Academic and Professional Resources for Student-Led Technology Ventures

1. Academic and Professional Resources for Student-Led Technology Ventures LecturerMichael S. McCorquodale AuthorsMichael S. McCorquodale and Richard B. Brown Solid State Electronics Laboratory Center for Wireless Integrated MicrosystemsDepartment of Electrical Engineering and Computer Science University of Michigan Ann Arbor, MI USA 48109-2122 American Society of Engineering Education Annual Conference, Nashville, 2003

2. Outline • Motivation and Background • Commercialization of Engineering Research • Academic Resources • Professional Resources • Statistics Measuring Entrepreneurial Activity • Conclusions Motivation Commercialization Academic Resources Professional Resources Statistics Conclusions

3. Motivation • Share our experiences leveraging University resources to develop a student-led technology venture • Discuss the importance of entrepreneurial resources in the U.S. engineering curriculum • Present the process of commercializing engineering research as it has been implemented at Michigan • Describe both academic and professional resources for students and how both are tied to the commercialization process • Demonstrate how these resources are stimulating entrepreneurial activity at Michigan • Stimulate development of entrepreneurial resources in engineering programs across the country Motivation Commercialization Academic Resources Professional Resources Statistics Conclusions

4. Background • Students face daunting challenges when attempting to commercialize engineering research • Knowledge in many disciplines including engineering, business development, law, and technology transfer is required • Where is the engineering student supposed to start? • What resources could assist the engineering student? • Is this really an important aspect of engineering education in U.S.? Motivation Commercialization Academic Resources Professional Resources Statistics Conclusions

5. Importance of Commercialization • Over 80% of technology now from external sources • Engineers must understand technology transfer Figure 1. Percent of companies relying on external sources for technology from 1992 to 2001 Motivation Commercialization Academic Resources Professional Resources Statistics Conclusions

6. Importance of Commercialization • U.S. venture capital investment is creating new opportunities for engineers in emerging business • Engineering students must be properly educated to capitalize on these opportunities Figure 2. U.S. venture capital investment from 1992 to 2002 Motivation Commercialization Academic Resources Professional Resources Statistics Conclusions

7. IP Clean ResearchGrant FundamentalResearch DisclosuretoUniversity ProvisionalPatentApplication Publish Full UtilityPatent Application BusinessPlanningandDevelopment LicenseOption? License InitiateOperations Commercializing Engineering Research 1 2 3 4 5 6 7 8 10 11 FundraisingorOtherFinancing 9 Figure 3. Commercialization Milestones Note: Milestones 2 & 5 are pursued by all graduate students independent of entrepreneurial interests Motivation Commercialization Academic Resources Professional Resources Statistics Conclusions

8. Academic Resources Engineering Courses • Electrical Engineering and Computer Science 4983,4,6Patent Law for Engineers • Industrial and Operations Engineering 4227Entrepreneurship Business Courses • Entrepreneurial Studies 5157New Venture Creation I • Entrepreneurial Studies 5177Researching and Writing the Business Plan Motivation Commercialization Academic Resources Professional Resources Statistics Conclusions

9. Academic Resources Student Organizations7,11 • Michigan EntrepreneursFounded by Electrical Engineering and Computer Science students and now boasts membership from academic units across the campus • Entrepreneurial and Venture Capital ClubBusiness student club that works with engineers to find business students • Hi-Tech ClubAnother business student club focused on technology Motivation Commercialization Academic Resources Professional Resources Statistics Conclusions

10. Zell-Lurie Entrepreneurial Institute Business plan competitions MBA Internship Program Business development support Grant Program Connections to external resources Milestones 7,10,11 Professional Resources • Office of Technology Transfer • Tech transfer and licensing • Business development support • Grants and consultant funding • Connections to external resources • Milestones 1,3,4,6,7,8,9,10,11 Motivation Commercialization Academic Resources Professional Resources Statistics Conclusions

11. Breakdown of Disclosures • Electrical Engineering and Computer Science comprise almost half of the disclosures from UMICH CoE Figure 4. Breakdown of disclosures in FY2002 at the University of Michigan by engineering discipline Motivation Commercialization Academic Resources Professional Resources Statistics Conclusions

12. Statistics Measuring Entrepreneurial Activity Figure 5. University of Michigan College of Engineering disclosures, patent applications, license agreements, and start-up companies from 1997 to 2002 Motivation Commercialization Academic Resources Professional Resources Statistics Conclusions

13. Conclusions • Trends in the economy and the development of engineering technology clearly motivate the need for entrepreneurial components to the U.S. engineering curriculum • Michigan has implemented both academic and professional resources that have been successful in stimulating entrepreneurial activity amongst students • Additional programs and resources continue to be developed at Michigan • The authors aspire to have contributed concepts and motivation for the development of entrepreneurial programs at other institutions Motivation Commercialization Academic Resources Professional Resources Statistics Conclusions