Discussion of commercialization of intellectual property and entrepreneurs in residence as they relate to FSU's goal to be the Entrepreneurial University
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. Is the FSU challenge:
How do we find and commercialize value from Disclosures by professors and students?
I call it the “Di-Nanogistic Fantastic! That’s also a
bi-modulating energy great name for a company
conversion medical oscopy
combinating fragilisticator”
Some sort of
“Widget”
Inventor TCO Manager
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 and
funding
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 Model
milestones
7. The Engine Process
Go/No Go/Iterate Go/No Go/Iterate Go/No Go/Iterate
Technology Commercialization Path
2-Stroke 4 cylinder V8
What is it? What is Validation and critical Execute. Secure resources
the Opportunity path forward talent and funding
Additional Resources added as moves along path
Funding – Grant Writing – Management – Sponsored Research– Facilities – Prototyping
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. Entrepreneur in Residence (EIR) two distinct needs;
1) Teaching Entrepreneur in residence who is facilitating student experimentation
with entrepreneurship.
Adjunct or full time faculty paid with benefits, but not incented with ownership or
motivated to leave University
Recognizes that very few students are ready to be CEO of a start-up but allows them low
risk 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 and
where there is a need to protect IP
10. EIR to facilitate leading companies thru commercialization
process
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 the
start 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 to
colleges 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 of
universities 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 them
more than EIRs (Cowboy Technologies)
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 to
unsuccessful entrepreneur candidate
Most Universities want them to move to other investor funding with a company startup ASAP
11. Supporting ideas on Change Management
LearnSomething approach: not from the conference
We use this model to help clients launch major new initiatives
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12. Some thoughts on a campus wide change effort to
redefine ourselves as Entrepreneurs
“Successful change of any
magnitude goes through all
eight stages, usually
in…sequence…. Although
one normally operates in
multiple phases at once,
skipping even a single step
or getting too far ahead
without a solid base almost
always creates problems.”
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13. Typical Eight-stage Change Process
1. Establishing a sense of urgency
2. Creating the guiding coalition
3. Developing a vision and strategy
4. Communicating the change vision
5. Empowering broad-based action
6. Generating short-term wins
7. Consolidating gains and producing more change
8. Anchoring new approaches in the culture
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14. Eight-stage Change Process:
1. Establishing a sense of urgency
Examining the market and competitive realities
Identifying and discussing crises, potential crises, or major opportunities
2. Creating the guiding coalition
Putting together a group with enough power to lead the change
Getting the group to work together like a team
3. Developing a vision and strategy
Creating a vision to help direct the change effort
Developing strategies for achieving that vision
4. Communicating the change vision
Using every vehicle possible to constantly communicate the new vision and
strategies
Having the guiding coalition role model the behavior expected of employees
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15. Eight-stage Change Process
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 actions
6. Generating short-term wins
Planning for visible improvements in performance, or “wins”
Creating those wins
Visibly recognizing and rewarding people who made the wins possible
7. Consolidating gains and producing more change
Using increased credibility to change all systems, structures, and policies that
don’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 agents
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16. Change Process
8. Anchoring new approaches in the culture
Creating better performance through customer- and productivity-oriented
behavior, more and better leadership, and more effective management
Articulating the connections between new behaviors and organizational success
Developing means to ensure leadership development and succession
<Client> Kickoff Meeting, xx.xx.xxxx
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17. What happens next…..Change team
Selected resources
Project timelines
Team schedules and holidays
Potential impact of additional projects and critical
milestones
Additional needs and definitions
Any other concerns, issues, and potential constraints to
project success
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18. Supporting change often requires each individual be
aligned with desired outcome
Alignment implementation methodology uses a simple approach to communicate
change to faculty. Is each person impacted have a clear understanding of the initiative
importance and their role:
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19. Project Plan
A project plan will be delivered
which outlines the following:
Project activities
Resources/responsibilities
Critical milestones
That plan will be maintained through the life of the
project and adjusted as needed to hit critical milestones.
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