Session V43: Invited Session: Entrepreneurship - The Quest for Start-Up Success Based on Research Advances

Start-ups for Dummies

I will present the best practices I have learned from founding, co-founding or seeding the early stage growth of 50 high technology and life sciences companies.   

Pushing a physics discovery towards commercial impact

In 1997 my research group discovered that shining intense, ultrashort laser pulses on the surface of a crystalline silicon wafer drastically changes the optical, material and electronic properties of the wafer. The resulting textured surface is highly absorbing and looks black to the eye, making this 'black silicon' useful for a wide range of commercial devices, from highly-sensitive detectors to improved photovoltaics. Over the following ten years we investigated this material and developed a prototype detector. The prototype gave us the confidence to commercialize black silicon. Togethe r with a graduate student, I founded SiOnyx. The company, based in Beverly, MA, is in the process of manufacturing the first commercial products based on black silicon.   

Having your cake and eating it too; effective engagement in start-ups from an academic seat

In order for scientific advances to have a positive impact on society, they must be successfully transitioned from conceptually fundamental endeavors in academic research laboratories to valuable enabling technologies at start-up companies. Nanosphere, NanoInk, and AuraSense are three start-up companies that have been spun out of Northwestern based on research initiated in my laboratory. These companies are focused on commercializing nanotechnology-based applications in the life science and semiconductor industries and have turned discoveries from my lab into viable commercial products. For example, several of the systems developed at these start-ups are in the clinical trial phase, with one already approved by the FDA, and they are poised to have a positive world-wide impact. Herein, I discuss the challenges associated with identifying commercial value in academic research projects, securing intellectual property, forming a company as a legal entity, and locating sources of start-up funds. Further, I will discuss the rewards of venturing into such enterprises and the ways of ensuring a start-up company's long-term success, while juggling the numerous responsibilities of an academic seat. I argue that these two activities are done not in competition, but rather are integral for driving the type of high-level, synergistic scientific research that is being done today.   

An entrepreneurial physics method and its experimental test

As faculty in a master's program for entrepreneurial physics and in an applied physics PhD program, I have advised upwards of 40 master and doctoral theses in industrial physics. I have been closely involved with four robust start-up manufacturing companies focused on physics high-technology and I have spent 30 years collaborating with industrial physicists on research and development. Thus I am in a position to reflect on many articles and advice columns centered on entrepreneurship. What about the goals, strategies, resources, skills, and the 10,000 hours needed to be an entrepreneur? What about business plans, partners, financing, patents, networking, salesmanship and regulatory affairs? What about learning new technology, how to solve problems and, in fact, learning innovation itself? At this point, I have my own method to propose to physicists in academia for incorporating entrepreneurship into their research lives. With this method, we do not start with a major invention or discovery, or even with a search for one. The method is based on the training we have, and the teaching we do (even quantum electrodynamics!), as physicists. It is based on the networking we build by 1) providing courses of continuing education for people working in industry and 2) through our undergraduate as well as graduate students who have gone on to work in industry. In fact, if we were to be limited to two words to describe the method, they are ``former students.'' Data from local and international medical imaging manufacturing industry are presented.