LIFE ERC: Education and Entrepreneurship

Professor Gene FitzgeraldDr. Andreas Wankerl

Teaching: Commercialization of Fundamental Technologies

Business of Science and Technology Initiative

“Open Market” of Research Results

Previous applied science concentration in large corporations shifts universities to very basic science activity

Applied science withdrawal from corporate research (last 10-20 years)

Today, gap appearing in optical innovation space between science sources (universities) and efficient commercial marketplace (companies)

University Company

MarketTechnology

Implementation

Market

University CompanyMarketMarketTechnology

Implementation

Market/Technology Gap creates “Market Pull” and “Technology Push”

Market-side of Gap Pull random sciences that may help market, no command

over type of research being performed Science-side of Gap

Push science to technology and market, leaving engineering of science and value to the marketplace

Must iterate between the two

Research

Market 2

Market 1

MIT 3.207/SMA 3.207/Cornell NBA 602

Commercialization of Fundamental Technology/Technology Development and Evaluation

Professor Gene FitzgeraldDr. Andreas WankerlDr. Arne Hessenbruch

CornellVisting Professor of Management, Johnson School of

ManagementVisiting Professor of Engineering, College of Engineering

eaf37@cornell.edu

MITMerton C. Flemings-SMA Professor of Materials Engineering

eafitz@mit.edu

Course Contents

Course Flow Linear: An Unrealistic Abbreviation of the Process!Phase I: Research, Development, TechnologyPhase II: Finding Applications, Competitive TechnologiesPhase III: Intellectual PropertyPhase IV: FinancingPhase V: Business ModelsLectures: Views and Experience in each Phase

Project: Practice each Phase

• This is a class about fundamental observations in ever-changing environments

• Lectures cover basic observations, some directly from our experience

• Outside lecturers covering the different phases of the class

• Student selects embryonic technology to bring through phases of class (only “Technology Push” is possible for teaching)

Cornell Business of Science Cornell Business of Science and Technology Initiative and Technology Initiative

Gene FitzgeraldBSTI Faculty DirectorVisiting ProfessorJohnson School of BusinessCollege of EngineeringCornell University

Merton C. Flemings Professor of Materials EngineeringMIT

Andreas WankerlBSTI Operations DirectorJohnson School of BusinessCornell University

Richard ShaferBSTI Business DirectorAssociate Dean of Corporate RelationsJohnson School of BusinessCornell University

INFORM

JUSTIFY

InnovationProjects

Risk ↓ Return ↑ x10

Sales &Production

x10

Univ. R

AppliedR & D

Product Development

Time

Inve

stm

ent

x10

Innovation Project Function

Initial Project Definition

Continue?

1 Year Innovation / Evaluation

Project

Option To Abort

YES

NO

FastFailure

Continuein Company

Continueas Sponsored Research

Continueas Start-Up

Switch to Consulting (e.g. Market Research)

Innovation Project Outcome

Organization

Start-up-like structure

BoardCompany Members,

Gene, Andreas

CEO, COO (PI’s)Gene, Andreas

Advisor, CTOProf.

VP MarketingMBA

VP Biz DevMBA

VP TechPhD

VP R&DPhD

Progress Mapped on Innovation Progress

Education

Interdisciplinary Connections

Innovation

MarketTechnology

Implementation

Mid-Term Review (Jan)

Project Start (Fall Semester)

Deliverable Outline

•Assessment of advantages and disadvantages of current markets

•Assessment of current research results for suitability

Evaluation, Reduction to Promising Technology/Markets

•Assessment of development state •Identification of missing elements (scientific, engineering, production)•Quantification of technical risk

•Assessment of customer valuation and trends•Identification of unmet test needs•Assessment of market risks

Differentiation Assessment of Valuation vs. Realizable Cost/Performance

Creative Synthesis: Realistic Interpretation of Market OpportunitiesTechnical and Market Risk, Market Sizing, Financial Projections

Phase I

Phase II

Phase III

Innovation Team: Post-Docs, PhDs, MBAs, MEngSelection: Motivation, Experience, Psychological

Preference

Innovation Faculty Director: Review: monthlyMentor: innovation

Expert Innovation Faculty:Review: monthlyMentor: science and industryInnovation Leader:

Review: weeklyMentor: innovation

Company Project Team: Review: month 4,7,10 Mentor: as required

University Environment and Other Faculty

InnovationBoard

Innovation Project Mentorship