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How Research Create Business: Experiences from the United States

How Research Create Business: Experiences from the United States. Professor S. Kim Sokoya Middle Tennessee State University Presented at International Forum of Mechanical Engineering November 2010 Jyvaskyla, Finland. Outline of Presentation. Importance of Topic

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How Research Create Business: Experiences from the United States

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  1. How Research Create Business:Experiences from the United States Professor S. Kim Sokoya Middle Tennessee State University Presented at International Forum of Mechanical Engineering November 2010 Jyvaskyla, Finland

  2. Outline of Presentation • Importance of Topic • Theoretical foundations for the topic (R2B) • Identifying major stakeholders and their respective roles. • Major initiatives in the United States Environment • Problems of Technology Transfer • Examples of Research Creating Business • Policy Implications for turning research into the marketplace

  3. Principle

  4. Importance of Topic • Traditionally research has resulted into great products that have contributed immensely to our quality of life. • This is true in many industries, including Agriculture , Electronics, Construction and Healthcare industries to name a few. • E.G. LCD panels, MRI machines and Pacemakers

  5. Importance of Topic • Knowledge-based economy, emphasizes the importance of ideas in the innovation process and creating business. • Long term sustainability of companies and nations is driven by innovation • The speed at which idea is generated and transferred to the marketplace is also getting more important • In the US, transferring ideas to create business is also increasingly becoming an important source of funding, given the reduction of funds from the government.

  6. Theoretical Foundations for Research Creating Business (R2B) • The logical starting point especially from a Business perspective, R2B, will find its theoretical foundation in Porter’s Diamond Theory.

  7. Porter’s Diamond Theory • The Role of Demand Conditions • The Role of the Government • The Importance of Clusters (Related and Supporting Industries)

  8. Identifying major stakeholders and their respective roles

  9. Problems Of Technology Transfer • Diluting the primary mission of the University • Companies having undue influence on college campus • Integrity of research may be compromised.

  10. Major initiatives in the United States Environment • The United States Government and many states government have facilitated the emergence of Regional Innovation Clusters • Efforts have been made to facilitate not only the protection of Intellectual Property but also to facilitate the process of making marketable ideas become viable businesses. • The private sector has also participated in this mutually beneficial process.

  11. Major Initiatives in the United States Environment • The Bayh- Dole Act • The Small Business Administration • Center for International Business Education and Research • National Business Incubators Association • Regional Innovation Clusters • Tennessee Small Business Development Centers

  12. Regional Innovation Clusters • Indiana Life Science Cluster • Resulted 1n a 7.2% job growth in the area • Puget Sound Video Game Industry Cluster • $4.2 billion in output over 50,000 jobs in the area. • Biomedical Cluster in N.E. Ohio • 600 companies in the area with 7.4% growth rate • Development of Automobile Plant clusters in Alabama/Tennessee

  13. Examples of Research Creating Business • Arbor Networks • An online security company founded in 2000 by a Prof and a student from University of Michigan. They provide security solutions for broadband network. Headquarters now in Massachusetts. • A couple of years ago it was named one of the 20 fastest growing companies in the US , has about 70% market share in global network security . • Recently acquired by Tektronix Communications • Initial funding from NSF and DOD

  14. Examples of Research Creating Business • Martek Biosciences develops and sells products derived from microalgae, including nutritional oils contained in infant formula. Helps in development of central nervous system. • Its product is in about 80% of instant baby formula market worldwide, with 0ver $330 million in sales • Worked with incubator from University of Maryland, College Park

  15. Examples of Research Creating Business • Solar Tech Harnessing the Power of the Sun • Byron Zerphy, founder and president of Solar Technology Inc., had an idea. • Drawing on his electrical engineering and computer science background, Byron designed and built the world’s first arrow board that derived 100% of its energy requirements from the sun • Zerphy was helped by the National business Incubators Association, a private sector initiative.

  16. Examples of Research Creating Business • Zycron is a customer-focused information technology services and solutions firm headquartered in Nashville, TN. Since 1991, Zycron has offered IT solutions to a broad client base and today is the primary provider for numerous Fortune 500 companies. • Sponsored By TSBA

  17. Policy Implication for R2B • The University as an economic engine for innovation • Private and Public Sector partnership • Development of multinational innovation clusters and International cooperation.

  18. Thanks for Listening • Q & A Period

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