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The Tales of Two Cities:
       A Story of European
Academic Entrepreneurship

European Entrepreneurship & Innovation
              Thought Leaders (ME421)
 Stanford Engineering – 28 January 2013




 Peter Bunus

 Co-Founder and
 Director of Business Development
 SenionLab AB

 peter.bunus@senionlab.com
SenionLab AB
                                        SenionLab is a Swedish expert
                                        company focusing on research and
                                        development of signal processing
                                        and sensor fusion systems for
                                        indoor positioning navigation.
                                        Founded in 2010 by a group of
                                        leading scientists
                                         • Experts in sensor fusion, signal
                                           processing diagnostics and
                                           computer science.
                                         • More than 10 years experience in
                                           the area of sensor fusion and signal
                                           processing
                                        Main office in Linköping SWEDEN
                                        US Office: Palo Alto, CA
Grant Seed funding from:
    VINNOVA: The Swedish Governmental Agency for Innovation System
    The Swedish Energy Agency

                                                                              2
Professor vs. Entrepreneur

…but I’m here to tell you about what does it mean to be an Academic Entrepreneur




                                                                              3
Setting up the Stage
Sweden and United States Competitiveness




                                      5
Market Size is the Major Differentiator




Swedish entrepreneurs are coming to Silicon Valley because of the market size
                    and not because of the climate 
                                                                                6
Academic Entrepreneurship

                     Academia


         Education                  Research




                 Entrepreneurship




Government                                     Industry




                                                          7
Academic Entrepreneurship – Is it popular in Sweden?
                                                         Only 0.9% off all academics become full time
                                                         entrepreneurs every year in Sweden
                                                         Negative selection into entrepreneurship: those with
                                                         lower pre-entry earnings are more likely to become
                                                         entrepreneurs
                                                         Less than 1% of the academic obtaining capital gains
                                                         higher than half the average pre-entrepreneurship
                                                         earnings.
                                                         ¼ of all academics who become full time entrepreneurs
                                                         already operated as part-time entrepreneurs while
                                                         employed at their university
                                                         60% quit full time entrepreneurship within two years
                                                         and 66% of those return to academia.




Source: Pontus Braunerhjelm, Anders Broström and Thomas Åstebro - Does Academic Entrepreneurship
Pay? – Working Paper 2012:20 Research Network Debate – Swedish Entrepreneurship Forum                     8
Fashion Trend for Swedish Academic Entrepreneurs




                                              9
We don’t have a process for innovation. We hire good people.


Do you have an innovation process at your company?

              “We don’t have a process for innovation.
                                We hire good people.”
                                                           Steve Jobs




                        Do we have a European Academic
                               Entrepreneurship System?

                      “We don’t have an European Academic
                                  Entrepreneurship System.
                                      We hire good people.”
What are the


   Challenges


        for an Academic Entrepreneur?
Challenge No. 1


       How to be disruptive
       without risking your
       academic career?
"Alice laughed:
           'There's no use trying,'
           she said; 'one can't
           believe impossible
           things'.

                      'I daresay you haven't
                          had much practice,'
                     said the Queen. 'When
                              I was younger, I
                     always did it for half an
                             hour a day. Why,
                               sometimes I've
                        believed as many as
                        six impossible things
                           before breakfast."

 This is a pretty remarkable statement for someone who just step
through the magical mirror. You would expect that this experience
  should have convinced Alice that impossible things are possible
“I daresay you haven't had much
  practice”, said the Queen. “When
   I was younger, I always did it for
            half an hour a day. Why,
  sometimes I've believed as many
     as six impossible things before
                          breakfast."


Both the academic researcher/educator
       and the Entrepreneur need
to have the same “dreamer” personality

 To dream six impossible things
before breakfast is part of the job.
Challenge No. 2


     How to deal with the
     Market Risk
Invention –Market Risk
High Invention
      Risk
           Faculty of Medicine
           BioChemistry, Chemistry                        Faculty of Electrical Engineering                       Faculty of Electrical Engineering
                                                          Faculty of Mechanical Engineering                       Faculty of Mechanical Engineering
                                                          Faculty of Computer Science                             Faculty of Computer Science


  Personalized   Biotech
   medicine
                           Medical dev.
                           Healthcare     Cleantech


                                                       Electronic
                                                         Design
                                                      Automation    Semicon

                                                                               Game
                                                                              Software   Consumer
                                                                                         Electronics


                                                                                                        Comp.
                                                                                                       Software

                                                                                                                   Comp.
                                                                                                                  Hardware
                                                                                                                             Enterprise
                                                                                                                             Hardware




                                                                                                                                                      High Market Risk

                                                                                                                                                              17
Medical Research Involves a
 very high Invention risk




             Invention risk ≠ Innovation risk
I you are lucky enough to find the “cure for cancer” then market adoption will
                                                           automatically came
3D TV



High invention risk
 High market risk




                        20
Invention –Market Risk
High Invention
      Risk
                                                                                                                  Mostly dominated by college
                                                                                                                  dropouts: Bill Gates, Steve Jobs,
                                                                                                                  and Michael Dell,
  Personalized   Biotech
   medicine
                           Medical dev.
                           Healthcare     Cleantech


                                                       Electronic
                                                         Design
     Genentech, Amgen,                                Automation    Semicon

     Biogen Idec, Chiron                                                       Game
                                                                              Software   Consumer
     were founded by                                                                     Electronics

     university professors
                                                                                                        Comp.
                                                                                                       Software
                                                                                                                     Comp.
                  Walter Gilbert and                                                                                Hardware
                                                                                                                               Enterprise
                  Phillip Sharp the                                                                                            Hardware

                  founders of Biogen
                  Idec later won the
                  Nobel Prize

                                                                                                                                             High Market Risk

                                                                                                                                                      21
Challenge No. 3


       How to work
       countless hours outside
       the reward system
Academic Reward and Promotion System

                     Academia
                                                    The Academic reward and
                                                    promotion at most universities
         Education                  Research        does not include or favor
                                                    entrepreneurship

                 Entrepreneurship




Government                                     Industry




                                                                              23
Challenge No. 4



        The Stockholm
        Syndrome
Remember the 1%?




             25
From where all this reluctance came from?




Stockholm Syndrome describes the behavior of kidnap victims who, over time, become sympathetic
 to their captors. The name derives from a 1973 hostage incident in Stockholm, Sweden. At the end
       of six days of captivity in a bank, several kidnap victims actually resisted rescue attempts, and
                                                      afterwards refused to testify against their captors.
Academic Entrepreneurs are suffering of the
                            Stockholm Syndrome
                                                         What causes Stockholm Syndrome?

Captives begin to identify with their captors initially as a defensive mechanism, out of fear
of violence. Small acts of kindness by the captor are magnified, since finding perspective
in a hostage situation is by definition impossible. Rescue attempts are also seen as a threat,
since it's likely the captive would be injured during such attempts.
Challenge No. 5




        Which path to take?
“One day Alice came to a fork in the
road and saw a Cheshire cat in a tree.

"Which road do I take?" she asked.

"Where do you want to go?" was his
response.

"I don't know," Alice answered.

"Then," said the cat, "it doesn't matter."
Actually an Academic Entrepreneur knows
exactly which path to take.



                 We just wish that it should be no fork in
                 the road. One path should the be normal
                 continuation of the other path.

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Peter Bunus - SenionLab - Linkoping University - Academic Entrepreneurship - Stanford Engineering - Jan 28 2013

  • 1. The Tales of Two Cities: A Story of European Academic Entrepreneurship European Entrepreneurship & Innovation Thought Leaders (ME421) Stanford Engineering – 28 January 2013 Peter Bunus Co-Founder and Director of Business Development SenionLab AB peter.bunus@senionlab.com
  • 2. SenionLab AB SenionLab is a Swedish expert company focusing on research and development of signal processing and sensor fusion systems for indoor positioning navigation. Founded in 2010 by a group of leading scientists • Experts in sensor fusion, signal processing diagnostics and computer science. • More than 10 years experience in the area of sensor fusion and signal processing Main office in Linköping SWEDEN US Office: Palo Alto, CA Grant Seed funding from: VINNOVA: The Swedish Governmental Agency for Innovation System The Swedish Energy Agency 2
  • 3. Professor vs. Entrepreneur …but I’m here to tell you about what does it mean to be an Academic Entrepreneur 3
  • 5. Sweden and United States Competitiveness 5
  • 6. Market Size is the Major Differentiator Swedish entrepreneurs are coming to Silicon Valley because of the market size and not because of the climate  6
  • 7. Academic Entrepreneurship Academia Education Research Entrepreneurship Government Industry 7
  • 8. Academic Entrepreneurship – Is it popular in Sweden? Only 0.9% off all academics become full time entrepreneurs every year in Sweden Negative selection into entrepreneurship: those with lower pre-entry earnings are more likely to become entrepreneurs Less than 1% of the academic obtaining capital gains higher than half the average pre-entrepreneurship earnings. ¼ of all academics who become full time entrepreneurs already operated as part-time entrepreneurs while employed at their university 60% quit full time entrepreneurship within two years and 66% of those return to academia. Source: Pontus Braunerhjelm, Anders Broström and Thomas Åstebro - Does Academic Entrepreneurship Pay? – Working Paper 2012:20 Research Network Debate – Swedish Entrepreneurship Forum 8
  • 9. Fashion Trend for Swedish Academic Entrepreneurs 9
  • 10. We don’t have a process for innovation. We hire good people. Do you have an innovation process at your company? “We don’t have a process for innovation. We hire good people.” Steve Jobs Do we have a European Academic Entrepreneurship System? “We don’t have an European Academic Entrepreneurship System. We hire good people.”
  • 11. What are the Challenges for an Academic Entrepreneur?
  • 12. Challenge No. 1 How to be disruptive without risking your academic career?
  • 13. "Alice laughed: 'There's no use trying,' she said; 'one can't believe impossible things'. 'I daresay you haven't had much practice,' said the Queen. 'When I was younger, I always did it for half an hour a day. Why, sometimes I've believed as many as six impossible things before breakfast." This is a pretty remarkable statement for someone who just step through the magical mirror. You would expect that this experience should have convinced Alice that impossible things are possible
  • 14. “I daresay you haven't had much practice”, said the Queen. “When I was younger, I always did it for half an hour a day. Why, sometimes I've believed as many as six impossible things before breakfast." Both the academic researcher/educator and the Entrepreneur need to have the same “dreamer” personality To dream six impossible things before breakfast is part of the job.
  • 15.
  • 16. Challenge No. 2 How to deal with the Market Risk
  • 17. Invention –Market Risk High Invention Risk Faculty of Medicine BioChemistry, Chemistry Faculty of Electrical Engineering Faculty of Electrical Engineering Faculty of Mechanical Engineering Faculty of Mechanical Engineering Faculty of Computer Science Faculty of Computer Science Personalized Biotech medicine Medical dev. Healthcare Cleantech Electronic Design Automation Semicon Game Software Consumer Electronics Comp. Software Comp. Hardware Enterprise Hardware High Market Risk 17
  • 18. Medical Research Involves a very high Invention risk Invention risk ≠ Innovation risk
  • 19. I you are lucky enough to find the “cure for cancer” then market adoption will automatically came
  • 20. 3D TV High invention risk High market risk 20
  • 21. Invention –Market Risk High Invention Risk Mostly dominated by college dropouts: Bill Gates, Steve Jobs, and Michael Dell, Personalized Biotech medicine Medical dev. Healthcare Cleantech Electronic Design Genentech, Amgen, Automation Semicon Biogen Idec, Chiron Game Software Consumer were founded by Electronics university professors Comp. Software Comp. Walter Gilbert and Hardware Enterprise Phillip Sharp the Hardware founders of Biogen Idec later won the Nobel Prize High Market Risk 21
  • 22. Challenge No. 3 How to work countless hours outside the reward system
  • 23. Academic Reward and Promotion System Academia The Academic reward and promotion at most universities Education Research does not include or favor entrepreneurship Entrepreneurship Government Industry 23
  • 24. Challenge No. 4 The Stockholm Syndrome
  • 26. From where all this reluctance came from? Stockholm Syndrome describes the behavior of kidnap victims who, over time, become sympathetic to their captors. The name derives from a 1973 hostage incident in Stockholm, Sweden. At the end of six days of captivity in a bank, several kidnap victims actually resisted rescue attempts, and afterwards refused to testify against their captors.
  • 27. Academic Entrepreneurs are suffering of the Stockholm Syndrome What causes Stockholm Syndrome? Captives begin to identify with their captors initially as a defensive mechanism, out of fear of violence. Small acts of kindness by the captor are magnified, since finding perspective in a hostage situation is by definition impossible. Rescue attempts are also seen as a threat, since it's likely the captive would be injured during such attempts.
  • 28. Challenge No. 5 Which path to take?
  • 29. “One day Alice came to a fork in the road and saw a Cheshire cat in a tree. "Which road do I take?" she asked. "Where do you want to go?" was his response. "I don't know," Alice answered. "Then," said the cat, "it doesn't matter."
  • 30. Actually an Academic Entrepreneur knows exactly which path to take. We just wish that it should be no fork in the road. One path should the be normal continuation of the other path.