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Translating research into a multi billion dollar global company - Sherwn Greenblatt


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Research is often defined as turning money into knowledge whereas innovation is considered the process of turning knowledge back into money. For academic institutions and companies that invest in research, this NORCAT Hot Topics event will focus on the exciting and challenging process of looking at research through a “prospective commercialization” lens. Does this research have a commercial application? How do I assess the market opportunity? What is the end goal? So many challenging yet important questions!

Published in: Technology, Business
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Translating research into a multi billion dollar global company - Sherwn Greenblatt

  1. 1. Creating Your Future: Bose Corporation - An Entrepreneurial Saga NORCAT 2013 © MIT Venture Mentoring Service 2013
  2. 2. Reason for Having a Company To use technology and creativity to develop products and/or services that provide real and demonstrable benefits to people. 2
  3. 3. Founding Principles Hire Good People Give Them Freedom to Grow Play for the Long Run Always Strive for Excellence 3
  4. 4. Operating Corollaries Remain Privately Held Grow Continuously Finance the Company Internally Through Profits 9
  5. 5. Strategy Products that have great performance and benefits for their price Products that are uniquely suited to their application (lifestyle, wave, NR headsets, etc.) Strong protection of intellectual property rights through the use of patents and trademarks 10
  6. 6. Questions for You to Think About  What’s the purpose of your venture?  What do you want from your venture?  What are your founding principles? 12
  7. 7. Fostering Innovation: Bridging Academia and Industry at MIT NORCAT 2013 © MIT Venture Mentoring Service 2013
  8. 8. MIT Entrepreneurial Activities Student Academic Commercialization Alumni External 9/5/12
  9. 9. MIT VMS History • Founded in 2000 by Alec Dingee and Dave Staelin • Initially funded by founders • Model validated in first year • Steady growth and improvement 15
  10. 10. Premise What do you do when you have an idea and are passionate about pursuing it? 16
  11. 11. Model • Learning to be an entrepreneur is like learning a profession • Learn principles in class – doesn’t make an entrepreneur • Practice in competitions – doesn’t make an entrepreneur • Analogous to learning to play a full contact sport – learn by doing • VMS provides the coaches 17
  12. 12. Approach • Build a process to develop entrepreneurs • Utilize experienced volunteer mentors – they have been there • Set strict guidelines for mentors – unbiased advice • Coach – give guidance, not direction • Mentor in teams • Learn by doing – entrepreneur does the work 18
  13. 13. Organization • Reports to the Provost - Chief Educational Officer of MIT • Governed by Board of MIT Leaders - Deans and Vice Presidents • Small Paid Staff - Administrators and Mentors - 24/7 Service • Many Volunteer Mentors to Lead and Contribute 19
  14. 14. Requirements to Participate • • • • Be a member of the MIT community Have an idea Be passionate about commercializing the idea Be committed to spending the time and effort to build a successful venture • Idea must not violate the laws of physics or the laws or ethics of the USA 20
  15. 15. The Ventures • 310 ventures currently engaged in program – 203 active ventures – 24 low activity – 83 graduates • Various stages of funding • Every field imaginable 7/1/13 21
  16. 16. Criteria for Mentor Selection • • • • • • Has Relevant Experience Motivated to Volunteer Has the Time to Participate Not Motivated for Personal Gain Personality Appropriate to Advise Role Model for Mentees 22
  17. 17. The Mentors • 181 Mentors - 169 Active - 12 on call Specialists - 45% with an MIT background • Most with startup experience • Broad range of: – backgrounds – technical and industry expertise – business expertise 7/1/13 23
  18. 18. MIT VMS Metrics • Founded in 2000 • History: > 2500 entrepreneurs/>1400 ventures served • Scale: ~200 ventures currently working towards launch • Impact: > $1.3 billion raised by ventures • Results: 172 ventures launched • Success: 26 ventures/ > $1 billion in liquidity events • Sustainability: Mentor base growing by referrals ~170 active mentors • Value: Entrepreneurs keep enrolling ~20/month 7/1/13 24
  19. 19. Outreach 25
  20. 20. MIT VMS Outreach Assistance for Prospective Venture Mentoring Programs Now Available from VMS. Types of assistance ranges from: • • • • Workshops at MIT Workshops at client’s site Immersion of client’s team at MIT A VMS team participating temporarily in client’s mentoring program • Consulting to client on specific issues • Significantly reducing client’s start-up time 26
  21. 21. Programs Based on the MIT VMS Model Barcelona Activa (Spain) Grupo Guayácan (Puerto Rico) British Columbia Innovation Council (Canada) Chicago Innovation Mentors (CIM) Kindle Mentoring Program Broad Institute (Cambridge) Council for Entrepreneurial. Development (North Carolina) 7/16/13 Entrepreneurial Mentoring Program (North Carolina) École polytechnique fédérale de Lausanne (Switzerland) Florida International University Harvard Innovation Lab (Cambridge) The Hub of Human Innovation (Texas) Consortium of 6 Universities (St. Louis, Missouri) Inkef Capital (Netherlands) 27
  22. 22. Programs Based on the MIT VMS Model Jumpstart (Ohio) NYC Economic Development Consortium MaRS Discovery Toronto (Canada) (Western Massachusetts) University of Wisconsin Universidad Anáhuac (Mexico) MIT Club of Northern California University of Wisconsin Madison Columbia University of Manitoba (Canada) HSE Mentoring Program (Boston) 7/16/13 Launch Pad YEI Mentoring Program (Newhaven, CT) 28
  23. 23. THANK YOU! Sherwin Greenblatt 29