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Fsu the entreprenurial university


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discussion of key steps in realizing dream of being entrepreneurial University as it relates to commercialization of intellectual property. many of the ideas came from commercialization workshop at Universtiy of Utah

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Fsu the entreprenurial university

  1. 1. November 2012© 2011, LearnSomething Inc.Ideas supporting FSUbecoming the EntrepreneurialUniversity
  2. 2. How will we motivate behavior change Starts at top Dr. Baron has declared we want to become the Entrepreneurial University Need model for student and faculty involvement Defining Entrepreneur What is our entrepreneur in residence support structure How to motivate Faculty and student involvement in the process of disclosure tocommercialization How de-risk and cost of disclosures, layer in management and facilitate access tothird party Funding You get what you reward DistinguishedTeaching Award Distinguished Scholarly & Creative Research Award Launch Innovation and Impact Award (IIA) Recognizes 2 or 3 faculty each year whose innovations had significant entrepreneurialimpact© 2012 Glenn D. Prestwich
  3. 3. How will FSU define Academic Entrepreneurs? They are students and faculty who:Identify and solve real world problemsTranslate basic science to applied technologyCreate products as well as papersStrive to understand business of science, Music,Film, education etc.Understand marketing and customers are key tosuccess of commercializing intellectual property© 2012 Glenn D. Prestwich
  4. 4. Many Challenges and Risks Patent costs Inventor expectations University policies Faculty culture Shifting technology landscape Defining the product Finding a partner Early stage technologies Limited resources for technology/product development Changes in policies Conflicting goals of academic vs. commercial interests
  5. 5. Fantastic! That’s also agreat name for a companyI call it the “Di-Nanogisticbi-modulating energyconversion medical oscopycombinating fragilisticator”Some sort of“Widget”Inventor TCO ManagerIs the FSU challenge:How do we find and commercialize value from Disclosures by professors and students?
  6. 6. The Engine model to:Vet, De-Risk and promote Development Problems: Large number of disclosures (can be Dozens annually) Limited resources Patent cost are high Staff count low Variable outcome/execution requires resources not at University How to take GAP funding to next step is missing How to leverage SBIR funding and other grants Understanding newly developed technology How to take it to market Understanding how to systematically address opportunities Long development cycle for certain technologies Solutions: Limit investments to only a small number of best prospects! Vetting/De-Risking/Documentation process that attracts entrepreneurial talent andfunding Evolving model to select the few that are licensed or become startups with resources put behind them Decisions based on a combination of IP, funding,access to expertise and/or Business Modelmilestones
  7. 7. The Engine Process2-StrokeWhat is it? What isthe OpportunityGo/No Go/Iterate4 cylinderValidation and criticalpath forwardGo/No Go/IterateV8Execute. Secure resourcestalent and fundingGo/No Go/IterateTechnology Commercialization PathAdditional Resources added as moves along pathFunding – Grant Writing – Management – Sponsored Research– Facilities – Prototyping
  8. 8. Define the Product and Path Define product and potential market(s) early What is the need? Who is the customer? What is the product development path? Seek feedback early Subject matter experts Potential customers or end-users Investors and business community Approaches Investors are looking for innovation but also management talent Build and draw on your network (investors, industry experts) Use inventor(s) as a resource but not as CEO Engage students/interns (marketing, MBA)
  9. 9. Entrepreneur in Residence (EIR) two distinct needs;1) Teaching Entrepreneur in residence who is facilitating student experimentationwith entrepreneurship. Adjunct or full time faculty paid with benefits, but not incented with ownership ormotivated to leave University Recognizes that very few students are ready to be CEO of a start-up but allows them lowrisk way to gain experience Funded by Business School Promotes student candidates to commercialization engine process Values to FSU include 40 percent of students in program go on to work at startups Real world experience for students (resume builder) Attracts top students Commercialization relates to core mission of universities: education Bench to Bedside student competition Cross campus interaction Student commercialization support where University participates in ownership andwhere there is a need to protect IP
  10. 10. EIR to facilitate leading companies thru commercializationprocess Recognizes that very few faculty or students are equipped to be CEO of a Start up Recognizes that “expert committees” often lack commitment, experience and passion to complete thestart up process EIR often is contractor who can take equity stakes, often funded by entity other than Biz school (e.g.President Office, foundations, alumni). EIR are involved with commercialization because of domain knowledge and are likely assigned tocolleges that match their expertise. Commercialization offices are often poorly equipped to select this kind of talent How do you pick these entrepreneurs for EIR programs? Especially if you are skeptical ofuniversities ability to recruit this type talent. Can partially judge talent by ability to raise money ASU believes in People selecting opportunities versus selecting the right people and paying themmore than EIRs (CowboyTechnologies) Helpful to vet and narrow activities. Help recruit or become management. Offers access to network to funding. U of U,ASU, MSU pay $4K-10 per month.(6-12 month contract) Payment and equity accumulation based on reaching milestones Compensation can include founder equity stake (up to 19%) often with earn out to avoid giving away equity tounsuccessful entrepreneur candidate Most Universities want them to move to other investor funding with a company startup ASAP
  11. 11.  Supporting ideas on Change Management LearnSomething approach: not from the conference We use this model to help clients launch major new initiatives| 11 |
  12. 12. | 12 |Some thoughts on a campus wide change effort toredefine ourselves as Entrepreneurs“Successful change of anymagnitude goes through alleight stages, usuallyin…sequence….Althoughone normally operates inmultiple phases at once,skipping even a single stepor getting too far aheadwithout a solid base almostalways creates problems.”
  13. 13. | 13 |1. Establishing a sense of urgency2. Creating the guiding coalition3. Developing a vision and strategy4. Communicating the change vision5. Empowering broad-based action6. Generating short-term wins7. Consolidating gains and producing more change8. Anchoring new approaches in the cultureTypical Eight-stage Change Process
  14. 14. | 14 |1. Establishing a sense of urgency Examining the market and competitive realities Identifying and discussing crises, potential crises, or major opportunities2. Creating the guiding coalition Putting together a group with enough power to lead the change Getting the group to work together like a team3. Developing a vision and strategy Creating a vision to help direct the change effort Developing strategies for achieving that vision4. Communicating the change vision Using every vehicle possible to constantly communicate the new vision andstrategies Having the guiding coalition role model the behavior expected of employeesEight-stage Change Process:
  15. 15. | 15 |5. Empowering broad-based action Getting rid of obstacles Changing systems or structures that undermine the change vision Encouraging risk taking and nontraditional ideas, activities, and actions6. Generating short-term wins Planning for visible improvements in performance, or “wins” Creating those wins Visibly recognizing and rewarding people who made the wins possible7. Consolidating gains and producing more change Using increased credibility to change all systems, structures, and policies thatdon’t fit together and don’t fit the transformation vision Hiring, promoting, and developing people who can implement the change vision Reinvigorating the process with new projects, themes, and change agentsEight-stage Change Process
  16. 16. <Client> Kickoff Meeting, xx.xx.xxxx| 16 |8. Anchoring new approaches in the culture Creating better performance through customer- and productivity-orientedbehavior, more and better leadership, and more effective management Articulating the connections between new behaviors and organizational success Developing means to ensure leadership development and successionChange Process
  17. 17. | 17 |What happens next…..Change team Selected resources Project timelines Team schedules and holidays Potential impact of additional projects and criticalmilestones Additional needs and definitions Any other concerns, issues, and potential constraints toproject success
  18. 18. | 18 |Supporting change often requires each individual bealigned with desired outcomeAlignment implementation methodology uses a simple approach to communicatechange to faculty. Is each person impacted have a clear understanding of the initiativeimportance and their role:
  19. 19. | 19 |Project Plan A project plan will be deliveredwhich outlines the following: Project activities Resources/responsibilities Critical milestones That plan will be maintained through the life of theproject and adjusted as needed to hit critical milestones.
  20. 20. | 20 |Calendaring a series of change events