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UEDA Summit 2012: Modern Measurement of 21st Century University-Based Entrepreneurship (Provance & Osha)


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Great strides have happened at universities to cultivate entrepreneurs, and regions have developed stronger programs for collaborating with their higher education institutions to launch ventures. However, measurement and tracking of these economic development programs still lags the myriad approaches to starting new ventures. This delay may be attributed in part to continued reliance on traditional measurement methods for economic development performance within entrepreneurial ecosystems that are not structured to produce traditional results. This session presents new perspectives on the challenges of university-based entrepreneurship within regional economic systems and suggests new approaches to measuring and managing new venture creation.

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UEDA Summit 2012: Modern Measurement of 21st Century University-Based Entrepreneurship (Provance & Osha)

  1. 1. WEXFORD SCIENCE+TECHNOLOGYFrom Borders to Horizons -Collaboration for Scale, Impact, and Prosperity atThe ‘Engaged’ University
  2. 2. Confluence of Events  A shift in some state and municipal economic development efforts in favor of business expansion and creation over pure incentive-laden attraction.  Focus on corporate profits keeping in-house R&D to a minimum and encouraging partnerships.  Challenges to business creation climate and capital markets. There is a silver lining, I think.  Increased state interest in university research as economic development driver.  You, Me, Mike – Here.
  3. 3. Old School Universities Economic Development Roles • Educated graduates • Major employer • Research • Passive participants – (attraction efforts) • Gravitas • Cultural backbone • Destination campus • “Big Thoughts”
  4. 4. Right Idea – Wrong Ruler Traditional – REMI, IMPLANGoogle andGatorade Research, Research, Research
  5. 5. The Pursuit of Knowledge Teaching Knowledge for the sake of Research knowledge Service
  6. 6. The Management of Knowledge Management of knowledge for competitive advantage Sales Development Marketing
  7. 7. The Benefits of Knowledge Pursuit of Knowledge Management of Knowledge Intellectual Capital Teaching Sales Innovation Research Infrastructure Development Service Ecosystems Marketing Benefits of Knowledge
  8. 8. The Next Generation University Economic Development Roles • Workforce continuum – Graduates – Interns-coops – Executive development – Customized training • Active Leader – Attraction efforts – Business creation – Retention and Expansion • Extended campus – (physical and technological) • “Application of Ideas”
  9. 9. The Metropolitan UniversityOld Dominion University Model •Destination faculty •Intellectual Property •Faculty expertise •Clusters/Ecosystems •Student workforce •Magnetic research •Continuing education Intellectual Innovation Capital Infrastructure Ecosystems •Core Instrumentation •Public-Private partnerships •Communications network •Sense of Place •Specialized laboratories •Integrated activities •Collaboration for scale
  10. 10. WEXFORDGeographic, Proximate, Intellectual SCIENCE+TECHNOLOGY Oceanography Bioelectrics Particle Physics Modeling and Simulation Alternative Energy Aerospace & High Performance Port & Maritime Engineering
  11. 11. Maximizing Research Investments Alternative Energy  Faculty Entrepreneurship Bioelectrics  Technology Transfer  Translational Research  Incubation & Acceleration M&S  Spin-offs  Market Expansion  Business Attraction
  12. 12. Easy to Say; Harder to Do Public Investment Science Technological Productivity Economic Research Advance Growth Growth Private New Investment Companies Job Growth New Industries
  13. 13. University – Business RelationsVenus and Mars University Business Intellectual Property Rights Want to own IP Want to own IP Value of IP Next Google, Gatorade Have to invest $$$ to Commercialize Public Domain Publish or Perish Can’t Publish and Protect Culture Very Bureaucratic Responsive – Bureaucratic Who Can Say Yes ??? Business Leader Who Can Say No Tech Transfer, Inventor, Business Leader Dean, Lawyer, Others Value of Time Lots of Meetings Time is Money Priorities Teaching, Research Development, Sales Customer Facing Development, Research Sales Office, College, Department, Professor
  14. 14. The Problem We Are Trying to Solve  Virginia Universities not universally Our viewed as ‘business friendly’ (IP &execution) Assessments  Lack of single point of contact for University-Corporate relations (non philanthropic, non-research)  Few linkages between technology and ‘knowledge’ to create industry value  University non-porous for majority of Validated by discoveries and scholarship Interviews  No University-centric ‘sense of place’ for economic development  Current corporate engagements generally one dimensional and activity-focused  Need to become a “go to” place for solutions.(private and public sector)
  15. 15. The ODU Business Gateway Providing companies and organizations of all sizes a single entry point to engage the intellectual capital, innovative technologies, and world-class infrastructure of Old Dominion University to solve business problems, create new offerings, and unlock operational efficiencies that save time and money.
  16. 16. An Integrated Outreach Creating a single entry point for corporate relations (non-research, non-foundation) Establishing non-encumbered consulting capabilities within the University Marketing the capabilities and infrastructure of the entire University as a single enterprise Using idle IP as a relationship magnet
  17. 17. Single Point of Entry Colleges Faculty Business Career Expertise Problems Management Student Municipal Center Issues workforce Faculty/Student Office of Graduate Entrepreneurs Research jobs SBIR/STTR Research Needs Veterans Business Business Outreach Center Econ. Dev. Tech Transfer Gateway Partners Continuing ED Training Vets/SWAM Manufacturing CEUs Extension Program International Procurement Companies Business Assistance Center Partners Corp. University Fellowships Technology Applications Center
  18. 18. Scalable Wrap-Around Services Business and Advanced Manufacturing Strengthening Community Entrepreneurial Services And Industrial Solutions BusinessesBusiness Consulting Lean Process Improvement Veterans Business OutreachTechnology Development Six Sigma Projects CenterSBIR/STTR Guidance Supply Chain Logistics Procurement AssistanceMarketing Services ISO Certification/Audit Prep Municipal ConsultingTechnology Transfer (idle) Human Factors Consulting SWAM AssistancePrototype Development Engineering Consulting Technology SandboxFair Witness Testing Industrial Hygiene Business Plan CompetitionLanguage Translation VPMEP Services PLTWSearch Engine Optimization Sustainable Engineering Disadvantaged Business Assistance Continuing Education Procurement Assistance Center
  19. 19. More Impact Lies in Unlocking NewWays to Apply Know-How Companies bringing their own IP to the table Joint venture opportunities w/ equity stake Faculty and student entrepreneurship Department Intrapreneurship ODU Motion Analysis Clinic
  20. 20. How Is It Going So Far?Strong Success in Existing Services Manufacturing Extension Procurement Professional Assistance Center Development Partnership  20+ active projects  150+ active projects  TRADOC - $300K  80% repeat  Across Hampton Roads  Merchant Marine  10 current continuous  Over $20 million assisted  Engineering improvement projects awards since July Unplugged with Sentara Veterans Business Outreach Center  Over 400 Veterans Over $200 million in economic assisted since June development impact*  Working >25 companies  Conducting First Regional *as measured by NIST SDVOB - SBA Expo
  21. 21. All in This Together UBED Mission Focus on University Impact for Business Attraction, Expansion and Creation Foster Collaboration Identify and Support Research Strengths
  24. 24. PHYSICAL ENVIRONMENT VIBRANT MIXED-USE COMMUNITYELEMENTS Lab Office + Research Building  Multi-Modal and Transit-Oriented Flex/Cool Space  Major Retail Iconic Spiritual Center  Temporary Uses Lobbies and Street Science  Open Spaces Housing and Hotel
  25. 25. TENANT ATTRACTION & SUPPORT STIMULATE COLLABORATION & INNOVATIONELEMENTS Event Programming  Develop the Research Park as the Center for Innovation within the Region Innovation Centers  Wexford Networks University & Private Industry Partnerships  Talent & Capital
  26. 26. TENANT ATTRACTION & SUPPORT STIMULATE COLLABORATION & INNOVATIONEVENT PROGRAMMING 3FOR PUBLIC SPACES WITHIN BUILDINGS AND OUTDOORSProvide comprehensive programming to promote knowledgeexchange, congregation, and collaboration. 4 1 2 1 Outdoor entertainment 2 Small conference / lecture 3 Gathering at an iconic spiritual center 4 Competition for young entrepreneurs
  27. 27. TENANT ATTRACTION & SUPPORT STIMULATE COLLABORATION & INNOVATION 1 INNOVATION CENTERS ATTRACTING ANCHOR TENANTS FROM INDUSTRY: Provide a broad spectrum of space, infrastructure, and programming for companies in all strategies of development 2 3 41 Flexible/cool co-working space2 Flexible lab space3 Services – CIC coffee bar4 Conference center
  28. 28. COMMUNITY ENGAGEMENT EXPANDED SOCIAL AND ECONOMIC FABRIC WHY COMMUNITY ENGAGEMENT?• For the park to thrive, the broader community must thrive• Healthy broader community protects and grows real estate values over time• Produces level of community support critical for park approvals, subsidies and improvements• Generates qualified workforce needed to support Knowledge Community• Promotes Knowledge Community as hub of regional innovation
  29. 29. COMMUNITY ENGAGEMENT EXPANDED SOCIAL AND ECONOMIC FABRICTARGETED WEXFORD PROGRAMSWORKFORCE TRAINING EDUCATIONAL PARTNERSHIPS• In today‟s global economy, building and • Strong neighborhood schools are retaining an educated, highly-skilled critical to revitalize communities workforce is key to regional • Effective STEAM/STEM-H education competitiveness is the foundation for a strong• Investments in education and workforce Knowledge Community workforce development play an essential role in growing and retaining talent
  30. 30. STIMULATE COLLABORATION & INNOVATIONTHE WEXFORD INNOVATION NETWORKWexfords nine locations create a platform for learning and sharing between abroad based group of Wexford, its university partners and the communityPRIMARY BENEFITS• Provides platform for exchange of ideas, identify best practices and programming• Enhances access to subsidies and provides greater political influence• Provides broader support structure for new companies• Improves value proposition for universities due to broader private industry connections• Improves access to venture capital• Improves value proposition for private industry due to multiple location alternatives• Encourages greater collaboration, connectivity, and congregation of people and ideas
  31. 31. A Multidimensional Relationship Product improvements Engineering expertise New customers Port of Miami, Halifax Fresh ideas Student design projects Talented employees Internships Dynamic environment Knowledge Community
  32. 32. Questions? Executive Director Economic Development
  33. 33. WEXFORDQuestions? SCIENCE+TECHNOLOGY Managing Director Innovation and Economic Development
  34. 34. MODERN MEASUREMENT O F 2 1 s t C E N T U RY U N I V E R S I T Y- B A S E D ENTREPRENEURSHIP UEDA Annual Summit 23 Oct 2012 Mike Provance, Ph.D. @mikeprovance
  35. 35. The Startup ProcessSystem of activities involved in mappingcreativity to need, and both to economicvaluePeople, ideas, technology – in that order – “Everything that can be counted does not necessarily count; everything that counts cannot necessarily be counted.” - Einstein
  36. 36. The Startup ProcessHow does it differ for university-based startups? – Small business inside a bureaucratic organization – Higher levels of scrutiny, numbers of stakeholders – Management talent gaps – Commercialization chasm
  37. 37. Startup SuccessHow do university-based startups look at success? – Jobs are not a measure of success; they are [the] factors of growth – First sale – Reputation & credibility – SurvivalDiversity of source, form complicate measurement
  38. 38. Startup Success UNIVERSITY-BASED ENTREPRENEURSHIPTHE INFORMAL APPROACH THE FORMAL APPROACH Class Projects Tech Transfer Clubs Training Programs Labs, Cafes, and Incubators Hallways Catalyst programs Entrepreneurs-in-residence Long-form mentoring Ecosystems/networks
  39. 39. Startup Success Funding is an important metric, but… Not a measure of success Measures the quality of people, ideas & technology
  40. 40. Engaging the Institution & CommunityTrends in University-Based Entrepreneurship – Collaborations between University & Community – Tension between Quantity & Quality – Increasing Speed & Variety
  41. 41. Engaging the Institution & CommunityAlign to institutional objectives & outcomes – Modifying expectations of institution • Longer payoff horizons, lower upfront • Ownership dilution – Investing in potential • Remove focus on jobs, place on growth targets • Building ecosystem to supply management • „Privatizing‟ the spinoff process
  42. 42. ?