translating research into a multi billion dollar global company - sherwn greenblatt
DESCRIPTION
Research is often defined as turning money into knowledge whereas innovation is considered the process of turning knowledge back into money. For academic institutions and companies that invest in research, this NORCAT Hot Topics event will focus on the exciting and challenging process of looking at research through a “prospective commercialization” lens. Does this research have a commercial application? How do I assess the market opportunity? What is the end goal? So many challenging yet important questions!TRANSCRIPT
Creating Your Future: Bose Corporation - An Entrepreneurial Saga
NORCAT2013
© MIT Venture Mentoring Service 2013
Reason for Having a Company
To use technology and creativity to develop products and/or services that provide real and demonstrable benefits to people.
2
Founding Principles
Hire Good PeopleGive Them Freedom to GrowPlay for the Long Run
Always Strive for Excellence
3
Operating Corollaries
Remain Privately HeldGrow ContinuouslyFinance the Company Internally Through Profits
9
StrategyProducts that have great performance and benefits for their priceProducts that are uniquely suited to their application (lifestyle, wave, NR headsets, etc.)Strong protection of intellectual property rights through the use of patents and trademarks
10
Questions for You to Think About
What’s the purpose of your venture? What do you want from your venture? What are your founding principles?
12
Fostering Innovation: Bridging Academia and Industry at MIT
NORCAT2013
© MIT Venture Mentoring Service 2013
MIT Entrepreneurial ActivitiesStudent Academic Commercialization Alumni
9/5/12
External
MIT VMS History
• Founded in 2000 by Alec Dingee and Dave Staelin
• Initially funded by founders• Model validated in first year• Steady growth and improvement
15
Premise
What do you do when you have an idea and are passionate about pursuing it?
16
17
Model
• Learning to be an entrepreneur is like learning a profession
• Learn principles in class – doesn’t make an entrepreneur
• Practice in competitions – doesn’t make an entrepreneur
• Analogous to learning to play a full contact sport – learn by doing
• VMS provides the coaches
18
Approach• Build a process to develop entrepreneurs• Utilize experienced volunteer mentors – they
have been there• Set strict guidelines for mentors – unbiased
advice• Coach – give guidance, not direction• Mentor in teams• Learn by doing – entrepreneur does the work
19
Organization
• Reports to the Provost - Chief Educational Officer of MIT
• Governed by Board of MIT Leaders - Deans and Vice Presidents
• Small Paid Staff - Administrators and Mentors - 24/7 Service
• Many Volunteer Mentors to Lead and Contribute
20
Requirements to Participate
• Be a member of the MIT community• Have an idea• Be passionate about commercializing the idea• Be committed to spending the time and effort
to build a successful venture• Idea must not violate the laws of physics or
the laws or ethics of the USA
The Ventures• 310 ventures currently engaged in program– 203 active ventures– 24 low activity– 83 graduates
• Various stages of funding • Every field imaginable
7/1/13 21
Criteria for Mentor Selection
• Has Relevant Experience• Motivated to Volunteer• Has the Time to Participate• Not Motivated for Personal Gain• Personality Appropriate to Advise• Role Model for Mentees
22
The Mentors• 181 Mentors
- 169 Active- 12 on call Specialists
- 45% with an MIT background• Most with startup experience• Broad range of:
– backgrounds– technical and industry expertise– business expertise
7/1/1323
MIT VMS Metrics• Founded in 2000• History: > 2500 entrepreneurs/>1400 ventures
served• Scale: ~200 ventures currently working towards
launch• Impact: > $1.3 billion raised by ventures• Results: 172 ventures launched• Success: 26 ventures/ > $1 billion in liquidity
events• Sustainability: Mentor base growing by referrals
~170 active mentors• Value: Entrepreneurs keep enrolling ~20/month
7/1/1324
Outreach
25
Assistance for Prospective Venture Mentoring Programs Now Available from VMS. Types of assistance ranges from:
MIT VMS Outreach
• Workshops at MIT• Workshops at client’s site• Immersion of client’s team at MIT• A VMS team participating temporarily in
client’s mentoring program• Consulting to client on specific issues• Significantly reducing client’s start-up time
26
Programs Based on the MIT VMS Model
KindleMentoringProgram
British ColumbiaInnovation Council(Canada)
EntrepreneurialMentoringProgram (North Carolina)
École polytechniquefédérale de Lausanne(Switzerland)
FloridaInternationalUniversity
Harvard Innovation Lab(Cambridge)
The Hub of HumanInnovation (Texas)
Grupo Guayácan (Puerto Rico)
Council for Entrepreneurial. Development(North Carolina)
Consortium of 6 Universities(St. Louis, Missouri)
Inkef Capital (Netherlands)
Barcelona Activa(Spain)
Broad Institute(Cambridge)
Chicago Innovation Mentors (CIM)
7/16/1327
Programs Based on the MIT VMS Model
NYC Economic Development Consortium
University of Wisconsin MadisonUniversidad Anáhuac (Mexico)
(Western Massachusetts)
HSE Mentoring Program(Boston)
LaunchPad
YEI Mentoring Program(Newhaven, CT)
University of Manitoba (Canada)
MaRS Discovery Toronto (Canada)
University of Wisconsin
MIT Club of Northern California
Jumpstart (Ohio)
Columbia
7/16/1328
