Academic Medicine Faculty and Entrepreneurship

Abstract

Entrepreneurship can be an exciting and rewarding part of the career of an academic medicine faculty member. This chapter introduces the concepts and components that an academic medicine faculty member should consider, when making the transition from the conception of the idea, to their full entry onto the startup venture formation pathway. Elements which the faculty member should keep in mind as they embark on their entrepreneurial journey include the following: a self-reflection and understanding of one’s purpose and aspirations in entrepreneurship, maintaining the balance of professional and personal responsibilities, managing conflicts of interests both real and perceived, identifying the type of entrepreneurship that the faculty member wishes to participate in, building the team, obtaining funding, exercising knowledge of intellectual property, developing a habit of constant learning to build expertise in one’s own field of interest, communicating and interacting via in person and via technology with others outside of your field, and charting the course for the next steps. The academic medicine faculty member will gain knowledge that they can apply into their professional work, to begin their journey and keep well in startup life.