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The University of Utah Richard A. Normann. Forum on Innovation and Entrepreneurship in Biomedical Engineering Education. Utah Entrepreneurship Challenge. Competition between student teams Open to all Universities across state Prize: $40,000 for further product development
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The University of UtahRichard A. Normann Forum on Innovation and Entrepreneurship in Biomedical Engineering Education
Utah Entrepreneurship Challenge • Competition between student teams • Open to all Universities across state • Prize: • $40,000 for further product development • Legal and professional services (worth about an additional $40,000) • Contacts in business, finance and engineering University of Utah
Entrepreneurial Bioengineering • Graduate and undergrad seminar • Goal of Seminars: • Paths and pitfalls of entrepreneurs • Offered every other year • 10 lectures from local entrepreneurs • 1 lecture from patent attorney • 1 lecture from tech transfer office • Success stories and failure stories University of Utah
Entrepreneural Program in the School of Business • Undergraduate Major in the School of Business • Four year program • Specialized classes: • Management 3700 – Fundamentals of Entrepreneurship • Marketing 4700 – Analysis of Emerging Markets • Accounting 4110 – Accounting for Emerging Business • Management 5770 – Business Plan Development • Finance 5300 – New Venture Finance • Lassonde New Venture Development Center University of Utah
Lassonde New Venture Development Center • Graduate and undergraduate program • This year: 3 graduates, 13 undergrads • Two semester classes: 3 credits • $4000/year stipend • Involves Profs in business, engineering and science, and local professionals. • Real world team-based projects from profs at U of U • Contacts: • Dr. Troy D’Ambrosio (801) 581-8504 • Dr. Leonard Black (801) 585-5575 University of Utah
Utah State Centers of Excellence Program • Started in 1986 • Goal: Help build new high-tech businesses • Facilitate the commercialization of University technology • Five years of funding ($120K/yr) to University labs to prototype technology • 15 centers funded every year (140 new companies started from program) • Need solid and patented technology and good business plan and business opportunity • Program provides help in developing business plan and commercialization strategy University of Utah
How do you measure outcomes? • Student experience (exit interviews) • New student enrollment in programs • Client (faculty/TTO) feedback • Student hiring by companies • Development of new businesses University of Utah
Describe a course project or exercise that exemplifies “best practices” • Bionic Technologies, LLC. • Seven years old • Started by U. Professor & businessman • Developed business plan with MBA’s • Became a state center of excellence • 20 full-time employees (many from UofU) • Exists on SBIR grants and sales ($0.5 m last yr) University of Utah