A lab-to-market roadmap for early-stage entrepreneurship

Abstract

Innovations in the physical sciences face unique challenges and barriers as they transition from concept to product, and finally to profitable business. Specifically, time horizons are much longer and early-stage capital needs are much higher than for alternative investments in, for example, information technology or consumer electronics. Universities with significant research programs in the physical sciences are most significantly affected as early-stage investors who are willing to accept high risk and the associated liquidity penalty become scarce. A potential solution to this dilemma is the implementation of a lab-to-market roadmap within the university infrastructure to align process, metrics and funding, with the goal of guiding technology translation in a disciplined fashion, while generating meaningful returns at low risk to the institution. Such a roadmap for early-stage technology entrepreneurship is described here, with start-up activity integrated into the universities? research activity and with a focus on three critical success factors: (1) a robust process for start-up activity; (2) an educational program that teaches the process and helps participants to implement it; and (3) an infrastructure that creates the appropriate environment for academic organizations to effectively develop innovations into products that are positioned to become great companies. For examples of the methodology, a case study for the start-up process (Cronos Integrated Microsystems) is reviewed and a successful lab-to-market case study at Duke University is also provided.