Technical Entrepreneurship & Management

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Technical

Entrepreneurship &

Management

Duncan T. Moore

Vice Provost for Entrepreneurship

President of the International Commission of Optics(ICO)

Kingslake Professor of Optical Engineering

Professor of Business Administration

585.275.5248

moore@optics.rochester.edu

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Today’s topics

Can we teach you be an entrepreneur?

Can we teach entrepreneurship?

What are the attributes of an entrepreneur?

Entrepreneurship for 

Scien0sts and Engineers

miércoles 4 de diciembre de 2013

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Your background/expectations

(This is about the customer-you or

“Voice of the Customer”)

•

What is your biggest concern about

starting a company?

•

What do you want to learn this week?

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Short history of my

experience in becoming

an entrepreneur

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Polymeric GRIN Material

Chromatic Dispersion

miércoles 4 de diciembre de 2013

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Polymeric GRIN Material

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Gradient-Index Prisms

Duncan T. Moore Gradient-Index Group

University of Rochester – The Institute of Optics, Rochester, NY

Supported by the DARPA M-GRIN program

10mm

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Scien0sts and Engineers

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Entrepreneurship

for Scientists and

Engineers

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Today’s topics

Can I teach you be an entrepreneur?

What are the attributes of an entrepreneur?

I can teach you to understand what

entrepreneurship is

(like musicians and music)

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University of Rochester

Definition of

Entrepreneurship

Transforming Ideas

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Class on Technical

Entrepreneurship-1987

half MBA-half PhD’s in science

and engineering

College of Business and

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Growing an economy

•

“What an economy needs is STEM(Science,

Technology, Engineering and Mathematics)

graduates with deeper knowledge of at least one

discipline and roots in at least two…. But also have

the skill set to move their ideas into products, acting

as entrepreneurs..”

Robert Atkinson, in Issues in Science and Technology

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•

Designed for students with an undergraduate

degree in engineering, science, or mathematics

•

Provides master’s level technical education in

combination with business, entrepreneurial

management, and leadership courses

•

Partner with Office of Technology Transfer to

choose an existing patented technology and

create a business plan for its

commercialization

MS Degree in Technical

Entrepreneurship and

Management (TEAM)

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Technical Electives

Entrepreneurship for 

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Countries Represented in the last

two classes

Bangladesh, China, Cyprus, Dominican Republic, India,

Jamaica, Nepal, Nigeria, Trinidad-Tobago, Togo,

Uganda, United Kingdom, United States

Scholarship funding available(especially for countries

from which there has not been a student)

This is a STEM degree which covered by a special

agreement with CONACyT (Mexico) and U of Rochester

Permits graduates to work in the US for 27 months

after graduation

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Innovation

•

Innovation = (Invention) X (Market Opportunity)

•

If either is zero, the result is zero!!

Entrepreneurship for 

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Entrepreneurs

•

Are not risk takers

•

Are comfortable with

making decisions with

incomplete data

•

Changing directions as

more data are developed

•

Extroverted

miércoles 4 de diciembre de 2013

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Typical Scientists and

Engineers

•

Are not risk takers

•

Driven to find answers

•

Margin of safety

•

Introverted

•

Believe it is all about the

idea

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Poor choices for an

entrepreneur

•

Lawyers

•

Accountants

•

Engineers who work in

public safety (CE, ME)

•

Controlling people

•

People who fear failure

(23)

Many Sources of ideas

•

Your laboratory-Top

Down ( A better mouse

trap) Build it and they

will come

•

Remember the definition

of innovation

•

Asking people what they

would like- Bottoms up

(24)

•

Successful business changes the

playing field by one of the following

–

Product is 10X better

–

Convince the customer they have a new

need

–

Make product accessible to a new set of

customers

(25)

•

Copiers Xerox vs Canon

•

Bottled water

•

Dell

•

Kia Auto

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Entrepreneur-other

issues-1

•

Financing (Public and

private)

•

Government Policy

•

Societal view of failure

(27)

Entrepreneur-other

issues-2

•

Financing effects the team

choices may evolve over time

•

Self financing

•

Friends, Fools and Family

•

Angel funding

•

Venture capital

•

Public offering

–

S

el

f

–

F

ri

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Entrepreneur-other

issues-3

•

Goals of the founders

•

Life style companies

•

Living dead companies

•

Scalable

•

Small Business vs

Entrepreneurship

miércoles 4 de diciembre de 2013

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Legal Lease agreement Employment contracts Severance agreements Non‐compete agreements Confiden0ality agreements Corporate document & bylaw  genera0on & upkeep Term sheets Stock op0on plan Licensing contracts Intellectual property firm  selec0on and ongoing  maintenance Fundraising documents Bridge loan agreements Preferred stock purchase  programs Local business license Local Hazmat permit Local fire department permit State environmental permit Federal corporate registra0on State corporate registra0on Registered agent selec0on DOJ, OIG, and FDA background  checks BIS en0ty & denied persons  checks Distribu0on agreements General Facility search U0li0es Capital equipment purchases Office supply purchases Coffee maker Servers Computers Printers Copiers Janitorial services SoUware Tooling and fixture purchases Microwave Refrigerator Telephone system Furniture Property Insurance Fire ex0nguishers Evacua0on plan Disaster recovery plan Finance General accoun0ng services Monthly repor0ng Banking services Payroll services Budge0ng process Capitaliza0on Table upkeep Tax prepara0on Quality System Vendor audi0ng Vendor creden0aling Quality system design Quality system implementa0on External auditor selec0on Internal audi0ng program Biocompa0bility vendor selec0on Steriliza0on vendor selec0on Design control system Employee training Process valida0on Design verifica0on Design valida0on Environmental & Shipping tes0ng Recordkeeping & reten0on  processes Inspec0on criteria DFMEA and PFMEA Corporate Board of Directors mee0ng  scheduling BOD repor0ng Fundraising Ongoing BOD management External corporate repor0ng VC management Regulatory No0fied Body selec0on Scien0fic Advisory Board  selec0on Key Opinion Leader selec0on EU Regulatory Dossiers FDA Submissions Clinical study contracts Ins0tu0onal Review Board  submissions Clinical SOPs HIPAA Procedures Clinical trial insurance Medical device insurance Export licensing Compliant labeling (UDI)  genera0on Federal & local registra0ons Bar code repository Human Resources Job descrip0ons Hiring plan Human resources policies Employee training Stock op0on awards Health and safety procedures Travel & Entertainment policy Health insurance Life insurance

A Few Things to Deal

With…

(not even close to a complete list)

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You can be an entrepreneur

•

Talk to customers first before writing

a business plan

•

Get a mentor

•

Board of advisers (unpaid)

•

Scientists and engineers are good at

taking complex problems and solving

a series of smaller problem to solve

the complex problem.

miércoles 4 de diciembre de 2013

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Thank You

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Technical Entrepreneurship & Management

Technical

Can we teach entrepreneurship?

What do you want to learn this week?

miércoles 4 de diciembre de 2013

Scien0sts and Engineers

I can teach you to understand what

College of Business and

the skill set to move their ideas into products, acting

management, and leadership courses

Entrepreneurship for

from which there has not been a student)

Entrepreneurship for

miércoles 4 de diciembre de 2013

Lawyers

will come

Make product accessible to a new set of

private)

Angel funding

miércoles 4 de diciembre de 2013

You can be an entrepreneur

miércoles 4 de diciembre de 2013

Scien0sts and Engineers

Entrepreneurship for 

Entrepreneurship for 