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

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

  1. 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. 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. 3. Professor vs. Entrepreneur …but I’m here to tell you about what does it mean to be an Academic Entrepreneur 3
  4. 4. Setting up the Stage
  5. 5. Sweden and United States Competitiveness 5
  6. 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. 7. Academic Entrepreneurship Academia Education Research Entrepreneurship Government Industry 7
  8. 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. 9. Fashion Trend for Swedish Academic Entrepreneurs 9
  10. 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. 11. What are the Challenges for an Academic Entrepreneur?
  12. 12. Challenge No. 1 How to be disruptive without risking your academic career?
  13. 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. 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. 15. Challenge No. 2 How to deal with the Market Risk
  16. 16. 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
  17. 17. Medical Research Involves a very high Invention risk Invention risk ≠ Innovation risk
  18. 18. I you are lucky enough to find the “cure for cancer” then market adoption will automatically came
  19. 19. 3D TV High invention risk High market risk 20
  20. 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
  21. 21. Challenge No. 3 How to work countless hours outside the reward system
  22. 22. 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
  23. 23. Challenge No. 4 The Stockholm Syndrome
  24. 24. Remember the 1%? 25
  25. 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.
  26. 26. 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.
  27. 27. Challenge No. 5 Which path to take?
  28. 28. “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."
  29. 29. 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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