Transcript What do you teach? - Stanford University

Forum on Innovation
and Entrepreneurship
in Biomedical Engineering
Education
University of Washington
Yongmin Kim
IE/ME 496 & BIOEN 599:
TECHNOLOGY-BASED ENTREPRENEURSHIP
•
•
•
•
•
•
•
•
•
•
•
3 credits and 3 hours a week.
Open to all engineering, sciences and business students.
Both undergraduate and graduate students.
Provide a comprehensive introduction to the creation of new
businesses that are based on a creative technological idea.
Foundations of creativity and entrepreneurship.
Study business fundamentals.
Explore markets and distribution alternatives.
Business feasibility plans.
Intellectual property and legal issues.
Creating a business plan.
Team (3~5 students) business plan presentations.
University of Washington
BPOL 509: FOUNDATIONS OF ENTREPRENEURSHIP
ENTRE 510: ENTREPRENEURIAL STRATEGIES
• Taught by Business School and part of TEC
(Technology Entrepreneurship Certificate) Program
• Ph.D. students take five courses with MBA students:
– BPOL 509: Foundations of Entrepreneurship (2) (primer)
– FIN 557: Entrepreneurial Finance (4)
– Choose two out of the following four:
• ENTRE 510: Entrepreneurial Strategies (4) (case studies +
marketing)
• ENTRE 530: New Venture Creation and Managing Growth (4)
• ENTRE 531: Developing Business Models for Emerging
Technologies (4)
• MKTG 530: Managing the Sales System (4)
– One more elective course
University of Washington
ENTRE 530: NEW VENTURE CREATION AND
MANAGING GROWTH
• The focus is on gaining new venture creation and management
experience.
• MBA and Ph.D. students develop business plans using UW
technology.
• Students learn various theories and tools for creating a new
venture from lectures and case studies.
• With a business simulator (Marketplace), students start a new
business, develop and execute business strategy and plans,
obtain equity investment, build the business, execute venture
creation decisions, and compete with other students.
• Business plan competition: $75K prize money.
• WRF Capital/Gates Fellowships: full time for 10 weeks (a total of
$10k per fellow), MBA and Ph.D. students working together in
3-person teams, and each group works on 2 to 3 business
plans. Mentored by many people.
University of Washington
WRF CAPITAL/GATES FELLOWSHIPS:
OPPORTUNITY TO LEARN, PRACTICE AND MENTOR
•
1 Bioengineering Ph.D. student + 2 MBA students + 1 part time law student.
•
From about 40 UW/PNNL technologies, they focused on two technologies.
•
Mentored by community (faculty members, local CEO’s, entrepreneurs, VC’s, projects
managers, angel investors, etc).
•
Final product: Two business plans (one UW ultrasound technology and one PNNL
biomaterial/medical device tech.).
•
PNNL technology (Company name Cogelix). Researcher’s and students continue to
work together. MBA students graduated in June 2002 and are working full time on
Cogelix.
–
Formation of a scientific advisory board and a business advisory board.
–
MBA Jungle in New York. Finalist (8 out of ~250 plans made finalist) placed third
–
UW Business plan competition. 1st prize ($30K), Best Technology ($5k), Governors Award
($3k + trip to Kyoto to work with businesses and VC’s in Japan)
–
Began formally moving technology into FDA (5-13G filed)
–
Currently finalizing licensing and financing terms.
University of Washington
OUTCOME MEASUREMENT:
DIFFICULT
Qualitative Measures
Quantitative Measures
•
Quality and uniqueness of the
educational experience gained by
students
•
Quality of business/concepts
•
•
•
•
Process/learning objectives
•
Interdisciplinary interaction
•
Involvement of local companies
and VC/angel community
•
Goodwill created with others
•
Evaluation by mentors
•
Evaluation by inventors
•
Evaluation by
Bioengineering/business faculty
•
•
•
•
Number of Bioengineering majors
Student evaluation
Number of technologies analyzed
at each stage
Number of researchers and
mentors participating in the
process
Number of business plans
generated
Number of businesses funded for
commercialization
Number of start-ups created
University of Washington
revolutionizing
drug delivery
MEDICAL SYSTEMS
• One Bioengineering Ph.D. and two
MBA students.
• Ultrasound activated bio-compatible
implant releases drug upon external
ultrasound activation.
Ultrasound applicator
Epidermis
Implant
• Controlled release “easier than
injection, quicker than oral, without GI
toxicity”.
• Suitable for on-demand, small-dosage,
and/or localized drug delivery.
• Developed by Drs. Ratner, Crum,
Mourad and Kwok at UW Bioengineering.
• Patented technology, company pending
incorporation and funding via grants.
University of Washington