Lecturer Michael S. McCorquodale Authors Michael S. McCorquodale and Richard B. Brown Academic and Professional Resources for Student-Led Technology Ventures Solid State Electronics Laboratory Center for Wireless Integrated Microsystems Department of Electrical Engineering and Computer Science University of Michigan Ann Arbor, MI USA American Society of Engineering Education Annual Conference, Nashville, 2003

2 Michael S. McCorquodale Center for Wireless Integrated Microsystems University of Michigan Outline Motivation and Background Commercialization of Engineering Research Academic Resources Professional Resources Statistics Measuring Entrepreneurial Activity Conclusions StatisticsProfessional ResourcesAcademic ResourcesCommercializationMotivation

3 Michael S. McCorquodale Center for Wireless Integrated Microsystems University of Michigan Motivation Share our experiences leveraging University resources to develop a student-led technology venture Discuss the importance of entrepreneurial resources in the U.S. engineering curriculum Present the process of commercializing engineering research as it has been implemented at Michigan Describe both academic and professional resources for students and how both are tied to the commercialization process Demonstrate how these resources are stimulating entrepreneurial activity at Michigan Stimulate development of entrepreneurial resources in engineering programs across the country ConclusionsStatisticsProfessional ResourcesAcademic ResourcesCommercializationMotivation

4 Michael S. McCorquodale Center for Wireless Integrated Microsystems University of Michigan Background Students face daunting challenges when attempting to commercialize engineering research Knowledge in many disciplines including engineering, business development, law, and technology transfer is required Where is the engineering student supposed to start? What resources could assist the engineering student? Is this really an important aspect of engineering education in U.S.? ConclusionsStatisticsProfessional ResourcesAcademic ResourcesCommercializationMotivation

5 Michael S. McCorquodale Center for Wireless Integrated Microsystems University of Michigan Importance of Commercialization ConclusionsStatisticsProfessional ResourcesAcademic ResourcesCommercializationMotivation Over 80% of technology now from external sources Engineers must understand technology transfer Figure 1. Percent of companies relying on external sources for technology from 1992 to 2001

6 Michael S. McCorquodale Center for Wireless Integrated Microsystems University of Michigan Importance of Commercialization ConclusionsStatisticsProfessional ResourcesAcademic ResourcesCommercializationMotivation U.S. venture capital investment is creating new opportunities for engineers in emerging business Engineering students must be properly educated to capitalize on these opportunities Figure 2. U.S. venture capital investment from 1992 to 2002

7 Michael S. McCorquodale Center for Wireless Integrated Microsystems University of Michigan Commercializing Engineering Research ConclusionsStatisticsProfessional ResourcesAcademic ResourcesCommercializationMotivation Fundraising or Other Financing Fundamental Research IP Clean Research Grant Disclosure to University Publish Full Utility Patent Application Business Planning and Development License Initiate Operations Provisional Patent Application License Option? Note: Milestones 2 & 5 are pursued by all graduate students independent of entrepreneurial interests Figure 3. Commercialization Milestones

8 Michael S. McCorquodale Center for Wireless Integrated Microsystems University of Michigan Academic Resources Engineering Courses Electrical Engineering and Computer Science 498 3,4,6 Patent Law for Engineers Industrial and Operations Engineering Entrepreneurship Business Courses Entrepreneurial Studies New Venture Creation I Entrepreneurial Studies Researching and Writing the Business Plan ConclusionsStatisticsProfessional ResourcesAcademic ResourcesCommercializationMotivation

9 Michael S. McCorquodale Center for Wireless Integrated Microsystems University of Michigan Academic Resources Student Organizations 7,11 Michigan Entrepreneurs Founded by Electrical Engineering and Computer Science students and now boasts membership from academic units across the campus Entrepreneurial and Venture Capital Club Business student club that works with engineers to find business students Hi-Tech Club Another business student club focused on technology ConclusionsStatisticsProfessional ResourcesAcademic ResourcesCommercializationMotivation

10 Michael S. McCorquodale Center for Wireless Integrated Microsystems University of Michigan Professional Resources ConclusionsStatisticsProfessional ResourcesAcademic ResourcesCommercializationMotivation Zell-Lurie Entrepreneurial Institute Business plan competitions MBA Internship Program Business development support Grant Program Connections to external resources Milestones 7,10,11 Office of Technology Transfer Tech transfer and licensing Business development support Grants and consultant funding Connections to external resources Milestones 1,3,4,6,7,8,9,10,11

11 Michael S. McCorquodale Center for Wireless Integrated Microsystems University of Michigan Breakdown of Disclosures ConclusionsStatisticsProfessional ResourcesAcademic ResourcesCommercializationMotivation Electrical Engineering and Computer Science comprise almost half of the disclosures from UMICH CoE Figure 4. Breakdown of disclosures in FY2002 at the University of Michigan by engineering discipline

12 Michael S. McCorquodale Center for Wireless Integrated Microsystems University of Michigan Statistics Measuring Entrepreneurial Activity ConclusionsStatisticsProfessional ResourcesAcademic ResourcesCommercializationMotivation Figure 5. University of Michigan College of Engineering disclosures, patent applications, license agreements, and start-up companies from 1997 to 2002

13 Michael S. McCorquodale Center for Wireless Integrated Microsystems University of Michigan Conclusions StatisticsProfessional ResourcesAcademic ResourcesCommercializationMotivation Trends in the economy and the development of engineering technology clearly motivate the need for entrepreneurial components to the U.S. engineering curriculum Michigan has implemented both academic and professional resources that have been successful in stimulating entrepreneurial activity amongst students Additional programs and resources continue to be developed at Michigan The authors aspire to have contributed concepts and motivation for the development of entrepreneurial programs at other institutions