We have developed a customized approach to assist budding entrepreneurs in their business pursuits by leveraging some or all our support services.  The diagram below highlights our 10 most important service offerings.  This is followed by a brief description of each individual component:

Diagram 1.  10 Steps to Commercial Success

1. Culture:  "Setting the Right Tone"

Establishing a new company can be a daunting task.  Do I really want to do this?  Where do I begin?  Will this interfere with my academic activity?  Who should I talk to?  What role will BU play?  These are questions frequently asked by first time entrepreneurs.  I&E’s goal at this stage is to establish a culture of understanding where students, staff, and faculty can discuss their vision, plans, and dreams with experienced I&E staff on a confidential, non-committal basis.  If - and when - the entrepreneur is prepared to seriously explore creating their own business, I&E staff will make the appropriate contacts to pursue the next steps.  Our goals at this stage are to:

• Provide basic information and answer questions from  new entrepreneurs
• Act as a sounding board for new ideas
• Assist entrepreneurs establish their own "innovation vision"

2. Society:  "Developing a Better World"

While financial reward is an obvious motivator for entrepreneurs, I&E believes that there are frequently other factors that enter into the decision to start one’s own venture.  This is often true of discoveries made in the academic world.  The desire to cure disease, improve a person’s quality-of-life, and/or the challenge of solving a major societal problem are often strong motivators for the establishment of entrepreneurial ventures.  At this stage I&E explores these motivations and discusses alternative business models that best fit with the motivations of each entrepreneur.  Our goals at this stage are to: 

• Understand the motivations of the entrepreneur
• Explore establishing "A Better World" philosophy
• Discuss broad issues, such as local economic development opportunities

3. Education:  "Hands on Learning"

As part of an academic institution, I&E believes that there are always opportunities to educate and learn.  We believe that the venture creation process offers fertile ground for students, staff, and faculty to participate in building a new business while learning valuable skills that will benefit each individual for years to come.  If the entrepreneur is receptive, I&E works with contacts in several BU schools (such as the schools of medicine, dentistry, engineering, and management) to solicit students interested in learning how to establish new companies in a real world, hands-on fashion.  Depending on the school, students can often receive academic credit for their work. Our goals at this stage are to: 

• Educate entrepreneurs on the venture creation process
• Recruit students to assist with "hands-on" involvement
• Establish business and academic milestones

4. Identification:  "Seek a Great Idea"

While many academics consider starting a company during their careers, most never act on their impulses for a variety of reasons.  As such, I&E is developing several ways of proactively identifying interesting research and discoveries that may have commercial potential and then approaching principal investigators to gauge their interest in pursuing the creation of new ventures.  In addition to proactively seeking out individual projects from BU faculty, students and staff,  I&E will soon host a series of informal information sessions within several BU schools to gain visibility and make potential entrepreneurs aware of the variety of I&E services available to them.  One advantage of gaining insights into research performed within several BU schools is the opportunity to introduce researchers with synergistic interests to one another and encourage translational research activities.  Our goals at this stage are to: 

• Proactively identify commercially appealing research projects and investigators 
• Create awareness of I&E in several BU schools
• Encourage translational research (MED, ENG, SDM, SPH, SMG, CAS)

5. Assessment:  "Selecting the Right Project"

Once projects are identified, I&E invites each researcher to discuss their discoveries in small sessions with OTD staff and others within the BU community that have interest and/or expertise in the particular research domain.  This represents the initial stage of a process to sharpen the commercial focus, validate business assumptions, and critique the project from a business development and scientific standpoint.  Performing this activity early in the venture creation process increases the likelihood of a project’s success when seeking outside partnership and funding.  In the spirit of collaboration among BU colleagues, I&E staff often call on faculty, alumnae, and other experts affiliated with BU to assist in these review sessions.  Our goals at this stage are to:

• Screen projects based on commercial viability
• Validate the potential concept and proposed business model by BU community experts
• Provide tangible feedback to entrepreneurs aimed at strengthening the commercial appeal of their ideas

6. Involvement:  "Faculty, Students, Alumnae"

A common challenge for emerging companies after the initial business concept is conceived and supported by OTD is how to gain critical momentum to keep the commercial aspects of the project on track.  At this stage companies often lack human resources with an interest in the project and experience in the business world.  Through a variety of arrangements and networking among the BU community, I&E attempts to identify individuals who are available to assist projects as they enter the critical stage of fund raising and setting out on their own.  Whether the human resource consists of part-time business students, Entrepreneurs-in-Residence from a BU incubator, or interested alum, the entrepreneur is free to form whatever relationship works best for the given project.  A variety of models have worked in the past from volunteer assistance to support personnel seeking financial compensation.  Our goals at this stage are to:

• Find faculty, staff, students, and alums interested in the project
• Assure the project continues its momentum
• Prepare project to seek capital

7. Investment:  "Capital to Help it Along"

BU is fortunate to have several sources of capital available to assist emerging ventures.  Two of the newer financial vehicles include Ignition Awards and Launch Awards.  Both are grants administered by OTD with selection of award recipients governed by an advisory board of renowned venture capitalists.  While Ignition Awards are aimed at assisting projects where a proof of concept is still incomplete, Launch Awards are slightly greater in magnitude and are aimed at assisting projects finalize their product research and preparing for the "real world" of attracting outside investors.  In addition to these early stage financial awards, there are several other sources of capital available to companies at various stages of maturity.  See the OTD web site under "Funding" for additional details.  Even at this relatively early stage, OTD’s Corporate Business Development group may assist the company by finding potential "strategic investors" in the form of larger, established corporations with an interest in the project.  Our goals at this stage are to:

• Assure that projects have capital to complete their proof of concept
• Assure that  projects have capital to prepare for attracting outside investors
• Explore availability of additional capital available inside and outside BU

8. Assistance:  "How Can We Help?"

To advance to the next stage of company maturity, projects have to begin thinking and acting like true start-up ventures.  As such, issues such as recruiting a management team, finalizing technology transfer between the company and BU, planning for office/laboratory space, and finalizing a business plan are critical.  I&E can assist new companies with all these tasks.  I&E realizes that each project is inherently different and requires a customized approach to seeking the best path to becoming an independent going concern.  At this stage, companies may be ready to explore the possibility of entering one of BU’s incubators.  These specially designed facilities on the BU campus provide office space, lab space, access to special equipment/facilities (animal operating rooms, for example) and certain other critical amenities, not found in similar shared resource arrangements.  OTD’s Director of Incubators can assist companies evaluate their needs and explore these opportunities.  Our goals at this stage are to:

• Assist in recruiting a CEO and other management if needed
• Finalize all technology transfer processes
• Explore the BU incubator options if applicable

9. Launch:  "Market Readiness"

Like growing children, all new companies must leave the security of the university setting and establish themselves as independent entities.  To accomplish this, outside capital is often required.  OTD has relationships with several venture capital firms, angel investors, and other financial institutions.  Depending on the maturity level of the new company and its capital requirements, I&E can often assist new ventures in approaching outside investors.  Our goals at this stage are to:

• Assure that a rational business/commercialization plan is in place
• Finalize company milestones required to attract outside investment
• Establish contacts with the outside investment community

10. Promote:  "Publicize Success"

Creating successful companies and commercialization stories from academic institutions can be "risky business."  However, OTD seeks to lessen these risks by offering emerging entrepreneurs in the BU community a road map to enhance the chances of commercial success.  Gaining the attention of outside investors and commercial partners can often be difficult for new ventures.  However, once a successful entrepreneurial track record is established by an institution, outside entities are often more receptive to supporting emerging companies affiliated with these academic centers.  To establish a track record, OTD works with its new companies to publicize their success through a variety of mass media channels and targeted marketing efforts.  These activities improve the likelihood of commercial success for future companies following I&E's "10 Steps to Commercial Success."  Our goals at this stage are to:

• Monitor and promote success of BU innovations (past and future)
• Exploit accomplishments through publications and PR
• Differentiate BU affiliated companies as the "best-in-breed"

Putting it All Together

Diagram 2 below illustrates how the "10 Steps to Commercial Success" might work using a fictitious scenario:

Diagram 2:  Fictitious example of the "10 Steps to Commercial Success"
(Larger view of Diagram 2)

• Overview
• 10 Steps to Commercial Success