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McCorquodale Authors Michael S. McCorquodale and Richard B. Brown 2Y 6 Y  Outline  Motivation and Background Commercialization of Engineering Research Academic Resources Professional Resources Statistics Measuring Entrepreneurial Activity Conclusions    Motivation  KShare 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 nLPb W c v U `U 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.? dX t 4 5 FNImportance of Commercialization $  PImportance of Commercialization $  H $Commercializing Engineering Research%%  %  IAcademic Resources  -Engineering Courses Electrical Engineering and Computer Science 4983,4,6 Patent Law for Engineers Industrial and Operations Engineering 4227 Entrepreneurship Business Courses Entrepreneurial Studies 5157 New Venture Creation I Entrepreneurial Studies 5177 Researching and Writing the Business Plan   } / )  +TAcademic Resources  hStudent Organizations7,11 Michigan Entrepreneurs Founded by Electrical Engineering and Computer Science students and now boasts membership from academic units across the campus Entrepreneurial and Venture Capital Club Business student club that works with engineers to find business students Hi-Tech Club Another business student club focused on technology  M   )K 3 JProfessional Resources  Zell-Lurie Entrepreneurial Institute Business plan competitions MBA Internship Program Business development support Grant Program Connections to external resources Milestones 7,10,11:% P$ RBreakdown of Disclosures  K.Statistics Measuring Entrepreneurial Activity // /    ConclusionsTrends 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  /lLVWXYZ[\]^ _ ` a *  ` ̙33` 3` 3333f` 999MMM` f` f3` 3>?" dW.(? " dZ0.   " Y 6 n?" dd@   @@``PR    @ L `p>>  K0  pI(  p~ p B?#" `x p B?" p T׾pPpP ?"0  KTitel  p Tl۾pPpP?" *a   .;;XXvvF p TAA ?"p  XKlicken Sie, um die Formate des Vorlagentextes zu bearbeiten Zweite Ebene Dritte Ebene=Y ( p 6,"l ZMichael S. McCorquodale Center for Wireless Integrated Microsystems University of Michigan[[ C r  p C <A$OfficialSealSmall"eH p 0޽h? ? 3(33y___PPT10Y+D=' = @B + AVParis010921  K0 0t(  t t NpPpP ?"V  s;Klicken Sie, um das Format des Titel-Masters zu bearbeiten.<<" t TAA ?" `    x@Klicken Sie, um das Format des Untertitel-Masters zu bearbeiten.AAx t B?"~ t B?#" `H t 0޽h? ? 3(33y___PPT10Y+D=' = @B +/ 0 (?(  ( ( 0\ P    T*   ( 0Pҝ     V*  d ( c $ ?  ; ( 0ѝ  @  sKlicken Sie, um die Textformatierung des Masters zu bearbeiten. Zweite Ebene Dritte Ebene Vierte Ebene Fnfte Ebene@    t  ( 6H `P   T*   ( 6 `   V*  H ( 0޽h ? ̙3380___PPT10..у K0   d_(  dr d S Ȓt   d  d C <A$OfficialSealSmallT @r`r  d S t@D    d N@?  &Solid State Electronics Laboratory Center for Wireless Integrated Microsystems Department of Electrical Engineering and Computer Science University of Michigan Ann Arbor, MI USA 48109-2122.     d NT?0 M American Society of Engineering Education Annual Conference, Nashville, 2003NNM H d 0޽h ? ̙33y___PPT10Y+D=' = @B +C  K0 F>@ ) (   r  S \qp0      `AA ?p`  ,@ @`  Th>?"`  E Conclusions    % T<>?"`  D Statistics    & Tp>?"`  PProfessional Resources  ' T>?"`@  LAcademic Resources  ( T>?"`@ KCommercialization  ) TX>?"` D Motivation   H  0޽h ? #d 2___PPT10e.+D=' = @B +  K0 P &`F(  `x ` c $࢝p0   > ` s ,AA p#" 0eP<$ 0  ,@ @` !` T>?"`  E Conclusions    "` T>?"`  D Statistics    #` T>?"`  PProfessional Resources  $` T>?"`@  LAcademic Resources  %` TD>?"`@ KCommercialization  &` TT>?"` D Motivation   H ` 0޽h ? #d 2___PPT10.+1DB' = @B D' = @BA?%,( < +O%,( < +D' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*`b%(D' =-6B%slide(fromBottom)*<3<*`bD' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*`c%(D' =-6B%slide(fromBottom)*<3<*`cD' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*`%(D' =-6B%slide(fromBottom)*<3<*`D' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*`%(D' =-6B%slide(fromBottom)*<3<*`D' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*`%(D' =-6B%slide(fromBottom)*<3<*`D' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*`L%(D' =-6B%slide(fromBottom)*<3<*`L+8+0+` +  K0  ,L(  ,~ , s *p0   > , s ,؝AA p#" 0e<$ 0  ,@ @` , T>?"`  E Conclusions    , T>?"`  D Statistics    , T>?"`  PProfessional Resources  , T0 >?"`@  LAcademic Resources  , T8 >?"`@ KCommercialization   , T>?"` D Motivation   H , 0޽h ? #d 2___PPT10.+LFD8' = @B D' = @BA?%,( < +O%,( < +D' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*,Y%(D' =-6B%slide(fromBottom)*<3<*,YD' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*,Y%(D' =-6B%slide(fromBottom)*<3<*,YD' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*,%(D' =-6B%slide(fromBottom)*<3<*,D' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*,9%(D' =-6B%slide(fromBottom)*<3<*,9D' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*,9%(D' =-6B%slide(fromBottom)*<3<*,9+8+0+, +  K0 | t  - (     0#p0     T%>?"`  E Conclusions     T)>?"`  D Statistics     T->?"`  PProfessional Resources   T />?"`@  LAcademic Resources   T1>?"`@ KCommercialization   T6>?"` D Motivation    (0 3 r0e0eA ? ?pKvH $  0  * H:?6 (7 , H=?@/ _Over 80% of technology now from external sources Engineers must understand technology transfer6`%1. - ZK?`P [Figure 1. 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U.S. venture capital investment from 1992 to 2002<<H  0޽h ? #d 2 ___PPT10.+:`HD' = @B DE' = @BA?%,( < +O%,( < +D|' =%(%(D' =%(DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-s6Bwipe(down)*<3<* D' =%(DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-s6Bwipe(down)*<3<* D' =%(DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-s6Bwipe(down)*<3<* D' =%(DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-s6Bwipe(down)*<3<* D' =%(DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-s6Bwipe(down)*<3<* D' =%( DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-s6Bwipe(down)*<3<* D' =%( DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-s6Bwipe(down)*<3<* D' =%( DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-s6Bwipe(down)*<3<* D' =%(DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*  %(D' =-s6Bwipe(down)*<3<*  D' =%(DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*  %(D' =-s6Bwipe(down)*<3<*  D' =%(DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*  %(D' =-s6Bwipe(down)*<3<*  +0+(+  0+AN  K0 %))47m'(     0p      T\>?"`  E Conclusions     T>?"`  D Statistics     T$>?"`  PProfessional Resources   TL>?"`@  LAcademic Resources   TD>?"`@ KCommercialization   TL>?"` D Motivation   8  # l8c??"` (s,$D  0 ZFundraising or Other Financing  z     C5 ,$D  0   # l8c??"`  PFundamental Research    Tp?  z x  @-,$D  0  # l`8c??"` SIP Clean Research Grant    Tp? xz  x  C -,$D  0  # l08c??"` 3 TDisclosure to University    Tp?;x z @x   - ,$D  0  # l8c??"`@  CPublish    Tp?  x #z C   5 # ,$D  0   # l8c??"`C  [Full Utility Patent Application     Tp? %z  Cx    -# ,$D  0  # ld8c??"` C3  ]!Business Planning and Development " "  Tp?; x  z  #   m s,$D   0  # lD8c??"` C# CLicense     Tp?K[ [z  8# !  u s,$D   0 " # ld8c??"` # OInitiate Operations   # Tp? [8[4z   $ C}pX,$D 0  % # lx8c??"` ZProvisional Patent Application  B &B  fG-H&*I}Yp? z C[ ' p ,$D  0 ( # lT8c??"`C  KLicense Option?  B )B  `GIZp? [ * T ?@w  91  + T?@@ 92  , T?@ i  93  - T@?@@ 94  . T?~'P 95  / TD?GP 96  0 Tp? p P 97  1 T ?GP 98  2 T? w  99  3 T? b @  :10  4 T?   :11 O 6 TH?`r ,$  0 cNote: Milestones 2 & 5 are pursed by all graduate students independent of entrepreneurial interestsdd 7 Z$?Yt X&Figure 3. Commercialization Milestones''H  0޽h ?@  %(" " # %& () #d 2$$___PPT10$.+یD#' = @B D#' = @BA?%,( < +O%,( < +D' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(left)*<3<*D' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-s6Bwipe(left)*<3<* D' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(left)*<3<*D' =%(D' =%(D3' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*$%(D' =-o6Bdissolve*<3<*$D' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(left)*<3<*D' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(left)*<3<*D' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(left)*<3<*D' =%(D' =%(D3' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*'%(D' =-o6Bdissolve*<3<*'D' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(left)*<3<*D' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*!%(D' =-s6Bwipe(left)*<3<*!D' =%(D' =%(D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-o6Bdissolve*<3<* D' =%(D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*6%(D' =-o6Bdissolve*<3<*6+p+0+  ++0+6 +p  K0 " (     05p0     S 6p<$ 0    TL7>?"`  E Conclusions     T;>?"`  D Statistics     T?>?"`  PProfessional Resources   TD>?"`@  LAcademic Resources   T4H>?"`@ KCommercialization   TTL>?"` D Motivation   H  0޽h ? #d 2___PPT10.+(4DV' = @B D' = @BA?%,( < +O%,( < +D0' =%(%(D' =%(Dp' =A@BB BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*Dp' =A@BB BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*c%(D' =-o6Bdissolve*<3<*cDp' =A@BB BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*c%(D' =-o6Bdissolve*<3<*cD' =%(D' =%(Dp' =A@BB BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*Dp' =A@BB BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*Dp' =A@BB BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*-%(D' =-o6Bdissolve*<3<*-+8+0+ +  K0  ((  ( (  0cp0   x ( c $dp    ( Te>?"`  E Conclusions    ( Tn>?"`  D Statistics    ( T r>?"`  PProfessional Resources  ( Tv>?"`@  LAcademic Resources  ( Tx>?"`@ KCommercialization   ( TX}>?"` D Motivation   H ( 0޽h ? #d 2___PPT10e.+D=' = @B +   K0    (     Np?"`|B @ TD8c?   0(p      Tp>?"`  E Conclusions     T`>?"`  D Statistics     Tp>?"`  PProfessional Resources   T>?"`@  LAcademic Resources   Tȗ>?"`@ KCommercialization    Tܠ>?"` D Motivation      6X pp P <$  0  ,@ @`   c FA" logo_small_color,$@ 0  c :A small_logoP B ,$@ 0   ` p?"  X,$  0 Office of Technology Transfer Tech transfer and licensing Business development support Grants and consultant funding Connections to external resources Milestones 7,10,11< %0 P|B @ TD8c?  H  0޽h ? #d 24 , ___PPT10 .+: Dt ' = @B D/ ' = @BA?%,( < +O%,( < +D/' =%(D' =%(D3' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-o6Bdissolve*<3<* DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-s6Bwipe(left)*<3<* D/' =%(D' =%(D3' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(left)*<3<*+p+0+  ++0+ +    K0   `  \ (     0 s 0e0eA ?AA ?pkp      0,ۃp      TD>?"`  E Conclusions      Td>?"`  D Statistics      T>?"`  PProfessional Resources    T>?"`@  LAcademic Resources    T>?"`@ KCommercialization    T>?"` D Motivation   B   H?pv bElectrical Engineering and Computer Science comprise almost half of the disclosures from UMICH CoEc%c_    Z?`  dFigure 4. Breakdown of disclosures in FY2002 at the University of Michigan by engineering disciplineeeH   0޽h ? #d 2___PPT10e.+D=' = @B +   K0  d(   0 s 0e0eA ?AA ?pH $  0    0hp     T>?"`  E Conclusions     T8>?"`  D Statistics     TX>?"`  PProfessional Resources   Tx >?"`@  LAcademic Resources   T$>?"`@ KCommercialization    T(>?"` D Motivation   F  N,?P Figure 5. University of Michigan College of Engineering disclosures, patent applications, license agreements, and start-up companies from 1997 to 2002H  0޽h ? #d 2v n ___PPT10N .+D ' = @B D ' = @BA?%,( < +O%,( < +D' =%(D' =%(DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(down)*<3<*D' =%(D' =%(DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(down)*<3<*D' =%(D' =%(DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(left)*<3<*D' =%(D' =%(DD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(left)*<3<*+0+(+ 0+3   K0 rj` (  r  S 0[p0     T\>?"`  E Conclusions     T,^>?"`  D Statistics     Te>?"`  PProfessional Resources   Ti>?"`@  LAcademic Resources   Tm>?"`@ KCommercialization   T4q>?"` D Motivation      `\yAA ?p <$ 0  ,@ @`H  0޽h ? 3(33  ___PPT10 .@1&+օHD. ' = @B D ' = @BA?%,( < +O%,( < +D' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-6B%slide(fromBottom)*<3<*D' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*9%(D' =-6B%slide(fromBottom)*<3<*9D' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*9%(D' =-6B%slide(fromBottom)*<3<*9D' =%(D' =%(DR' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-6B%slide(fromBottom)*<3<*+8+0+ +   0 N F (  X  C (   F  S $( @   First let me provide some context for this talk. Dr. Richard Brown and I have founded a Michigan-based company, named Mobius Microsystems, which is based upon my doctoral research. In the process of this company s development, we have leveraged all of the resources that will be discussed here subsequently. Of course, I am here to share these valuable experiences with you as educators. I d like to begin by addressing the importance of including entrepreneurial resources in the United States engineering curriculum. Then I d like to move on and provide a detailed description of the process of commercializing engineering research at Michigan and show how the academic and professional resources at Michigan play a critical role in specific milestones associated with this process. And ultimately, I d like to show how these resources are stimulating entrepreneurial activity at Michigan, which will hopefully stimulate the development of similar programs across the country.vZH  0޽h ? ̙3380___PPT10.9@Fb  0   0r (  0^ 0 S (     0 c $Պ( @   h T Being a graduate student researcher myself, I can state with some authority that from a student s perspective it is a truly daunting challenge to begin to commercialize engineering research. The reality of the situation, even at Michigan, is that the academic and professional resources for entrepreneurial development of engineers are really in their infancy. But the major challenge I faced personally was the fact that knowledge was required from such a breadth of disciplines. Specifically, these disciplines include engineering, business development, law, and technology transfer and management. In fact, I had absolutely no experience with business development or the development of intellectual property. Moreover, the process of technology transfer was a completely foreign concept to me. So I, like many other engineering students, simply did not even know where to begin. And once I did begin, I sought resources that could provide me with assistance, some of which were literally being developed as I was seeking them and all of which I will describe today. Of equal importance, though, and amidst all of this discussion is the answer to the question,  is this really an important aspect of engineering education in the U.S.? I would answer with an emphatic,  yes, and I will start be describing why next. H 0 0޽h ? ̙3380___PPT10.9@F  0 4,4(  4X 4 C (   , 4 S ( @   Good afternoon. My name is Michael McCorquodale and I am a Ph.D. Candidate in Electrical Engineering and Computer Science from the University of Michigan. Today, I will be presenting a paper that was co-authored with my faculty advisor, Dr. Richard Brown, and entitled  Academic and Professional Resources for Student-Led Technology Ventures. H 4 0޽h ? ̙3380___PPT10.09n 0 8(  8X 8 C (    8 S ڊ( @   This is an outline of the topics that I will be covering today, which is also captured in the legend at the bottom and which you can follow on the subsequent slides. First I d like to motivate and provide some background for this talk. Then I d to discuss the process of commercializing engineering research as it has been implemented at the University of Michigan. Next I will cover both academic and professional resources that exist at Michigan, as well as recent some statistics indicating the level of entrepreneurial activity. And lastly, conclude with some final remarks.H 8 0޽h ? ̙3380___PPT10.090" 0 <-(  <X < C (    < S ( @   /This graph illustrates the percentage of North American, European, and Japanese companies that rely on external sources for intellectual property. In just the past ten years, this percentage has jumped from below 40% to over 80%. Clearly, U.S. research institutions are well-positioned to feed intellectual property into these companies and many already do so. As such, engineering students must understand the process of intellectual property development and technology transfer and thus educational resources should be provided to them. H < 0޽h ? ̙3380___PPT10.49K 0 @(  @X @ C (    @ S l ( @   ~This chart illustrates the amount of U.S. venture capital invested in emerging companies over the past ten years. Of course, in 2002 the U.S. economy was weak and most would agree that 1999 and 2000 were anomalous years which can be attributed to the so-called  internet bubble. Nevertheless, there is significant and predictable growth in venture investments, with many dollars going into emerging technology businesses. Thus, U.S. engineering students are faced with entrepreneurial career opportunities that are substantially different from previous years. However, in the competitive marketplace, the distinguishing factor will almost certainly be education. Engineers equipped with the correct knowledge of emerging business and associated concepts will posses a significant advantage with an increased likelihood of success.H @ 0޽h ? ̙3380___PPT10.59mxb  0 Dr(  DX D C (    D S 4( @   tBCommercializing engineering research can take one of many paths. Thus, the process implemented at Michigan and as I will describe here is just one particular path. It is presented as a frame of reference for the resources that support it and which will be described subsequently. This process has been broken down into numbered milestones which will be reference throughout this talk and which is identical to the scheme presented in the paper. First, students must be aware of the intellectual property assignment associated with the research grant under which they work. As many engineering researchers partner with commercial entities, it is important that the IP be retained by the university only in order for a entrepreneurial opportunity to exist. If a company retains IP rights, it is often difficult to license the technology for an entrepreneurial venture. Next, the student must conduct fundamental research without disclosure to third party entities. Once a research concept has matured, Michigan implements an internal disclosure process to the Office of Technology Transfer. Typically a pending publication is sufficient for disclosure. The Office of Technology Transfer will review the submitted disclosure through an advisory committee to determine whether the technology has commercial potential and what type of protection might be appropriate. If it is patentable, a provisional application is filed, which affords the researchers one year until a full utility application is required. Of course, then the researchers publish their work, if they choose to. And they are protected by the provisional filing. Within the next year, a full utility patent application must be filed. The inventors are much more involved in this process and typically work directly with the patent attorney throughout the development of the application. The Office of Technology Transfer facilitates this interaction. And the IP is ultimately considered established once the patent is granted. Once the IP is established, university researchers can develop a business plan. Here it is critical to leverage resources from various departments and offices from within the university. Typically a core founding team is established at this point, which is often comprised of a mix of technologists and business personnel. Legal counsel is often retained at this point and a corporate entity is established. The researchers a may engage in an option for the IP. At Michigan, this typically involves some set of negotiable terms under which the technology is removed from the open market for a specified time while the researchers examine its commercial potential and plan for commercialization. Next a license is negotiated and a variety of terms are established including equity, royalty, milestones, and fees. Once the license is executed, the company has access to the technology in order to sell products based on it. In this phase the researchers typically continue some development of the technology in order to refine it for commercial applications. From this point, the researchers retain the rights to commercialize the developed IP and have advanced the technology to some nearly commercial status. Funding is typically sought throughout the development process and often in collaboration with the Office of Technology Transfer and other professional resources. Lastly it should be noted that milestones 2 and 5 are pursued by all engineering researchers independent of entrepreneurial interests. In the following slides, I will be referring back to the numbers associated with each milestone here as I discuss resources that support it.CPCH D 0޽h ? ̙3380___PPT10.79\m 0 tlH(  HX H C (   l  H S T( @     In recent years, Michigan has established a variety of entrepreneurial courses for both its undergraduate and graduate engineering students. These courses support various aspects of the commercialization process that was just outlined. For example, EECS 498, Patent Law for Engineers, takes engineer students through the entire process of developing a patent. The course also prepares them for the patent BAR exam, if that is of interest to them. The students in this course work in teams to develop a complete patent application and the best applications may be filed with the USPTO. I personally, audited this class, and used it in the development of two patents which are now under option by Mobius Microsystems. Referring back to the commercialization process, this course supports milestones 3, 4, and 6. IOE 422 is an undergraduate course in which a complete business plan is developed with a team. This course supports milestone 7. Most engineering graduate students interested in entrepreneurship elect the MBA sequence, Entrepreneurial Studies 515 and 517. Here business concepts are pitched to the class and the most popular concepts are assigned teams. Enrollment is not necessary to pitch. Many engineering students opt to pitch a technology concept to the class, recruit a team, and then receive essentially pro-bono development of a business plan. I personally enrolled in this sequence and the original version of our company s business plan was developed in this class. It also provides engineering students with the basic skill-set required for business development. These courses also support milestone 7.[[ H H 0޽h ? ̙3380___PPT10.99Pv47x  0   L (  LX L C (    L S t( @   TSeveral student organizations have become instrumental in not only pooling resources across the university, but also breaking down the barriers that exist between academic units. A grass roots organization appropriately named  Michigan Entrepreneurs was founded by electrical engineering students in 1999 and has established itself as the furthest reaching organization addressing student-led emerging business. UME has sponsored events including a showcase of entrepreneurial start-ups by Michigan students. UME has also developed focus groups on particular aspects of technology and business from semiconductor technologies to patent law. However, the organization s greatest contribution is fostering interaction between students, faculty, and the local business community, contributing to milestones 7 and 11. The business school also has two entrepreneurial organizations which interact with engineers. In fact Mobius recruited an MBA student with the help of the Entrepreneurial and Venture Capital Club. This individual now works full-time for the company. H L 0޽h ? ̙3380___PPT10.:9j@ 0  PP(  PX P C (    P S L( @   RStudent organizations and course work can take an engineering student a long way, but the professional resources available to Michigan entrepreneurs are what truly allow engineers to develop the skill set required to become successful entrepreneurs. The Sam Zell and Robert H. Lurie Entrepreneurial Institute provides a myriad of resources, all of which we have utilized in the development of Mobius Microsystems. Zell-Lurie runs its own business plan competitions, but also sponsors top Michigan teams to attend national and international competitions. In fact, the Zell-Lurie Institute has sponsor Mobius travel to over 5 competitions at which over $130,000 has been won. Several other Michigan companies have performed similarly. The Institute also subsidizes salaries for MBA students working with start-up companies. This is a great opportunity for companies with low cash flow to get talent that they might retain into the company. If that isn t enough, the Institute runs a grant program with awards up to $20k and also connects entrepreneurs with external resources including investment leads. The availability of these resources to engineering students, despite the fact that the Institute is housed by the Business School, is an outstanding facet of the entrepreneurial culture at Michigan. The boundaries that exist across academic disciplines, such as business and engineering, must be broken down in order to foster a healthy entrepreneurial community and develop the resources required for students. The Office of Technology Transfer provides a clear technology transfer process and support for any student researcher wishing to commercialize developed technology. The Office also provides valuable support, including access to a Business Development Specialist for each individual or group aspiring to commercialize engineering research. The Specialist, who is part of a UM Business Development Group, will introduce the researchers to the technology transfer process at the University, arrange appointments with potential investors, clarify the group s IP position to investors, and support the group in its business development efforts. The Office also provides significant monetary support to researchers including a grant program and support for consultants in the area business development who may ultimately become part of the company. Clearly, these types of resources bring the student entrepreneur much closer to achieving his or her goal of establishing a sustainable enterprise.  P to  tH P 0޽h ? ̙3380___PPT10.;9vW 0 0Tg(  TX T C (    T S ( @   iUThis chart shows the breakdown of disclosures last year in the college of engineering by discipline. Electrical engineering and Computer Science comprise almost half of these. This, however, is correlated with the relative size of each department. I present this here just to give you an idea regarding the sources of technology at Michigan.H T 0޽h ? ̙3380___PPT10.;9P  0 @X(  XX X C (    X S 쿥( @   bNow lets take a look at the major commercialization milestones. When examining this data, the health of the national economy must also be considered. First, disclosures. From 1997 to 2002, the college has received almost twice as many disclosures. And please note the axis is on the left. It is important to note that nearly every technology that is disclosed and patented within the College of Engineering at Michigan contains at least one student inventor. Typically this student inventor is a graduate student, but the authors have also disclosed their own technology including undergraduate students, who support graduate research projects, as co-inventors. Dr. Brown and I, in fact, have filed two disclosures with an undergraduate as a co-inventor. From these disclosures, the number of patent applications has more than doubled over the same timeframe. Again, the axis is on the left. Licensed technologies have ebbed and flowed for the past five years and the general trends follow the health of the national economy. Here, look at the axis on the right. The final metric indicating increased entrepreneurial activity is the number of start-ups that have originated from the College, also shown in Figure 5. An unprecedented number of engineering start-ups was recorded in 2001. The state of the national economy is largely at blame for the sharp downturn in 2002.cc H X 0޽h ? ̙3380___PPT10.<9pSy.  0 2*P\(  \X \ C (   * \ S dʥ( @   In conclusion here, we have identified trends in the economy and the development of engineering technology that clearly motivate the need for entrepreneurial components to the U.S. engineering curriculum. The University of Michigan has implemented both academic and professional resources that have been successful in stimulating entrepreneurial activity amongst students. Many of these resources were presented here. And additional programs and resources continue to be developed at Michigan. Lastly, we aspire to have contributed concepts and motivation for the development of entrepreneurial programs at other institutions. Thank you for your attention. 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McCorquodale Authors Michael S. McCorquodale and Richard B. Brown 2Y 6 Y  Outline  Motivation and Background Commercialization of Engineering Research Academic Resources Professional Resources Statistics Measuring Entrepreneurial Activity Conclusions    Motivation  KShare 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 nLPb W c v U `U 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.? dX t 4 5 FNImportance of Commercialization $  PImportance of Commercialization $  H $Commercializing Engineering Research%%  %  IAcademic Resources  -Engineering Courses Electrical Engineering and Computer Science 4983,4,6 Patent Law for Engineers Industrial and Operations Engineering 4227 Entrepreneurship Business Courses Entrepreneurial Studies 5157 New Venture Creation I Entrepreneurial Studies 5177 Researching and Writing the Business Plan   } / )  +TAcademic Resources  hStudent Organizations7,11 Michigan Entrepreneurs Founded by Electrical Engineering and Computer Science students and now boasts membership from academic units across the campus Entrepreneurial and Venture Capital Club Business student club that works with engineers to find business students Hi-Tech Club Another business student club focused on technology  M   )K 3 JProfessional Resources  Zell-Lurie Entrepreneurial Institute Business plan competitions MBA Internship Program Business development support Grant Program Connections to external resources Milestones 7,10,11:% P$ RBreakdown of Disclosures  K.Statistics Measuring Entrepreneurial Activity // /    ConclusionsTrends 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  /lLVWXYZ[\]^ _ ` a BN  K0 &))47n'(     0X p      TY >?"`  E Conclusions     TA >?"`  D Statistics     Ta >?"`  PProfessional Resources   T f >?"`@  LAcademic Resources   TXi >?"`@ KCommercialization   Tg >?"` D Motivation   8  # l\q 8c??"` (s,$D  0 ZFundraising or Other Financing  z     C5 ,$D  0   # lu 8c??"`  PFundamental Research    Tp?  z x  @-,$D  0  # ly 8c??"` SIP Clean Research Grant    Tp? xz  x  C -,$D  0  # l{ 8c??"` 3 TDisclosure to University    Tp?;x z @x   - ,$D  0  # l@ 8c??"`@  CPublish    Tp?  x #z C   5 # ,$D  0   # l 8c??"`C  [Full Utility Patent Application     Tp? %z  Cx    -# ,$D  0  # l 8c??"` C3  ]!Business Planning and Development " "  Tp?; x  z  #   m s,$D   0  # l 8c??"` C# CLicense     Tp?K[ [z  8# !  u s,$D   0 " # l 8c??"` # OInitiate Operations   # Tp? [8[4z   $ C}pX,$D 0  % # l 8c??"` ZProvisional Patent Application  B &B  fG-H&*I}Yp? z C[ ' p ,$D  0 ( # l 8c??"`C  KLicense Option?  B )B  `GIZp? [ * TH ?@w  91  + T ?@@ 92  , T ?@ i  93  - T( ?@@ 94  . T ?~'P 95  / T ?GP 96  0 T< ? p P 97  1 T ?GP 98  2 T ? w  99  3 T ? b @  :10  4 T ?   :11 P 6 T ?`Z ,$  0 dNote: Milestones 2 & 5 are pursued by all graduate students independent of entrepreneurial interestsee 7 Z0 ?Yt X&Figure 3. 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