Commercializing Innovative
Technologies: The US Perspective &
Strategies for Europe
Carolina Garcia Rizo, PhD, MBA
May, 10...
– Why Innovate
– Internal vs. External Innovation
– Start-ups and Spin-Offs as source of Innovation
– University as source...
Why Innovate?
• Innovative companies’ stocks tend to show better performance
• Clients and end-users have stronger purchas...
Internal vs. External Innovation
Awareness
Strategy
Supporting
Management
structure
Activities
Innovation
Culture
When a c...
Start-ups and Spin-offs as source of
Innovation
Research and educational institutions, like MIT, are a source of innovatio...
The University as Source of Innovation
• The university is a source of talented human capital, a source of the future lead...
Science vs. Entrepreneurship
While in the Ph.D. program in computer science at Stanford
University, Larry Page met Sergey ...
Science Commercialization Drivers
Financial
institutions
Formal and
Informal
Networks
Infrastructure
Culture
Entreprene
ur...
Science Commercialization Value
Only when the value of science commercialization is understood and assimilated, one can
th...
Science Commercialization
strategy
Supporting leadership structure
Activities fostering Science
Commercialization
Awarenes...
MIT Example
0.9 km, 7 min
MIT Business School
MIT Engineering School
Boston
Cambridge
Harvard
1.1 km, 10 min
2.8 km, 30 mi...
MIT Example
MIT promotes entrepreneurship through classes, e-centers, conferences and e-competitions, serving
the science ...
Silicon Valley Example
Stanford
University
Stanford University is the engine that promotes entrepreneurship in Silicon Val...
DRIVERS
Drivers and Barriers
BARRIERS
• Failure acceptance
• Risk reward
• Success stories celebration
• Collaboration pro...
Science Commercialization Process
Idea
Generation
Market
study
Prototype
Market
Introduction
The science commercialization...
Diagnosis of Science Commercialization
Culture and Infrastructure
 Who are they?
 Educational/Research institutions, Gov...
Science Commercialization in Europe
• An effort should be placed to promote risk taking, allow failure
and celebrate succe...
Thank you so much for your
attention
carolina_rizo@sloan.mit.edu
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Dr. Carolina Garcia Rizo: Commercializing Innovative Technologies: The US Perspective & Strategies for Europe

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This presentation was held by Dr. Carolina Garcia Rizo during the FITT conference „ICT Innovations: Research > Business > Society“ on 10 May 2011 in Brussels.

www.fitt-for-innovation.eu

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Dr. Carolina Garcia Rizo: Commercializing Innovative Technologies: The US Perspective & Strategies for Europe

  1. 1. Commercializing Innovative Technologies: The US Perspective & Strategies for Europe Carolina Garcia Rizo, PhD, MBA May, 10th 2011
  2. 2. – Why Innovate – Internal vs. External Innovation – Start-ups and Spin-Offs as source of Innovation – University as source of Innovation – Science vs. Entrepreneurship – Science commercialization Drivers – Science Commercialization Value – Science Commercialization Culture – MIT Example – Silicon Valley Example – Drivers and Barriers – Science Commercialization Process – Diagnosis of Science Commercialization Culture and Infrastructure – Science Commercialization in Europe Commercializing Innovative Technologies: The US Perspective & Strategies for Europe
  3. 3. Why Innovate? • Innovative companies’ stocks tend to show better performance • Clients and end-users have stronger purchase power • Innovative companies have a better perception which impacts its brand value. • They recruit the smartest employees Innovation has an extended positive value impact in corporations, in society
  4. 4. Internal vs. External Innovation Awareness Strategy Supporting Management structure Activities Innovation Culture When a company has no innovation culture, its development is a slower process than external innovation acquisition
  5. 5. Start-ups and Spin-offs as source of Innovation Research and educational institutions, like MIT, are a source of innovation, a source of value creation
  6. 6. The University as Source of Innovation • The university is a source of talented human capital, a source of the future leaders that promote innovation inside the companies where they work. They will be responsible for the company value growth through innovation. • The educational/research institutions are a source of scientific research that once commercialized, can be source of innovation for corporations through start-ups and spin-offs acquisition , source of job creation, source of wealth for society • The university is a dynamic element of society, that fosters value creation through innovation Science PhDs Business MBAs University University Scientific research Commerci alization Innova- tion Science commercialization enables the access of society to innovative scientific research
  7. 7. Science vs. Entrepreneurship While in the Ph.D. program in computer science at Stanford University, Larry Page met Sergey Brin, and together they developed and ran Google, which began operating in 1998. Larry went on leave from Stanford after earning his master’s degree. Scientific research drivers are very different from entrepreneurial ones
  8. 8. Science Commercialization Drivers Financial institutions Formal and Informal Networks Infrastructure Culture Entreprene ur-chic Successful stories Educational /Research Institutions Local possible customers Never underestimate the power of the culture. An appropriate infrastructure without entrepreneurial culture will hardly foster science commercialization Science Commerciali zation Infra- structu re Culture Government and Foundations entrepreneurial initiatives
  9. 9. Science Commercialization Value Only when the value of science commercialization is understood and assimilated, one can then promote the culture and infrastructure to foster science commercialization. Value Culture Infrastructure Culture
  10. 10. Science Commercialization strategy Supporting leadership structure Activities fostering Science Commercialization Awareness of Science Commercialization as an option Science Commercialization Culture Heavy publicati on focus Failure punishment Bad adapted process Silos No leadership direction Risk adverse Lack of business sense Science commercialization has to be seen as a viable option by everyone in the educational/research institutions. It has to be fostered top down, and has to be celebrated as source for growth and success. Challenges vs. Opportunities Science commercialization has to be promoted top down, resources have to be allocated and has to be adapted by everyone as a viable option
  11. 11. MIT Example 0.9 km, 7 min MIT Business School MIT Engineering School Boston Cambridge Harvard 1.1 km, 10 min 2.8 km, 30 min, 2 T stops MIT is a source of knowledge, human talent and value that promotes entrepreneurship in the Boston and Cambridge area, collaborating with other educational and research institutions, corporations...
  12. 12. MIT Example MIT promotes entrepreneurship through classes, e-centers, conferences and e-competitions, serving the science commercialization effort as well.
  13. 13. Silicon Valley Example Stanford University Stanford University is the engine that promotes entrepreneurship in Silicon Valley, where multiple start- ups and spin-offs were and are created by its students
  14. 14. DRIVERS Drivers and Barriers BARRIERS • Failure acceptance • Risk reward • Success stories celebration • Collaboration promotion • Problem solving through interdisciplinary groups • Entrepreneurial ecosystem promotion • Government and foundations entrepreneurial initiatives • Financial support • Corporations • Dynamic market • ….. • Fail punishment • Risk adverse • Envy • Egocentric, me only • Lack of interdisciplinary environment, silos • Lack of business sense/scientific respect • Anti-entrepreneurial ecosystem • Lack of financial support • Static market • Lack of open dialog and collaboration with corporations… • …… Cultural and infrastructure drivers should be promoted and barriers should be seen as opportunity to promote awareness, an appropriated strategy and a supporting leadership structure that foster science commercialization
  15. 15. Science Commercialization Process Idea Generation Market study Prototype Market Introduction The science commercialization process will require different checking points depending on its grade of innovation (incremental vs. breakthrough innovation) P1 P2 P3 P1A P1B P2A P2B P3A P3B P4A P4 P4B
  16. 16. Diagnosis of Science Commercialization Culture and Infrastructure  Who are they?  Educational/Research institutions, Government, Foundations….  …….  Science commercialization Questions (Understanding, Objectives, Offers, Needs )  Objective: Science Commercialization Map development  Analyze the ecosystem.  Identify stakeholders  …….  Identify those areas where science commercialization should be promoted  Workshops for each of the areas selected Needs/Offers identification and plan to solve/promote those. Participants: Universities/Research Institutions/ Government/ Financial Entities… If we want to foster commercialization of science in a specific region or area, it would be useful to perform a diagnosis of the culture and infrastructure, of the offers and needs. Science Commercialization Stakeholder Identification Science Commercialization Stakeholders Interviews Science Commercialization Map Science Commercialization Workshops
  17. 17. Science Commercialization in Europe • An effort should be placed to promote risk taking, allow failure and celebrate success, showing that commercialization of science is a viable option • Promote entrepreneurial culture through government and foundation initiatives. • Communicate the value of Science commercialization: It promotes job creation and wealth in society. Once the value created by commercialization of science is understood by all the stakeholders, a more entrepreneurial culture will flourish and the appropriate infrastructure will develop Science commercialization lessons from USA can be leveraged for EU, but need to be adapted to their own needs, structures and cultures. Science Commercialization strategy Supporting leadership structure Activities fostering Science Commercialization Awareness of Science Commercialization as an option • Europe offers different cultures and structures that can be translated into lots of opportunities • Some countries foster commercialization of science more than others. Some are very successful already and can be source of help, success stories, learning experiences….. • European culture when comparing to American one is in general more: • Risk adverse • Anti- failure • Negative
  18. 18. Thank you so much for your attention carolina_rizo@sloan.mit.edu

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