Entrepreneurship Program at

STEP: the Science and Technology

STEP:

the

Science

and

Technology

Entrepreneurship

Program

at

C

W t

R

U i

it

Case

Western

Reserve

University

Physics Chairs Conference on “Broadening 

Ph i C P th ” Physics Career Paths”

American Center for Physics, June 2010 Cyrus Taylor

Albert A. Michelson Prof. in Physics & Dean of the College of Arts and Sciences Dean of the College of Arts and Sciences

STEP:

Science

and

Technology

hi

Entrepreneurship

Program

•

STEP

is

a

2

‐

year

masters

program

at

CWRU

that

provides

studies

in

state

‐

of

the

‐

art

t h

l

d

i

tifi i

ti

technology

and

scientific

innovation,

practical

business

instruction,

and

real

‐

world entrepreneurial experience

world

entrepreneurial

experience.

•

Physics Entrepreneurship Program

•

Physics

Entrepreneurship

Program

launched

in

2000

Biology and Chemistry soon thereafter

STEP:

Science

and

Technology

hi

Entrepreneurship

Program

•

Goal:

to

empower

students

with

a

scientific

background

to

innovate

and

d

l

b i

ith

develop

new

businesses,

either

as

entrepreneurs

who

start

new

companies

or as

intrapreneurs

working within

or

as

intrapreneurs

working

within

Premise

Premise

• Our future depends on our ability to foster aOur future depends on our ability to foster a 

culture of innovation and an entrepreneurial 

mindset mindset

• _{We must ensure that our basic R&D more} 

effectively yields new products and services effectively yields new products and services 

What’s at stake?

What s

at

stake?

Who Am I?

Who

Am

I?

• BSS Physicsys cs 980 ( 1980 (MIT))

• PhD Physics 1984 (MIT)

• String theory 1983String theory 1983 1990‐1990 or so or so

• Experimental Particle Physics

– MiniMax,a , FELIX,, O TOTEM

• Physics Entrepreneurship

• AdministrationAdministration

– Chair of Physics Department

New environments, new approaches

New

environments,

new

approaches

• How can we structure programs to moreHow can we structure programs to more 

effectively prepare scientists to function in 

entrepreneurial environments?

entrepreneurial environments?

A i d f i t d ti l i ti

– A period of intense educational innovation

– A variety of interesting experiments

l b l d

What is Entrepreneurship?

What

is

Entrepreneurship?

• _{"Entrepreneurship is the process of creating} 

or seizing an opportunity and pursuing it 

regardless of the resources currently 

controlled" (Timmons, 1994) 

• An Entrepreneur is “a person who 

habitually creates and innovates to build 

thi f i d l d

something of recognized value around 

perceived opportunities.” (Bolton & 

Thompson )

What has this got to do with Physics?

What

has

this

got

to

do

with

Physics?

• “Physics Entrepreneurship? Isn’t that anPhysics Entrepreneurship? Isn t that an 

oxymoron?”

• “I didn’t understand what the words ‘physics’ 

d ‘ hi ’ d i h i

and ‘entrepreneurship’ were doing together in 

Back

to

the

Beginning…

Thales of Miletus

Thales

of

Miletus

(~624

to

546

BCE)

• Father of physics (or more generally science)Father of physics (or more generally science) 

credited with

– Experimental electromagnetism: observed that

– Experimental electromagnetism: observed that 

rubbing amber made it attractive to small 

particles p

Also

the

father

of

Physics

Entrepreneurship (and financial

Entrepreneurship

(and

financial

engineering)

• Predicted bountiful olive harvest six months inPredicted bountiful olive harvest six months in 

advance

• Took options on all olive presses in the region

• Took options on all olive presses in the region

• Harvest was booming: he then re‐rented the 

i ifi k

presses at a significant markup

Academic Entrepreneurship

Academic

Entrepreneurship

• “Entrepreneurship is also essential in research.Entrepreneurship is also essential in research. 

All research is a venturesome business. It 

entails allocating scarce resources. It requires 

organization.g  Someone must decide how to 

allocate the limited resources available for 

research given the existing state of knowledge. 

The veryy essence of research is that it is a 

dynamic venture into the unknown or partially 

known. Funds, organizations and competent 

scientists are necessary.y  Theyy are not 

sufficient. Research entrepreneurship is 

required, be it by scientists or by others 

engaged in the research sector of the 

” economy.”

Traditional View of a Research University Traditional View of a Research University

Research Education

Research Education

Commercialization Commercialization

New View of Research Universities New View of Research Universities

Research Education

Research Education

Commercialization Commercialization

We listened carefully to our alumni

We

listened

carefully

to

our

alumni

• Increasing need for Scientists to be able to thriveIncreasing need for Scientists to be able to thrive 

in entrepreneurial environments

• There is a big gap between a student’s knowledgeThere is a big gap between a student s knowledge 

and what is necessary to start a company 

(entrepreneurship), or be maximally effective in (entrepreneurship), or be maximally effective in 

an existing company (intrapraneurship)

• There is an impedance mismatch between theThere is an impedance mismatch between the 

culture of academia and that of the business 

How to fill the gap?

How

to

fill

the

gap?

• “School of Hard Knocks” 

– Common route for many scientists‐turned‐entrepreneurs

– Are they more effective, more efficient, less painful 

ways? ways?

• Get an MBA

– Two years plus 2‐3 years previous business experience

– $$$

– Often not an efficient means of empowering physicists as 

entrepreneurs entrepreneurs

Several

Initiatives

at

Case

Western

Reserve

University

• Science & Technology EntrepreneurshipScience & Technology Entrepreneurship 

Programs

– http://step case edu

– http://step.case.edu

Th I tit t f M t d

• The Institute for Management and 

Engineering

h // d

Structure?

Structure?

• Lean and Flexible Curriculum:Lean and Flexible Curriculum:

( )

• _{Four  core courses (over two semesters)} • _{Graduate level science courses}

• _{Graduate level business courses} • _ThesisThesis

Grounded in the real world

Grounded

in

the

real

world

9 credit Master’s thesis with technical content in an 

entrepreneurial context

* Through starting a new venture * Through starting a new venture

* Through intrapreneurial internship (10 – 20 months, ~ half time)

Other key elements for success

Other

key

elements

for

success

• Comprehensive Research University

• _{Outstanding Tech Transfer Office}

• Many Entrepreneurship‐Based Programs & 

Organizations @ CWRU

S f i l

• _{Strong state support of entrepreneurial} 

support organizations

• _{Strong ties to industry}

• _{Strong ties to industry}

• University Circle institutions: CIA, CCF, UH, Etc.

• _{Leadership Support (Dean Dept Chairs)}

– Surprising Demographics

New Ventures

New

Ventures

• NeoMed TechnologiesNeoMed Technologies

– Nuclear Medicine Screening Test for Coronary 

Artery Disease Artery Disease

Not

Everything

Goes

as

Planned:

d

NeoMed

Unique, non‐invasive method for 

detecting Coronary Artery Disease  Timeline

• 2000 company formed

• FDA trials began in August 2005

• Product has not yet been released

Graduate

Commercialization

Assistants

• Teams of GCAs work with faculty tech transferTeams of GCAs work with faculty, tech transfer 

offices, outside companies and organizations 

to make the process of technology to make the process of technology 

commercialization more effective and more 

efficient efficient.

Traditional View of a Research University Traditional View of a Research University

Research Education Research Education Commercialization Research Assistants (RAs) Teaching Assistants (TAs) Commercialization (RAs) (TAs)

Role of TAs and RAs

Role

of

TAs

and

RAs

• _{TAs provide teaching/grading in return forTAs provide teaching/grading in return for} 

financial compensation (tuition/stipend)

• _{RAs carry out research projects under theRAs carry out research projects under the} 

direction of faculty advisors in return for 

compensation

• _{Key components to the science and} 

engineering enterprise in this nation:  

graduate students in these disciplines at 

research university have their education 

d supported

Role of GCAs

Role

of

GCAs

Work with other organizations

Work

with

other

organizations

• Center for the Commercialization of AdvancedCenter for the Commercialization of Advanced 

Technology

• Cleveland Clinic Foundation

• Cleveland Clinic Foundation

•

_{BioEnterprise}

Work with a Startup 

company

Jeff Bargiel (right)

Phycal:  Oil from Algae

Timeline

• 2007 hired as an intern

Work with a Biotech Startup

Work

with

a

Biotech

Startup

Yukang Zhao

Proprietary stem cell and tissue 

engineering based therapies

Timeline

• 2006 Commercialization Assistant Intern

• Mentored 6 other CWRU Commercialization Assitants to date to date

Work with established companies

Work

with

established

companies

• _{USA InstrumentsUSA Instruments}

– New MRI coil for breast imaging

– Killed another project:p j  no market

• _{A fortune 500 company}

– Identified a new product opportunity in aIdentified a new product opportunity in a 

technology area they had targeted and identified a 

consortium to implement it

• A lighting products company

– Improved ballast design for metal halide lamps + 

id ifi d d lifi d Chi f i

identified and qualified Chinese manufacturing 

A

new

venture

involving

all

of

the

b

l

l

d

above…

QED:

Quality

Electrodynamics

Hiro Fujita, PhD

Timeline

• 2006 “Cyrus, How do you start a company?” • 2008 $5M in revenue

2009 F b 11th _{M t P i i C i A i}

Challenges in Academia

Challenges

in

Academia

• Peter Drucker: “Entrepreneurship is a practicePeter Drucker:  Entrepreneurship is a practice, 

not a discipline”

– “Entrepreneurship is not an academic discipline”

– Entrepreneurship is not an academic discipline

– Often leads to problems in partnering with 

management schools management schools

Conclusions

Conclusions

• An entrepreneurial mindset will be anAn entrepreneurial mindset will be an 

enormous advantage to everyone

• All of science is becoming more

• All of science is becoming more 

entrepreneurial

W d i hi d d i

• _{We need to recognize this and respond to it,} 

Resources

Resources

• National Collegiate Inventors and InnovatorsNational Collegiate Inventors and Innovators 

Alliance 

– http://nciia.orghttp://nciia.org

• Stanford Technology Ventures ProgramStanford Technology Ventures Program

– http://stvp.stanford.edu

• Science & Technology Entrepreneurship Program