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LIFE ERC: Education and Entrepreneurship

LIFE ERC: Education and Entrepreneurship. Professor Gene Fitzgerald Dr. Andreas Wankerl Teaching: Commercialization of Fundamental Technologies Business of Science and Technology Initiative. “Open Market” of Research Results. Implementation. Implementation. Market. Market. Technology.

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LIFE ERC: Education and Entrepreneurship

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  1. LIFE ERC: Education and Entrepreneurship Professor Gene Fitzgerald Dr. Andreas Wankerl Teaching: Commercialization of Fundamental Technologies Business of Science and Technology Initiative

  2. “Open Market” of Research Results Implementation Implementation Market Market Technology Technology University Company Market • Previous applied science concentration in large corporations shifts universities to very basic science activity • Applied science withdrawal from corporate research (last 10-20 years) • Today, gap appearing in optical innovation space between science sources (universities) and efficient commercial marketplace (companies) Company University Market

  3. Market/Technology Gap creates “Market Pull” and “Technology Push” • Market-side of Gap • Pull random sciences that may help market, no command over type of research being performed • Science-side of Gap • Push science to technology and market, leaving engineering of science and value to the marketplace • Must iterate between the two Market 2 Market 1 Research

  4. MIT 3.207/SMA 3.207/Cornell NBA 602Commercialization of Fundamental Technology/Technology Development and Evaluation Professor Gene Fitzgerald Dr. Andreas Wankerl Dr. Arne Hessenbruch Cornell Visting Professor of Management, Johnson School of Management Visiting Professor of Engineering, College of Engineering eaf37@cornell.edu MIT Merton C. Flemings-SMA Professor of Materials Engineering eafitz@mit.edu

  5. Course Contents Course Flow Linear: An Unrealistic Abbreviation of the Process! Phase I: Research, Development, Technology Phase II: Finding Applications, Competitive Technologies Phase III: Intellectual Property Phase IV: Financing Phase V: Business Models Lectures: Views and Experience in each Phase Project: Practice each Phase • This is a class about fundamental observations in ever-changing • environments • Lectures cover basic observations, some directly from our experience • Outside lecturers covering the different phases of the class • Student selects embryonic technology to bring through phases of class (only “Technology Push” is possible for teaching)

  6. Cornell Business of Science and Technology Initiative Richard Shafer BSTI Business Director Associate Dean of Corporate Relations Johnson School of Business Cornell University Gene Fitzgerald BSTI Faculty Director Visiting Professor Johnson School of Business College of Engineering Cornell University Merton C. Flemings Professor of Materials Engineering MIT Andreas Wankerl BSTI Operations Director Johnson School of Business Cornell University

  7. Innovation Projects Risk ↓ Return ↑ INFORM JUSTIFY Innovation Project Function x10 Sales & Production Investment x10 x10 Product Development Applied R & D Univ. R Time

  8. Innovation Project Outcome Initial Project Definition 1 Year Innovation / Evaluation Project Option To Abort Continue? YES NO Continue as Sponsored Research Continue as Start-Up Switch to Consulting (e.g. Market Research) Continue in Company Fast Failure

  9. Organization Board Company Members, Gene, Andreas • Start-up-like structure CEO, COO (PI’s) Gene, Andreas Advisor, CTO Prof. VP R&D PhD VP Tech PhD VP Biz Dev MBA VP Marketing MBA

  10. Progress Mapped on Innovation Progress Project Start (Fall Semester) Education Mid-Term Review (Jan) Interdisciplinary Connections Implementation Innovation Technology Market

  11. Deliverable Outline • Assessment of current research • results for suitability • Assessment of advantages and • disadvantages of current markets Phase I Evaluation, Reduction to Promising Technology/Markets • Assessment of development state • Identification of missing elements • (scientific, engineering, production) • Quantification of technical risk • Assessment of customer valuation • and trends • Identification of unmet test needs • Assessment of market risks Phase II Differentiation Assessment of Valuation vs. Realizable Cost/Performance Creative Synthesis: Realistic Interpretation of Market Opportunities Technical and Market Risk, Market Sizing, Financial Projections Phase III

  12. Innovation Project Mentorship Innovation Faculty Director: Review: monthly Mentor: innovation Expert Innovation Faculty: Review: monthly Mentor: science and industry Innovation Board Innovation Leader: Review: weekly Mentor: innovation Company Project Team: Review: month 4,7,10 Mentor: as required Innovation Team: Post-Docs, PhDs, MBAs, MEng Selection: Motivation, Experience, Psychological Preference University Environment and Other Faculty

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