TI:GER® Technological Innovation: Generating Economic Results

TI:GER Technological Innovation: Generating Economic Results NSF IGERT Program Presentation REE October 27, 2004 Marie Thursby Hal and John Smith Chair for Entrepreneurship College of Management

Cross-University Graduate Program in Technology Entrepreneurship Technology commercialization requires integration of – Science & Engineering expertise – Knowledge of management, law, economics, and public policy Targeted students – PhDs in Science & Engineering (Ga Tech) – PhDs in Management (Ga Tech) and Economics (Emory) – MBAs (Ga Tech) – Law (Emory)

Industry Survey on PhD Graduates “Good” – Technical Skills “Inadequate” – Ability to think & solve problems “Need Improvement” –Management Skills –Communication Skills –Teamwork Skills Source: IRI Interviews with Industrial Leaders RE: University Education of Engineers and Scientists

Need for TI:GER trained PhDs “Biggest Problem(s) in R&D” Managing R&D for business growth Balancing long-term and short-term R&D Integration of R&D and business strategy Making innovation happen Assessing productivity IRI Survey 190 Responses (4 of 5 years) “Top 5 ‘Top 3’ Problems”

Need for TI:GER trained MBAs and JDsUnderstanding Technology Helps

Comprehensive Goals All graduates with skills and entrepreneurial perspective needed to succeed in innovation related careers – S&E PhDs aware of business and legal issues – MBAs & JDs experienced in technical research environment – Communication and team skills Produce S&E dissertations of technical merit and market relevance Produce dissertations in management, law, and economics that improve our understanding of innovation

TI:GER vs. Traditional Graduate Programs Engineering Classes/Labs Science Classes/Labs Interdisciplinary Research Centers PhDs PhDs Market Informed S&E Research TI:GER Core multidisciplinary teams & classes Multidisciplinary Research: Engineering, Science, Management, Law & Economics Graduates aware of technical, legal, market, interpersonal, & communication issues Mgt/Law/Econ Research on the Innovation Process Econ/Mgt Classes Thesis Research PhDs Law/Mgt Classes Clinics/Internships JDs & MBAs

Activities By Year (PhD Candidates) TI:GER Participation 1 2 3 4 Innovation Electives S&E Courses S&E Courses Principles of Management Regular RA/TA Regular RA/TA Innovation Fundamentals TI:GER Case Course TI:GER Teams & Workshops TI:GER Teams & Workshops 5 Entrepreneurial Finance, Legal Issues in Technology Transfer Organizational Entrepreneurship, Special Topics in Technology Mapping, Technology Venture Creation

MBA Program TI:GER Participation 1 2 3 4 PhD Program MBA 1 2 MBA Core InnovationElectives Innovation Fundamentals TI:GER Case Course TI:GER Teams & Workshops TI:GER Teams & Workshops 5

Emory JD Program TI:GER Participation 1 2 3 4 5 PhD Program 1 1 Law Core JD 2 3 Business Associations Corporate Finance Patent, Copyright & Trademark Law IP/Business Law/ Tax Concentrations Innovation Fundamentals TI:GER Case Course TI:GER Teams & Workshops TI:GER Teams & Workshops

Fundamentals of Innovation (Year 1) Patterns of Technological Change Introduction to Intellectual Property Law Developing the IP Strategy Discovering and Framing the Market Opportunity Entrepreneurial Finance Commercialization Planning Fundamentals of Business Associations Start-Up Business Planning and the Path to Profitability Securities Law

Special Topics in Innovation (Year 2) Business Planning Workshop Entrepreneurial Spawning Seminar ( Josh Lerner) Patent Prosecution Workshop Venture Capital Financing Simulation Ethical Challenges in Developing and Commercializing New Life Sciences Technologies Seminar

Unique Team Experience INTEGRATED RESEARCH S&E/MGMT/LEGAL ISSUES Hypothesis formation Scientific merit; technical feasibility Market forecast Legal landscape Prior art, economic and social impact Proof of concept Testing and validation Competitive analysis Intellectual Property Protection Risk, product and platform definition Patent or copyright Business creation or license Capitalization Prototype Refinement and scale-up Commercialization strategy Business Associations Full market analysis (e.g. pricing, cost) Contractual issues

Summary Student Statistics 16 PhD Candidates, developing EARLY STAGE research in a range of disciplines Biology Biomedical Engineering Chemistry Computer Science Electrical Engineering Mechanical Engineering 1 PhD Candidate in Economics; 2 in Management 16 MBA Students 30 JD Students (Technology and Patent Law)

Keys to Collaboration Mutually beneficial activity for all units involved Internal buy-in – Faculty— Supplying students Participation – Administration Course credit External support – Industry-business partners – Private foundations (NCIIA, Peterson) – Government grants (NSF)

Challenges Logistics e.g. distance, schedules Time commitment of faculty e.g. credit toward teaching load Cultures separated by a common language e.g. What is research? – PhD (create new knowledge, experimental methods) – MBA (market research, bottom line) – JD (logical progression, precedent)