and innovations to an outside entity to create the initial business plan. Many examples of the latter relationship can be found locally from the Ratner Biomedical Group to the University Fund to the Institute for Translational Health Science and UW’s revamped Tech Transfer Office, now the Center for Commercialization. These groups along with a few others recognize the value of academic creativity yet the difficulties and constraints imposed on the academician. By adding the necessary business acumen and support, ideas from academic labs can be swiftly and effectively moved to market.
The last time I had an opportunity to post on the Xconomy Forum, I discussed the importance of talent and the need for the community as a whole to cultivate their emerging stars. It generated a few comments, but one in particular from Lois Melbourne, CEO of Acquire stood out to me. She wrote:
“One of the greatest things for an entrepreneur with a passion and an idea is to partner with someone that shares the passion but can execute the business side of the business. Most engineers, programmers, scientists, etc., want to follow their dream and work on their ‘baby’. They need a partner that lets them do that and protects them from the obstacles that will distract them from bringing great things to the market.”
This statement should be expanded to describe most of the successful ventures undertaken by academia working with industry. Academia generates technological concepts and industry generates the technological product. With that in mind, hopefully more groups and aspiring entrepreneurs from industry will look at academia with a less critical eye but into academic labs for their next innovative business opportunity.
