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A definition..

A definition. “My son is now an ‘entrepreneur’. That’s what you are called if you don’t have a job.” Ted Turner. Another definition…. “An entrepreneur jumps off a cliff and assembles the airplane on the way down…” Reid Hoffman, founder of LinkedIn.com. Entrepreneurship.

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A definition..

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  1. A definition.. “My son is now an ‘entrepreneur’. That’s what you are called if you don’t have a job.” Ted Turner

  2. Another definition… “An entrepreneur jumps off a cliff and assembles the airplane on the way down…” Reid Hoffman, founder of LinkedIn.com

  3. Entrepreneurship • Serve a relatively large external constituency, whose measured reaction to alternative proposals is central to determining its success or failure. • Propose a product or service, broadly defined, that the external constituency would appreciate, based on an in-depth understanding of the culture, values and needs of the constituency. • Include the design and implementation of the product or service, recognizing all of the physical, economic, and social constraints that would impede adoption, or at minimum a plan for doing so that has resolved all questions of feasibility and cost. • Be evaluated by the external constituency itself, not just the team or other inside parties (e.g. an instructor).

  4. Deep Disciplinary Knowledge

  5. Broader, Enabling Skills and Knowledge Deep Disciplinary Knowledge

  6. A Great Engineers know more than Engineering • Creativity & Innovation: The ability to identify and characterize problems in the face of uncertainty and imperfect information, and to create new solutions. • Entrepreneurial Mindset: The desire and capability to make a difference by championing and managing needed change, including effective goal-setting, persistence and an ability to manage risk. • Intercultural Skills: The ability to interact effectively across cultures and around the globe. • Collaborative Spirit: A propensity for working in teams, including an understanding of the opportunities provided by diversity, and strong interpersonal skills. • Social & Environmental Responsibility: An understanding of human, social and environmental impacts, and the ethical tools to make sustainable and responsible decisions. • Effective Communication: The ability to communicate professionally in any setting.

  7. First Michigan Story • In 1980ties: Weather class is adding a telnet component “UM-Weather” • NSF supported to create first interactive graphics (Blue Skies) using NSFNet • Involved a number of motivated students, some of which had the idea to take this idea forward.

  8. 1988

  9. Wunderground.com • Formed with Alan Steremberg as a CEO • Jeff Masters one of the top content providers and bloggers • Among top 100 websites • Locations in A2 and SF

  10. July 2, 2012 • Privately held, mostly by founders • Acquired by weather.com • Mostly because of it’s data and technology capabilities

  11. Second Michigan Story • Brandon McNaughton • Applied Physics PhD, 2007 • Founder and CTO of Life Magnetics • Raised $1M of seed-funds

  12. “The Start Up” The Life Magnetics Story • August 2009: Founded Life Magnetics, Inc. • April 2010: Project Funded by Coulter Foundation. • July 2010: Technology Optioned from U-M. • July 2010: Closed Series A Financing Round with Arboretum Ventures. • September 2010: Secured CEO – Bill Wood (Mentor in Residence Program).

  13. The Real Story: It Took A Lot of People, Resources, and Time • 2002 BS in Physics and near BA in Organizational Management. • 2002 Started PhD in the Applied Physics Program (at U-M). • 2003 First interaction with Tech Transfer. • 2006 Introduced to Duane Newton. • 2006-7 Published on idea and PhD, RaoulKopelman. • 2007 Patent Application. • 2007 Post Doc Support from Roy Clarke, Physics. • 2007 SPARK Entrepreneur Boot Camp (Tech Transfer). • 2007 First introduced to investors (Tech Transfer). • 2008 Funded by MUCI (with Roy Clarke & Andy McColm). • 2008 Funded by Coulter (with Alan Hunt & Jim O’Connell). • 2008 Fellowship from MICHR (PTSP). • 2008 Finance 629 (David Brophy). • 2008 1000 Pitches Finalists (CFE - with a grad student). • 2008 Finalist Collegiate Inventors Competition (Inventors Hall of Fame). • 2009 Bay Area Trip – Pitch Competition Winner (CFE). • 2009 Funded by NIH (with RaoulKopelman). • 2009 Funded by Coulter. • 2009 Research Scientist in BME, Alan Hunt. • 2009 MBA student’s help (Marcel Gani/ZLI, CFE, and MUCI) • 2009 MichBio Best Company Presentation (Tech Transfer). • Other competitions, events, meetings, sleepless nights, etc. • Many more…

  14. Entrepreneurship Experience - Crossing the Invisible Bridge

  15. Entrepreneurial Ecosystem • Characteristics of an Entrepreneurial Ecosystem • Great access to People (Mentors, etc.) • Early-stage Funding Opportunities • Encourage entrepreneurs to pursue ideas • Keep entrepreneurs pursuing their idea • Environments (physical space/incubators/people)

  16. Third Michigan Story

  17. 140 infants die every hour worldwide.

  18. Total Market Opportunity $15B $292.86M $2.23M

  19. “One to Love, One to Give” • Discussion of BOGO Business Model & Challenges Information Blanket Happy Blankie Blanket America

  20. Business Model • Sell Infant Blanket to Retailers, Distributors, and Online • Infantino, Babies “R” Us • Cost Per Blanket: $8 • Sold: ~$25 • Outside Manufacturer for Blanket

  21. Next Steps • Design of the Blanket • Valerie from Carters, Designer • Marketing & Communication • Website • Financials • Bill Mayer • Continuing to Test Blanket • Team

  22. The Team • Grace Hsia (BSE) – Chief Legal Officer • Rachel Rademacher (BSE) – Chief Technical Officer • Austin Ruby (BBA) – Head Business Officer • Weidong Chen (BSE) – Chief of Industrial Operations • Shwetha Maddur (BSE) – Chief of Medical Relations • Heather Wilsher (BSE) – Chief Information Officer • Ta-Wei Lin (MHSA) – Business Intern • Devon Triplett (MS) – Business Intern • Vivek Pejaver (BSE) –Engineering Intern

  23. So, why entrepreneurship?

  24. The Problem We need to change how we educate the future leaders of the world because the speed of change and innovation has become so rapid… the US is losing ground in innovation and manufacturing… the Michigan economy is in need of reinvention… the US economy is in need of reinvigoration…

  25. Impact Driven Entrepreneurship is the Solution • We live in a time of change that requires leaders who embrace change, and adapt faster than their competitors • Entrepreneurs excel in this environmentof risk taking and seizing of opportunities • Entrepreneurship is a mindset that can and must be taught to enable future leaders • Impact driven entrepreneurs are those who make a positive impact on society, the economy or the environment

  26. The CFE Approach • Attract top students and faculty by enabling their passion for impact driven entrepreneurship • Infuse entrepreneurship throughout the university, one of the Nation’s largest research universities • Educate using new approaches, integrating students through an entrepreneurial culture • Activate our extended network of alumni to fuel an exponential growth in impact

  27. Three Pillars • Building Skills through • Experiential Learning • Creating startup companies • Building an Entrepreneurial Ecosystem

  28. UM Challenge: Scaling up Entrepreneurs Technologies Companies Number of people Impact of output Experiential Learning Engagement Solution: Put programs in place to move people and their ideas upwards

  29. Experiential Learning $160,000 / yr $150,000 / yr $330,000 / yr • 2,500 Enrollments in our entrepreneurial courses over the last 5 semesters • 100 Students have declared their participation in our program in entrepreneurship

  30. Technology Bootcamp Joint Masters in Entrepreneurship best-in-class graduate program; enhanced opportunities for all • Launch/Internship • Business Bootcamp August Fall Winter Summer Partnership with Ross School of Business

  31. Creating New Ventures • 3,000 Students have submitted video business idea pitches last year • 400+ Students (150 teams) have submitted business proposals to D2D last year • 20 Student companies exited TechArb this spring, 25 new companies in there now

  32. Small Company Job Fair

  33. TechArb – Business Accelerator Lecture Tools CWIC Technologies Sentient Wings

  34. UM Yearly Entrepreneurial Impact of Research: Some Numbers • Research funding: $1.2B • Number of Invention Reports: 300 • Number of Agreements and Transfers: 100 • Number of Startups based on University Research: 10 • Licensing revenue: $40M • How can we be a lot better?

  35. The Innovation Gap Market Pull Technology Push GAP Investment Entrepreneurial Translation 2. Lack of Knowledge about Market Needs 1. Innovation Pool Deep Enough? 3. Lack of Alignment of University Value System 4. Lack of Training about Entrepreneurial Processes and Forces

  36. Principles • Funded research must be new and between at least two units • Immediate funding (no formal review) • Three tokens per cube • Funds used to support UGs, Grads, Postdocs • Campus-wide innovation conferences showcase results and lessons learned

  37. Market Pull The Innovation Gap Technology Push GAP Investment Financial and Personnel Support (Mentors) Federally fundedResearch, IP Partnership Talent, Facilities Needs and Ideas Educational Opport. Ideas Translation Talent Entrepreneurial Translation

  38. Support collaborative research that addresses unmet clinical needs and leads to improvements in health care and to commercial products.  • Examples of desirable outcomes include inventions, patents, improved diagnosis and treatment of disease, commercial partnerships, start-up companies and follow-on funding targeted toward these same outcomes. • Always includes one clinical researcher and one bio-medical researcher.

  39. U of Michigan distributes a minimum of $1,000,000 annually • The program is managed by an Oversight Committee of industry professionals and faculty • During the last 7 years we’ve funded 26 Projects investing over $4.5 Million • All Projects are annually funded and quarterly reviewed by the Oversight Committee

  40. There have been 4 University Startup companies formed. • Histosonics; $11 million in venture funding. • Tissue Regeneration Services; $2.5 million in venture funding • Incept Biosystems; purchased by Origio in 2010 • Life Magnetics; $2.2 million in venture funding • One Technology License to a University startup company 3-D Biomatrix • Three startup companies that are currently in the formation stages; • STEL Technologies; focusing upon veterinary and human ACL replacement • Rhythm Solutions; Atrial Fibrillation Detection • Yet to be named New Co; multiplex array technology for research and clinical diagnostics

  41. Goals and Approach • Foster Entrepreneurship that will lead to commercialization of technology previously supported by government • Uses customer and business model development • Focus on startups as translation mechanism • Creates teams of 3: Principal investigator, entrepreneurial lead (Recent PhD graduate), and mentor • Full engagement requiring 5-10 customer contacts per week for duration of 6 weeks • University of Michigan is one of three US training sites

  42. Pasteur’s Quadrant (*) Incremental, safe research (Too Many)

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