Process and perks of commercializing academic research pdf

2/20/2021 Process & Perks of Commercializing Knowledge 1

The Process and Perks of
Commercializing Academic Research
Mir Dost, PhD
Academician – Entrepreneur - Corporate
Trainer and Management Consultant
Email: pandrani_md@yahoo.com
Hello: +923168898425

Agenda
Entrepreneurship and Entrepreneur
Entrepreneurial Motivation and Personality
Hierarchy of Needs – Physiological Needs or Emotional Needs?
Academic Research, Purpose
Research and Innovation
The Office of ORIC, Mandate and Direction (Go through ORIC Manual)
The Process of Commercializing Academic Knowledge
The Perks of Commercializing Academic Knowledge
Suggestions/recommendations and Conclusion

2/20/2021 Essential Steps to Start an Entrepreneurial Business 4
“What I’m trying to do is to minimize
future existential threats or take
whatever action I can to ensure the
future is good. I didn’t expect these
companies to succeed I thought they
most likely fail.”

Entrepreneurship
• No strict definition of entrepreneurship or entrepreneur (Acs et al.,
2014).
• French verb ‘entreprendre’ which means ‘to do something’ or
‘undertake’.
• Richard Cantillon developed the first theoretical foundations about
entrepreneurship (Iversen et al. 2008).
• To buy at certain price and sell on undetermined price. This economic
transaction achieved profit or loss under a certain risk (Vermeulen and
Curşeu 2008).

Cont’d
• According to Jean-Baptiste Say, an entrepreneur had to be
able to plan for the future and have a deep understanding
(Long 1983).
• Austrian economist Joseph Schumpeter emphasized on
innovation and originality (Volkmann and Tokarski 2006).
• Kirzner suggests that the task of an entrepreneur was to
provide new opportunities to meet the demands of
customers and to create a stable balance at the markets
(Shane et al. 2003).

Cont’d
• Entrepreneurship is the process of creating something
new of value by devoting (giving) the necessary time
and effort.
• By accepting and acknowledging the necessary financial,
psychological, and social risks, and
• Finally receiving the resulting rewards be it monetary and
personal satisfaction and freedom to do what you want.
Robert D.Hisrich, M. Peters & D.A Shepherd

Entrepreneur
•S/he is an individual who actively form or lead their own
business and nurture them for growth and prosperity.
UiTM Entrepreneurship Study Group
•A person who creates and manages change by the recognition
of opportunities (needs, wants, opportunities, problems, and
challenges) and develops people and manages resources to
take advantage of the resources to take the opportunity and
creates a venture (profitable business).
Eston Kimani, MIT

Entrepreneurial Motivation and Personality
• Motivation to start a business can be diverse and often
depends on the personality of an entrepreneur.
• In general, the basis for human actions is the presence of
motives, it creates an incentive for taking actions (Kulbe,
2009).
• Maslow (1943) identified needs as driving force individual
actions.

• Self-actualization – particularly important for entrepreneurs.
• Actions are needed to fulfil needs which may be consciously or
unconsciously motivated (Kulbe, 2009).
• Individual needs are not exclusively PHYSIOLOGICAL, such as
satisfying hunger. EMOTIONAL needs can also provide strong
incentives (Goshke & Dreisbach, 2011).
• For example, feeling of pride in achieving a goal represents an emotional
need. As a result, achievement-motivated people search for opportunities to
improve their skills by repeatedly trying to exceed their own targets.
• Their emotions intensify their motivated actions, which is particularly
characteristic of entrepreneurs and researchers (Vollmeyer and Brunstein
2005).
• Motivation is the outcome of incentives to act.

• Motivation – intrinsic and extrinsic
• Intrinsic motivation – factors which are influenced by a change of
habits and role models.
• Extrinsic motivation – it alone doesn’t achieve a significant increase
in the commercial activities of university scientists (Goktpe & Maha,
2010).
• For young scientists newly socialized in universities, role models are
very important.
• If role models and other peers have a negative attitude toward
commercialization of university research, it may impact the attitude
of the researchers.

Academic Research
To investigate systematically

The Purpose of Conducting Research
Pursuing interests
Learning something
new
Sharpening problem-
solving skills
Challenge yourself in
new ways

Commercializing
Innovation (Go
to ORIC Manual)
2/20/2021 Process & Perks of Commercializing Knowledge
16

Why Commercializing
Academic Knowledge?
Note: last section discusses
benefits of commercializing
research.
Process
&
Perks
of
Commercializing
Knowledge
• Main tool of trade and industry growth
in developed and developing countries.
• Innovation is the first commercial
application of academic research
commercialization.
2/20/2021
17

Innovation
INNOVATION – incremental, radical

Commercialization Process
Source: Commercialization Process | UNHInnovation

Research
• Observations made and experiments conducted as part of a
research program often led to discoveries and innovations
that can have significant value to larger audiences, including
commercial value.
• In many cases, multiple researchers may have contributed
to the innovation.
• In this conversation, we refer to the singular innovator or
inventor with the understanding that there may be more
than one.
Process & Perks of Commercializing Knowledge 2/20/2021 20

Disclosure
• Submitting a disclosure of your innovation
is the first formal step in obtaining proper
IP protection and commercializing your
innovation.
• Submitting innovation disclosures early in
the development process to avoid any
potential problems.

Assessment
• Innovation assessment is the period in which you and ORIC
office’s licensing manager review the innovation disclosure,
conduct searches for conflicting patents or trademarks (as
applicable), and analyze the market and competitive landscape
to determine the innovation’s commercialization potential.
• This evaluation process will guide office’s strategy for how to
best protect and commercialize innovation.
• Commercialization may result in licensing the innovation to an
existing company or creating a new business.

Protection
• Protecting the rights of those who create IP should be a high
priority for ORIC offices.
• Common IP protection methods include patents, copyrights,
and trademarks, but could also include contractual use
restrictions (e.g., for databases and materials).
• IP protection may not always be possible or necessary, and
the legal costs may outweigh the benefits.
• ORICs should work with researcher to determine the best
course of action during the innovation assessment.

Marketing
• Create Own Company and license the
innovation
• Finding a Third-Party Licensee

Licensing
• Once a licensee has been identified, ORICs should
negotiate and complete the license agreements.

Commercialization
• After a license agreement has been signed, the
licensee continues the advancement of the
innovation and makes other business
investments to develop the product or service.
• This step may include further development,
securing regulatory approvals, sales and
marketing support, training, and other activities.

Revenues
2/20/2021
Process & Perks of Commercializing Knowledge 27

Factors Affect Commercialization of Academic Knowledge
Source: Adopted from Commercialization of Academic Research (uni-siegen.de)

Perks of Commercializing Academic
Research

Control Your Own Destiny

Work/life balance

Choose the People You Work With

Taking Risk and Reaping the Rewards

Challenge Yourself

Chance to Follow Your Passion

Getting Things Done – Faster

Connecting With Clients

Giving Back to Community

Feel Pride in Building Something of Your Own

Suggestions/Recommendations

Current Situation: Just like stranded in the
middle of an ocean!
• What is the role of a researcher?
• What is the role of Government/Universities/Research Institutes?
• Both seem to be either unaware of the facts or not interested.
• On the other hand, industry doesn’t trust in academic institutes,
unlike other countries. Do you know why?

Issues in higher education systems
• Low enrollment rates.
– But rapid expansion in degree output can also create problems in
the labor market
– Domestic higher-education systems respond slowly if at all to changing
labor markets.
Inequality in access, unequal financial support
Postgraduate education is lacking.
Underfunding of research, facilities, salaries
Greater reliance on competitive research funding can improve performance.
– Stronger links between R&D performance, S&E training can improve
efficiency of both activities and aid domestic technology transfer.

Academia and Industry need to address issues
• Trust deficit between academia and industry
• Academia need to involve industry in curriculum
development, research and commercialization process.
• Similarly, industry also consult academia for consultancy
and problem solving.
• At doctoral research, industry and academia may have
equal supervisory representation.
• In other words, revisiting industry, academia, government
and stakeholder collaboration.

Universities
/research
institutes
University leadership must have industry
experience to create corporate culture
•Develop the culture of teaching,
research and entrepreneurship
• Teaching – individuals only good at pedagogy
may concentrate that area.
• Research – individuals are passionate in research
and often publish quality findings may be given space.
• Entrepreneurship – individuals with
entrepreneurial mindset may be allowed to link
academia-industry-government and commercialize the
academic knowledge.

Cont’d
• Inequality in access, unequal financial support (inter
and intra university/ies)
• Postgraduate education is lacking.
• Underfunding of research, facilities, salaries

Government
Role
2) Enlisting frequently importing products
• Growing imports inversely impacting the
sustainable growth of local industry.
• Enlist products being imported constantly
• Identify sectors and subsectors
• Allocate projects depending on the capacity and
ensure their linkage with academic/research
institutes.
• Universities/research institutes produce up to
date knowledge

Cont’d
Assigning
Projects
Tracking
researchers to
implementation
Departments to
review
publications

Industry:
- Catering local
needs and export
- R&D
- Close connection
with academia and
local stakeholders
Farming Sector:
- A centralized body of
farming community
- Generate funds for
farming research,
training and
promotion
Academia
- Creation of new
knowledge with
research
- Innovation and
commercialization
Figure: Proposed Model

Conclusion
• Entrepreneurship is the process of creating something of value, taking
necessary risks and expecting rewards.
• Individuals with higher emotional needs are predicted to become
entrepreneurs.
• Peers and role models play critical role in academic entrepreneurship
development in universities.
• The Office of ORICs, NICs/BICs have the mandate to develop
conducive environment for research, innovation and commercializing
of academic knowledge.
• Innovation creates markets, solves issues and contributes in economy.
• Being entrepreneur has benefits.
• Revisit academia, industry, stakeholder and government linkages.

Thank you ☺

Process and perks of commercializing academic research pdf

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