Technological Innovation: Technological Innovation: Generating Economic ResultsGenerating Economic Results

NSF IGERT Program PresentationREE October 27, 2004

Marie ThursbyHal and John Smith Chair for EntrepreneurshipCollege of Management

TI:GERTI:GER®®

Cross-University Graduate Program inCross-University Graduate Program inTechnology EntrepreneurshipTechnology 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 GraduatesIndustry 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 PhDsNeed for TI:GER trained PhDs“Biggest Problem(s) in R&D”“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 JDs-Need for TI:GER trained MBAs and JDs-Understanding Technology HelpsUnderstanding Technology Helps

Comprehensive GoalsComprehensive 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

PhDs

PhDs

Science Classes/Labs

Interdisciplinary Research Centers

Engineering Classes/Labs

JDs & MBAs

PhDs

Law/Mgt Classes

Thesis ResearchEcon/Mgt Classes

Clinics/Internships

Market Informed S&E Research

Graduates aware of technical, legal, market, interpersonal, &

communication issues

Mgt/Law/Econ Research on the Innovation Process

TI:GERCore multi-disciplinary

teams & classes

Multidisciplinary Research:

Engineering, Science, Management, Law &

Economics

TI:GER vs. TI:GER vs. Traditional Graduate ProgramsTraditional Graduate Programs

Activities By Year (PhD Candidates)Activities By Year (PhD Candidates)

TI:GER Participation

1 2 3 4 5

S&ECourses

RegularRA/TA

S&ECourses

RegularRA/TA

Principlesof

Management

Innovation Fundamentals

TI:GER Teams& Workshops

InnovationElectives

TI:GER CaseCourse

TI:GER Teams& Workshops

Entrepreneurial Finance, Legal Issues in Technology TransferOrganizational Entrepreneurship, Special Topics in Technology Mapping, Technology Venture Creation

MBA ProgramMBA Program

1 2MBA Core

Innovation Fundamentals

TI:GER Teams& Workshops

InnovationElectives

TI:GER CaseCourse

TI:GER Teams& Workshops

MBA

TI:GER Participation1 2 3 4 5

PhD Program

Emory JD ProgramEmory JD Program

1 2 3 4 5

PhD Program

TI:GER Participation

JD

12 3

Corporate Finance

IP/Business Law/Tax Concentrations

TI:GER CaseCourse

TI:GER Teams& Workshops

Law Core Business Associations

Patent, Copyright &Trademark Law

Innovation Fundamentals

TI:GER Teams& Workshops

1

Fundamentals of Innovation (Year 1)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 InnovationSpecial Topics in Innovation (Year 2) (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 Unique Team Experience

Hypothesis formation Scientific merit; technical feasibility

Proof of concept Testing and validation

Prototype Refinement and scale-up

Market forecast Prior art, economic and social impactLegal landscape

Competitive analysis Risk, product and platform definitionIntellectual Property Protection Patent or copyright

Business creation or licenseCapitalization

Commercialization strategy Full market analysis (e.g. pricing, cost)Business Associations Contractual issues

INTEGRATED RESEARCH S&E/MGMT/LEGAL ISSUES

Summary Student StatisticsSummary 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 CollaborationKeys 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)

ChallengesChallenges

• 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)