32% of students, but 18% of competitorsMinority students are overrepresented Separately, both blacks and Hispanicsare overrepresented. MINORITIES (B,H,I,P) = 13.6% of students, 17.2% of competitors BLACK = 6.1% of students, but 8.8% of competitors HISPANIC = 6.1% of students, but 8.5% of competitors
50,000 households in GA watched TV show – More than CNN, Discovery Channel, etc1,200 people in attendance – 200 K-12 students (80,000 teachers emailed) – Families, faculty, Georgia Tech students – Open to the public
InVenture Prize Commercialize SchoolSeptember January March
SCHOOL 9 weeks―How To‖ Seminars Be creative How to Think like an inventor Protect your ideas Assess Risk, Market Size, Marketability Obtain Resources Make a PitchCoaching Sessions
3000 ft2 with $500k of free-to-use, cutting edgeprototyping equipmentStudent owned andoperatedOpen as much as possible(nearly 24 hrs/day)A delicate balance offreedom and creativity withsafety and responsibilityHighlights: guildsystem, workshops, fun, live/play/work
a course40 teams50 staff30 industry sponsors/judges16 wks$500 eachInvent something CREATIVITYDesign it ANALYTICAL SKILLSBuild it, test it HANDS-ONDocument everything (lab notebooks, reports, presentationsGive to sponsor for use or patent it and start company
NOT A BUSINESS PLAN COMPETITION Uniqueness• Creativity• A fail-forward model for innovation education outside of the curriculum• High profile, emotional, live, on-stage• Focus on innovation, passion, and business potential• Patent services• Inventor mentorship through The InVenture Prize school
1. Remove Cornea2. Twist blade along axis to perform cut This is the tip of the prototype, but we will only be testing the dual-arc blades with this experiment. See next page.
Other competitions• University of Wisconsin at Madison, ―Innovation Days‖ – Undergraduate students presenting inventions to a judge panel for cash prizes. This 15-year-old competition offers cash prizes up to $10,000• National Inventors Hall of Fame Foundation – Annual Collegiate Inventors Competition sponsored by the Abbot Fund and the United States Patent and Trademark office. – Open to students and their faculty advisors, has a large cash prize of $25,000, many university participants• Business plan competitions such as at MIT and elsewhere – focus on business planning, models for profitability, and investment as the primary metrics for success.• Dragon’s Den like competitions at UK universities?
• Patrick Whaley• Senior, Mechanical Engineering and going for MBA• Born in Elmira, New York I am an Eagle Scout Went to Duluth High School Captan of the Swim team I was a semipro body builder I worked for Factory Automation Systems as a co-op My father owns PersonalAir, a commuter firm I will own the Tampa Bay Buccaneers
• Name: Sarah Vaden• Class: Sophomore• Major: Aerospace Engineering• Hometown: Huddleston, Virginia• Fun Facts about me:• There are 10 drums in my dorm room currently.• I love boats— my first playpen was on the family pontoon boat.• A warm, sunny day is priceless to me.• I convinced my best friend in second grade that my bike was a spaceship.• I’m hopelessly independent.• I backpacked an inflatable kayak to Venice, Italy.• In high school I was drum line Captain.• My mother is a classically-trained vocalist.• I want to be a researcher. I want to discover, create, and explore.• I’m a Vegetarian.• I’ve kayaked in six countries.• I write songs on keyboard.
Lessons learnedYou have to learn innovation by doing it, failing,and trying againProvide and/or use the resources, structures,and incentives to innovateThis is a tender plant at Georgia Tech, easilykilled. So you must shelter it from inevitablechallenges (tradition, etc) and find others whoshare this passion. Surround yourself withpeople you want to be like
UG Inventor participation by major 12345678 fct_division_abbr no yes (all) ARCH 0.034 0.074 0.035 COC 0.073 0.087 0.073 COS 0.096 0.055 0.095 ENGR 0.597 0.741 0.600 IAC 0.057 0.032 0.057 MGT 0.099 0.010 0.097 PROV 0.043 0.000 0.042 (all) 1.000 1.000 1.000 Engr are 74.1% of inventure contestants but only 60% on campus, arch is 7.4% of conestants, but only 3.5% on campus
sponsors Office of the Provost George W. Woodruff School of Mechanical EngineeringGeorgia TechClass of 1934 Wallace H. Coulter Department of Biomedical Engineering TEDD MUNCHAK CHAIR OF ENTREPRENEURSHIP
ImpactOn competitors On campus On state? On nation?
http://inventureprize.gatech.edu/ Also Twitter, Youtube, Vimeo, Facebook,….