ITN hosted its first session to introduce a select group of investors to faculty members working on interesting engineering projects ripe for commercialization. The networking event was not meant as a funding pitch, it was meant to put smart people in a room together and see what magic happens.
This was a great first cut at connecting area angel investors with the expertise that resides on local campuses. The idea behind it being that investors can learn to tap into this expertise for things like due dillegence with potential portfolio companies, and that valuable real-world exchanges can take place. In this session, faculty from network members Messiah College and Elizabethtown College presented new developments in small scale biofuels (view video), assistive technology (view video), and dielectric spectrometry (view video). Several follow-up meetings between camps have already taken place.
A few hints on making this mix work are 1) Invite investors who are open to developing relationships and engaging expertise over the long haul. Ones who get the long-term community benefits, not just a pure investment mindset. 2) Pick faculty open to a presentation review and critique. It will be edited and shortened. 3) If possible, have faculty bring along company execs who are using the product, or working closely in the development. They add a different perspective to the presentation, especially during Q&A. 4) Make it casual and offer easy networking at the end - which probably means food and beverages.
We’re scheduling the next meeting for the end of September, this time focused on IT and software development. It’s a work in progress, but we’re excited to see where it leads.
