physics and entrepreneurship
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Physics and Entrepreneurship
Surya Raghu
Advanced Fluidics LLC
Sebelas Maret University
Solo, IndonesiaDecember 9, 2012
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International Year of Physics2005
Durban Conference
Physics for Development
For Developing Countries,
tie the New Challenges in Physics
to Economic Development
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Report, International Panel, Shaping the
Future of Physics in South Afr ica, 2004
In particular, physics often acts as a lead
sciencenot only are the physics developments
of today the technology of tomorrow, but, inter
alia, it also plays the role of the canary in themine. Thus, if physics gets seriously ill, it is a
warning that science and technology as a
whole, and hence the growth of a knowledge-
based economy, are in grave danger.
-- Preamble to theExecutive Summary
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Promoting Physics and Development in Africa,
- Edmund Zingu, Physics Today January 2004
Physicists need to understand the rarity of thesequence: Physicists in basic research discoverfundamental laws, physicists in applied research thendevelop concepts, and engineersapply these concepts toproduce materials and products that are of value tosociety. Economic impact generally occurs thanks to theendeavors of teams of physicists and other scientists,engineers, and technical support personnel.
Technology often leads science, and basic science isoften not the source for new ideas but is used tounderstand technologies already in use.
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How do we convert
science into economic benefits?
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The Cycle of Economic Development
SCIENCE
TECHNOLOGY
PRODUCTS
MARKET
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What is missing?
The role of the entrepreneur who understands science,
technology and the business of making aprofitableventure
to sell the product derived from the technology to the right
customer.
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Who is an Entrepreneur?
Entrepreneur: Starts a new business based on new
products and/or services needed by the market, of
economic and social value, looking out foropportunities and taking calculated risks.
Technical entrepreneur or technopreneur:
Starts a new business based on new products or
services needed by the market, generated from
science, technology and engineering.
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The Role of the Entrepreneur
SCIENCE
TECHNOLOGY
PRODUCTS
MARKET
Entrepreneur
!
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Innovative Society = Economic Prosperity
Innovative and entrepreneurial society
produces economic prosperity
High- end innovation is a hallmark of smallcompanies called SMEs (Small and Medium
sized companies)
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Small and Medium Enterprise (SME)
Small: 1-50 Employees (Europe); 1-100
Employees (USA)
Medium:50-250 Employees (Europe) 100-500
Employees (USA) Globally, 99% of economy driven by SMEs
40-50% of GDP generation
Drive innovation and competition
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We can compete for all markets if we have the right
product.
It is a Flat World!
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The Scientist as an Entrepreneur
Many times, the entrepreneur is also the inventor/co-inventor of the productthe work done usually at theUniversity or a research institution with his graduate thesisor post-doctoral advisor.
Instead of pursuing an academic career, the enterprisinggraduate student or post-doc decides to start a company tocommercialize the inventioncalled a start-up or spin-out company.
In some cases, the inventor is a scientist/engineer in aresearch lab and the lab might allow him to start a companyto commercialize the inventioneven allowing him sometime-off to mitigate his risk.
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Options for a physicist
to take an invention to a product
Invention
University Tech
Transfer Office
Consultant to
company
Product
Leave of absenceStart
company
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Are there any contradictions in being a
scientist and an entrepreneur?
Not at all
Strong correlation exists between well accomplished
scientists and academic entrepreneurship
No reduction in the number of scientific papersmore
number of patent-publication pairs.
Transition to commercial science is found to be interesting
and motivating for many scientists.
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Qualities of an Entrepreneurial Scientist
1. InnovativeRather than trying to do what everyone else is doing, thesefolks are always searching for ways to improve on currentdesigns and take them one step further than everyone else.
2. Opportunity seeking or recognitionAn entrepreneur seeks opportunities or recognizesopportunities for technical solutions to meet the needs ofthe market.
3. Risk-taking
Along with innovation, scientist-entrepreneurs embrace riskwhen necessary. Scientists are often risk-averse, so whenyou see one who is willing to take risks, it's usually anindication that they are suited to the high-risk climate of
today's business world.
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Qualities of an Entrepreneurial Scientist
4. Schedule-oriented
If your scientist finds timelines and schedules intimidating,then he probably isn't a good candidate for an
entrepreneurial endeavor.5. Application-minded
Effective scientist-entrepreneurs appreciate science for itsown sake, but also engage in research that creates
commercially successful applications.6. Collaborative
The process of taking a product from the research lab tostore shelves hinges on collaboration.
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Qualities of an Entrepreneurial Scientist
7. Business Sense
It isn't necessary for a scientist-entrepreneur to be an
expert in the nuances of business. However, he at least
needs to understand the basics of business and demonstrate
a willingness to learn more along the way.
8. Goal setting9. Persistence
10. Self Awareness
what he can do and what he cannot and when to get help.
11. Need for autonomy
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What kind of education can we provide in
Colleges and Universities to produce such
entrepreneurs?
the educational system (for scientists and
engineers?) is still rather traditional, which
means that it teaches young people to obey,reproduce facts and to engage in wage-
employment after finishing their education
(Ref: The Long Road to the Entrepreneurial Society - Global Entrepreneurship Monitor
2001, The Netherlands)
We need to change this
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What should we be doing?
SHORT TERM Basics of Entrepreneurship
A one-semester Entrepreneurship Curriculum inundergraduate course and Masters courses isrecommended.
Mentorship and industrial internship for students andgraduates
Strong local govt. support for start-ups?
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What kind of infrastructure support can
the Universities provide to nurture such
innovation and entrepreneurship?
Competitions for ideas and business plans
Innovation Labs
Technology Transfer Office and advise
Exposure to Market, Technology and Industrial Needs
through Visits and Presentations
Partnership with local government to set up Science andTech Parks or Incubators.
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What is the environment that encourages
entrepreneurship?
An environment that encourages risk taking and
rewards for risks
No Taboo of failures
it is OK to fail
Positive attitudes and environment
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Some success stories of scientists becoming
entrepreneurs
1. Wolfram Research
Founded in 1987
Mathematica
Stephen Wolfram
Theoretical Physicist
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Examples of companies started by
scientists
2. Neven Vision (UCSD)
(currently owned by Google)
a physicist with a Ph.D. from RuhrUniversity, succeeded in developing
software that could analyze facial
features, skin tones and the iris of the
eye to achieve such recognition.
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Examples of companies started by
engineers and scientists
5. Melys Diagnostics
Founder: Dr. Dawood Parker, UKPhysicist andProfessor
http://www.melysdiagnostics.com/
Products: Atrial Fibrillation Monitor and Continuous
Monitoring Oxygen Sensor
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Examples of companies started by
engineers and scientists
6. Google
Sky is the limit in a flat earth!Founded in 1998
Founders: Larry Page and Sergei Brinhttp://www.xtimeline.com/timeline/Google-s-Timeline
http://www.google.com/corporate/history.html#1 Opportunity assessment, risk taken, support received and
execution of the plan.
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Examples of companies started by
engineers and scientists
2. SUN Microsystems (1982)
Four founders
Sun Microsystems was born on
Feb. 24, 1982 -- with a grand total
of four employees: Vinod Khosla,
Bill Joy, Andy Bechtolscheim, and
Scott McNealy (circa 1982).
www.sun.com
http://www.thocp.net/companies/sun_microsystems/sun_microsystems_company.htm
http://www.thocp.net/companies/sun_microsystems/sun_microsystems_company.htmhttp://www.thocp.net/companies/sun_microsystems/sun_microsystems_company.htmhttp://www.thocp.net/companies/sun_microsystems/sun_microsystems_company.htmhttp://www.thocp.net/companies/sun_microsystems/sun_microsystems_company.htm -
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New trends in the US and Europe
Academic entrepreneurs
Faculty encouraged to be inventors and commercializetheir inventions.
Technology transfer offices set up in most of theUniversities to assist commercialization of inventions.
Fact to be recognized by academics: Patents are not
publicationspatenting is very expensive compared thecost of publication.
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New trends in the US and Europe
Most Technology Transfer Offices have instituted a
screening process with access to legal assistance (patent
attorneys), and marketing experts.
Many Universities are setting up their own incubators.
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CONCLUSIONS
Science and Economic Development are tied
together
No contradiction in being an entrepreneur and aresearcher
No contradiction in publishing papers and patents
Connection to societal problems can lead tointeresting research areas
Universities should produce employment
generators than employment seekers.
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THANK YOU
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What is an invention and what is the path of an
invention to a product?
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Invention to Product: The Processes
INVENTION1. Invention notebook
2. Literature Survey
3. Invention Disclosure Form
4. Identify patent attorney
5. Check regulatory issues
6. Provisional Application
7. Start reduction to practice
8. Develop product ideas
9. Conduct market research
10. Identify and contact potential
sponsors for product development
11. Sign non-disclosure forms
12. Complete reduction to practice
13. Complete Non-Provisional patent
application
14. Assemble team to do further work
15. Start product development
16. Finish bread-board version of product
and show it to potential customers
17. Obtain requirements from customers
18. Start industrial design and packaging
19. Start manufacturing
consideration, location
20. Identify suppliers, sub-
contractors
21. Permits and Licenses
22. Finish alpha-version
of product
23. Get feedback from
customers
24. Beta-version of product
25. Start manufacture
26. Patent might be issued anytime
now!
PRODUCT
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Invention1. Notebook entry
2. Literature Survey
3. Invention Disclosure Form
4. Identify patent attorney
5. Check regulatory issues
6. Provisional Application
7. Start reduction to practice
12. Complete reduction to practice
13. Complete Non-Provisional patent
application (2-3 months)
14. Assemble team to do further work
8. Develop product ideas
9. Conduct market research
10. Identify and contact potential
sponsors for product development
11. Sign non-disclosure forms
0 6 12 18 24 30 36 42 48 Months
15. Start product
development
16. Finish bread-board version
of product (TRL 4)
17. Obtain requirements from
customers
18. Start industrial design and
packaging
22. Finish alpha-version of
product
22. Get feedback from
customers
19. Start manufacturing
consideration, location
20. Identify suppliers,
sub-contractors
21. Permits and Licenses
24. Beta-version of product
25. Start manufacture
26. Patent might be issued
anytime now!
ProductTRL 8
Invention to Product Time-Line
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