Session S29: Entrepreneurs: Building the Company

Different Roads to Academic Entrepreneurship

There has been a sea change over the last few decades in the way academic institutions view entrepreneurial activities of the faculty and the role of the Institution in fostering an ecosystem conducive to such activities. This has become a global phenomenon and many of the leading Institutions in Europe and Asia are also beginning to replicate the model of the Boston or Silicon Valley academic Institutions. While this is an opportunity for the innovative, entrepreneurial faculty member it also presents a significant dilemma in terms of how one manages such extra-curricular activities with minimal detriment to one’s academic program. In my talk I will discuss a variety of models that are available to the academic entrepreneur, their pluses and minuses and also some of the critical knowledge one needs to understand about the world of entrepreneurship in general. I will use examples from several of my colleagues’ startups and my own experience in running a company for over three decades maintaining an academic life.   

From Theoretical Physics to Cancer Diagnostics

The core technologies of our company are techniques in high aspect ratio microfabrication. We are currently applying them to the development of x-ray phase contrast imaging systems and blood test for early detection of solid tumors. Good research does not always mean marketable products. Large market size is critical for commercialization. Excellent and accurate science is important, but not sufficient. We are learning that commercialization requires different expertise, experienced advisors, well known board of directors, partnerships, and investments. Our technologies have the potential of reaching multi-billion dollar sales, and we hope we will achieve that goal.   

Starting Up a Company in a Mature Market: Wise or Foolish ?

SDCmaterials, Inc. (SDC) is a venture backed, mature start up in the automotive sector. Moreover: Catalytic Converters for vehicles and stationary applications. The company has invented and developed environmentally friendly, novel materials as well as material integration techniques for catalytic converters based on a proprietary and patented nanotechnology.\\ \\Traditionally catalysts require large amounts of PGMs (Platinum Group Metals), more than USD 10B per year, in order to treat vehicle emissions. Due to that, the catalytic converter is the single most expensive piece part in a vehicle. The currently used technologies have served the industry well. However, as emission standards dramatically tighten, particularly in China, the demand for more fuel efficient and Hybrid vehicles increases, this technology begins to start showing limitations as it can meet the aforementioned demands only by increasing the PGM amount per vehicle. This in turn will increase the cost per vehicle and / or reduce margins for the automotive industry, and in addition to that impact the environment negatively.\\ \\In contrast to existing technologies, the SDC based technology can meet future emission goals by maintaining, or even reducing, the PGM amount required to treat exhaust emissions. This results in tremendous savings for the consumer and the automotive industry, as well as a significantly better stewardship of natural resources and clean manufacturing. In the present paper the pros and cons of starting a nanotechnology company in a mature market are presented. Both from a business & economics, as well as from a technology point of view. The case is made that it is possible to start a company in a mature market and that novel technologies can compete economically with 40+ old year technologies.   

Keys to Taking Your Nanotech Inventions to the Market

Although many scientists and engineers may wish to be an owner of something they invented, and then take that something to the market, there are many obstacles to do so. Many of these roadblocks are self-imposed, and many more are there because most of us are not aware of the very strict rules that exist in the world of marketing, selling, and manufacturing in the United States. This lecture will identify a small subset of these obstacles and discuss some ways to overcome them. Belief in your goals is most important, and this belief must be shared by others, or you cannot succeed. Believe it or not, no one wants to steal your ideas or inventions. They would much rather have you take it to market yourself. This really is a lecture about winning.   

Applying Scientific Skills to the Business World

According to executive search firm Spencer Stuart, one third of Fortune 500 CEOs have undergraduate degrees in engineering or one of the physical sciences, versus 11 percent of such CEOs with degrees in business administration. Yet outside the boardroom, scientists leading businesses are often regarded as a curiosity, as if the skills that are believed by many to be essential to success in business somehow differ fundamentally from those developed by an education in engineering or science. This talk will focus on the skills necessary to succeed in business generally, and more specifically as an entrepreneur. We will explore the overlap between these skills and those that are developed by an education in engineering and science. We will also examine some of the common misperceptions held by scientists about the business world as well as the way scientists are often (mis)-perceived by the business community.