Session 2A: Funding & Investment

People: the Essential Investment

Dr. Richard S. Cahoon

Science & Technology for Society Forum

Colombo, Sri Lanka

09 September 2016

Creating and Capitalizing on Innovation: The Essential Investment

• Realizing economic development through innovation is essential to proactively participate the global “knowledge economy”

• Economic development through innovation is a high priority for societies

• Innovation requires a supportive “ecosystem” that facilitates the conversion of ideas into products, services, companies, jobs, revenues

The Innovation Ecosystem: key elements

• Robust and sustainable R&D programs

• Technology creators, inventors

• New technology, inventions

• Effective IP and related legal system

• Technology implementers

• Efficient links between technology creators and implementers

• Technology commercialization supporters and accelerators

The Innovation Ecosystem: key elements

• Patient and “friendly” investors

• Entrepreneurs and intrapreneurs

• Creative business models

• Prototypers, programmers, builders, makers

• Market development specialists

• Technology development partners

• Supportive lawyers, bankers, other professional service providers

Creating and Capitalizing on Innovation: The Essential Investment

Innovation requires

creative and knowledgeable…….

People!

People with

unique talents, skills, attitudes

People make the innovation ecosystem work

The Innovation Ecosystem: orchestrating the key elements

• The elements are necessary

……… but not sufficient

• An innovation ecosystem without the right type of people……

will simply not function well, if at all

The Innovation Ecosystem: the most important element

• The critical component is human knowledge ……… energy, attitude, and creativity • The critical component for realizing value from

technology/business innovation: Creatively orchestrating the connection and engagement of the appropriate innovation elements, with right timing, for each technology • Commercializing each technology/invention is unique.

Common themes….. but always unique

The Innovation Ecosystem: the critical ingredient

People with these skills and attributes:

• Technophiles and “tech savvy”

• Understand IP and its use

• Understand business and how it works

• Knowledge of markets and how they function

• Exposure to the product and market development process

• Understand the process of new technology commercialization

The Innovation Ecosystem: the critical ingredient

People with these skills and attributes:

• Energetic, optimistic, proactive

• Curious

• Like people

• Team players and collaborative

• Honest and ethical

• Good negotiators

• High-minded

The Innovation Ecosystem: the critical ingredient

People with these skills and attributes:

• Problem solvers

• “Translators”

• Mediators

• Visionaries

The Technology Transfer Professional

Building a sustainable Innovation Ecosystem:

A Community of Technology Transfer Professionals • Dedicated to the profession of technology

transfer • Self-development of the profession • Development of standards and ethics • Easily moving between non-profit and for-profit

institutions • Instilling values of philanthropy, public good,

institutional well-being, national pride

Building a sustainable Innovation Ecosystem:

This Community of Technology Transfer Professionals:

• Will provide a sustainable, human resource that drives the innovation system in

Sri Lanka

• AUTM

Association of University Technology Managers (US and international) is a useful model

Creating a Community of Technology Transfer Professionals for Sri Lanka

• Build on existing technology transfer programs

(universities, government research, NGO research, for-profit)

• Identify individuals within select institutions with talent and necessary attributes

• Invest in these individuals

• Intensive training, mentoring, coaching

Creating a Community of Technology Transfer Professionals for Sri Lanka

• Establish a communication system for the

network of tech transfer professionals (social media, web-based, etc.)

• Foster self-development mindset, comraderie, esprit de corps

• Develop job qualifications, assist job seekers and talent hunters

• Support improved compensation for the profession

Creating and Capitalizing on Innovation: The Essential Investment

Sri Lankan People!

with unique talents, skills, attitudes

will make the innovation ecosystem work

Thank you