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Regional Innovation: The Role of Georgia Tech and I-Corps
Stephen Fleming Vice President
<fleming@gatech.edu>@stephenfleming
6/23/2015 Regional Innovation
Agenda
2
IntroductionGeorgia Tech and the
Southeastern U.S.What We Now Know!NSF I-CorpsLessons LearnedRole of the UniversityQ&A
6/23/2015 Regional Innovation12/6/2012 Raising Capital
Stephen Fleming
20+ years venture capital investment experience.
BS, Physics, Georgia Tech (Highest Honors).
15 years operational experience at AT&T Bell Labs, Nortel, LICOM (venture-backed startup).
Occasional instructor in Georgia Tech undergrad & MBA entrepreneurship programs.
Joined Georgia Tech staff in 2005; now Vice President, Enterprise Innovation Institute.
Atlanta native; regional technology leader.
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6/23/2015 Regional Innovation
Agenda
4
IntroductionGeorgia Tech and the
Southeastern U.S.What We Now Know!NSF I-CorpsLessons LearnedRole of the UniversityQ&A
6/23/2015 Regional Innovation
Capital of the Southeast
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6/23/2015 Regional Innovation
Capital of the Southeast
$3.6 trillion GDP: 4th largest in the world!
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6/23/2015 Regional Innovation
Capital of the Southeast
Southeast region GDP: $3.6 trillion
#4 behind China, India, Japan
Population: 81 million 25% of USA 50% of USA net migration
Metro Atlanta $300 billion GDP
Population 5.7 million
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6/23/2015 Regional Innovation
Capital of the Southeast
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6/23/2015 Regional Innovation
About Georgia Tech
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23,000 graduate and undergraduate students in the heart of Atlanta… and beyond. –Engineering — Management — Computing –Science — Architecture — Liberal Arts
5,000 int’l students (China, India, Korea…) 800,000 MOOC students.
Largest engineering school in the USA.
6/23/2015 Regional Innovation
U.S. News & World Report, America’s Best Engineering Graduate Schools 2015
National Rankings
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1. Massachusetts Institute of Technology2. Stanford University3. University of California — Berkeley4. California Institute of Technology (CalTech)5. Carnegie Mellon University6. Georgia Institute of Technology6. (tie) University of Illinois — Urbana-Champaign 8. Purdue University8. (tie) University of Michigan — Ann Arbor10. University of Texas — Austin
http://grad-schools.usnews.rankingsandreviews.com/grad/eng/search
6/23/2015 Regional Innovation
Aerospace #5
Biomedical #2
Chemical #10 Industrial #1
Civil #5 Materials #9
Computer #7 Mechanical #5
Electrical #6 Nuclear #8
Environmental #4 Agricultural N/A
24th Year!
Strength across the board!
National Rankings
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U.S. News & World Report, America’s Best Engineering Graduate Schools 2015
5/26/2015 Atlanta’s Innovation Ecosystem
VentureLab
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1 Rice Alliance for Technology and Entrepreneurship Rice University United States
2 VentureLab Georgia Tech United States
3 UB Technology Incubator State University of New York, Buffalo United States
4 NDRC LaunchPad Trinity College Dublin Ireland
5 SETsquared Universities of Bath... United Kingdom
6 Innovation Centre University of the Sunshine Coast Australia
7 Tech 20/20 University of Tennessee United States
8 ATP Innovations University of Sydney Australia
9 STING KTH Royal Institute of Technology Sweden
10 NCTU Innovation Incubation Center National Chiao Tung University Taiwan
 Engineering/Science Incubator#1 Early Stage Incubator
5/26/2015 Atlanta’s Innovation Ecosystem 13
April 2013
12 Business Incubators That Are Changing the World
ATDC
6/23/2015 Regional Innovation
GT in the Heart of Atlanta
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6/23/2015 Regional Innovation
GT as an Innovation Hub
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Faculty
Staff
Students
Entrepreneurs
Technology Community
Venture Capitalists
Angel Investors
State Government
Federal Agencies
Industrial Partners
Local Communities
National and International
6/23/2015 Regional Innovation
Agenda
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IntroductionGeorgia Tech and the
Southeastern U.S.What We Now Know!NSF I-CorpsLessons LearnedRole of the UniversityQ&A
6/23/2015 Regional Innovation12/6/2012 Raising Capital
What We Now Know!
Since 1995, the U.S. has conducted a trillion-dollar experiment in how to launch and scale successful companies.
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NASDAQ
6/23/2015 Regional Innovation12/6/2012 Raising Capital
What We Now Know!
We know something now that we didn’t know before...
We know how to build startups.
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6/23/2015 Regional Innovation12/6/2012 Raising Capital
What We Now Know!
We know something now that we didn’t know before...
We know how to build startups.
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6/23/2015 Regional Innovation
Startup = Search
“A startup is a temporary organization designed to search for a repeatable and scalable business model.” —Steve Blank
6/23/2015 Regional Innovation
Evidence-Based Entrepreneurship
“A startup is a temporary organization designed to search for a repeatable and scalable business model.” —Steve Blank
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? ? ?
Startup = Search Company = Execution
Discover
1/3 of the time. 5% of the money.
“Fail fast, fail often.”
2/3 of the time. 95% of the money.
“Make it real.”
Validate Create Build
6/23/2015 Regional Innovation
Evidence-Based Entrepreneurship
The scientific method applies to business!
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6/23/2015 Regional Innovation
We Knew This Before...
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“I find out what the world needs. Then I go ahead and try to invent it.” – Thomas Edison
6/23/2015 Regional Innovation
Testing Hypotheses
Make a hypothesis about an element of your business model canvas. –Tip: If it can’t be easily falsified, it’s probably not a
good hypothesis.
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???
6/23/2015 Regional Innovation
Testing Hypotheses
Develop a controlled experiment –Change only one variable at a time –Experimental vs. control samples
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???
6/23/2015 Regional Innovation
Testing Hypotheses
Conduct that experiment against real-world customers of your product or service. –Don’t sell.
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???
6/23/2015 Regional Innovation
The Value of Experiments
“If it disagrees with experiment, it’s wrong… It doesn’t make any difference how beautiful your guess is, it doesn’t matter how smart you are who made the guess… If it disagrees with experiment, it’s wrong.”
—Richard Feynman
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6/23/2015 Regional Innovation
Testing Hypotheses
Congratulations! You have learned something. Now, do it again.
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???Fact!
6/23/2015 Regional Innovation
The Big Secret...
Do this over 100 times.
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(Really.)
6/23/2015 Regional Innovation
There Is No Substitute!
“A man who carries a cat by the tail learns something he can learn in no other way.”
—Mark Twain
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6/23/2015 Regional Innovation
Agenda
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IntroductionGeorgia Tech and the
Southeastern U.S.What We Now Know!NSF I-CorpsLessons LearnedRole of the UniversityQ&A
6/23/2015 Regional Innovation
NSF I-Corps
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6/23/2015 Regional Innovation
NSF I-Corps
National Science Foundation Innovation Corps –Developing entrepreneurial knowledge in
university scientists and engineers –Built on Stanford’s Lean LaunchPad course –Curriculum initially led by Silicon Valley
investors and entrepreneurs –Georgia Tech was one of first two
universities chosen by NSF to scale I-Corps nationwide
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6/23/2015 Regional Innovation
Changing Research Culture
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6/23/2015 Regional Innovation
NSF I-Corps Nodes
Seven nodes, 18 institutions active (2015)35
❷
❷
❷
❶
Bay Area Stanford UC Berkeley UC-SF
DC Area U Maryland GWU Virginia Tech Johns Hopkins
NYC Area CUNY NYU Columbia
Georgia Tech
U Michigan
Georgia Tech
U Michigan
❶
❸Texas
UT-Austin Rice
Texas A&M
❸So. California USC
UCLA Caltech
6/23/2015 Regional Innovation
GT Innovation Ecosystem
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On Campus...
In the Community...
...and Beyond!
6/23/2015 Regional Innovation
I-Corps Beyond Campus
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6/23/2015 Regional Innovation
I-Corps Beyond Campus
GT experience: 7 US national cohorts 30 regional cohorts
•8 universities •4 US states, Puerto
Rico, and France …and more to come!
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Puerto Rico
Metz, France
Over 400 teams
and counting!
6/23/2015 Regional Innovation
Agenda
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IntroductionGeorgia Tech and the
Southeastern U.S.What We Now Know!NSF I-CorpsLessons LearnedRole of the UniversityQ&A
6/23/2015 Regional Innovation
First Lesson: It Works!
✓ The methodology works across all research areas.
✓ Team agnostic; adaptable to other cultures.
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Fact!
6/23/2015 Regional Innovation
Inspires Entrepreneurship
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6/23/2015 Regional Innovation
Experience Beats Lectures
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6/23/2015 Regional Innovation
Shock and Awe?
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6/23/2015 Regional Innovation
Shock and Awe?
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6/23/2015 Regional Innovation
Failing ≠ Failure!
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6/23/2015 Regional Innovation
Suspicion of Success
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6/23/2015 Regional Innovation
Respect for Hierarchy
Major issue in France, but not in US or Puerto Rico.47
6/23/2015 Regional Innovation
Travel Can Be a Burden
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6/23/2015 Regional Innovation
How to Scale
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6/23/2015 Regional Innovation
Agenda
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IntroductionGeorgia Tech and the
Southeastern U.S.What We Now Know!NSF I-CorpsLessons LearnedRole of the UniversityQ&A
6/23/2015 Regional Innovation
We’re Not the Valley
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6/23/2015 Regional Innovation
What Worked in the Valley?
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6/23/2015 Regional Innovation
What Works?
Free markets Availability of capital Intellectual property protection Collaborative culture & social networks Flexible career paths Welcoming to outsiders & immigrants Meritocratic advancement Acceptance of failure as learning experience Continuous replenishment –Of bright young people –Of interesting new technologies
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6/23/2015 Regional Innovation
For Further Information
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Stephen Fleming Vice President, Enterprise Innovation Institute
Georgia Institute of Technology http://innovate.gatech.edu
Personal blog: http://www.academicvc.com Email: fleming@gatech.edu
Twitter: @stephenfleming
Download this file at http://files.academicvc.com
6/23/2015 Regional Innovation
For Further Information
55
Stephen Fleming Vice President, Enterprise Innovation Institute
Georgia Institute of Technology http://innovate.gatech.edu
Personal blog: http://www.academicvc.com Email: fleming@gatech.edu
Twitter: @stephenfleming
Download this file at http://files.academicvc.com
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