A strong dose of reality was just around the corner for the room full of faculty at the Entrepreneurs Festival at New York University (NYU). The session was geared toward academics waiting to hear the truth about what it takes to become a successful “faculty entrepreneur,” one bent on combining research and business. The foursome at the front of the room had been on the start-up treadmill for some time and were asked to share the hardest elements of the process, which included fundraising, and their advice for the optimistic crew before them. (The session title of “Having It All” probably helped set some high expectations in the group.)
Below are highlights of the faculty feedback, all valid points for professors looking to take the plunge and move ahead in the unpredictable waters of business and commercialization.
What is the hardest thing about becoming a faculty entrepreneur?
1. When I took my idea to industry, they were “interested” but not “excited.” I had to form the start-up on my own to prove my concept. (A physicist)
2. Convincing people to give you money. You think everyone shares your passion but they don’t. You have to “dumb down” the story so others understand. It is *hard* to publish and raise venture capital. (In the medical field.)
3. Closing my investment took a long time and I found engineers hard to work with in big research firms.
What’s your advice for faculty looking to start a company and remain in a university/college setting?
1. Figure out how you are going to make money. This is not an academic goal, but it is a business goal. It’s a big shift!
2. Learn how to communicate with investors. You have to be able to take the science and turn it into business. Practice! Network with investors.
3. Get ready to ride the roller coaster it’s up and down all the time.
4. Make sure you are doing something real, solving a problem. Stay focused on the company goal, not on engineering how the product works.
5. Faculty are accustomed to criticism in an academic research environment, however, when your business is criticized it’s a lot harder and you are more inclined to take it personally.
6. Find a real problem to solve, get feedback and understand the impact of your work.
At the end of the session, one entrepreneur shared the need for a “melting pot” a place where people, ideas and connections can come together. Here at ITN we are one ingredient of the melting pot, a place for faculty and business to collaborate and create their secret sauce. There are several other key ingredients we work with (Ben Franklin Technology Partners, Venture Investment Forum, Innovation Cafe, and the TechCelerator), all of whom are willing to stir the pot and get innovation cooking in this region. Join us!
