This morning our 2011 Biomedical Engineering Entrepreneurship Academy comes to close. 45 university research scientists from across the country, full professors to first year grad students, arrived on Monday morning with their research and the desire to see it become a reality. After an intensive week of work, they're pitching their proposed businesses for the first time and to a jury of potential investors.
Over the course of the week, they created the first iterations of business plans around their science—explicitly identifying the problems they're work solves, for whom, and witih what value. From there, and under the tutelage of lecturers and mentors who have been there before, they met with customers, crafted financial projections, and set the first milestones for moving their ideas from the lab to the market.
That meant, in the past five days, they met with roughly 45 entrepreneurs, angel investors, venture capitalists, IP and corporate lawyers, and corporate R&D managers. More networking in this, as one of the participants noted, than they could have hoped to do in a year of working on their own.
I can't tell you which, but from past experience and I can safely predict some of these will become real businesses.
Biomedical Engineering Entrepreneurship Academy
The Biomedical Engineering Entrepreneurship Academy (BMEA) is a springboard for moving biomedical and biomedical engineering research out of the lab and into the world.
The BMEA is designed for graduate students, postdocs and faculty working on biomedical engineering research who want to explore the potential market opportunities for their technology. The one week intensive helps researchers understand and explore the best path forward for their particular research project.
The academy includes:
Conference funding available for science and engineering graduate students, postdocs and faculty
Open to graduate students, postdocs and faculty in science and engineering, focused on biomedical engineering research. Open to applicants from national and international universities.
Accepted applicants receive fellowships to cover room, board and tuition. There is a $150 registration fee upon acceptance. Application deadline May 20, 2011.
What participants have to say about past academies
It exceeded my expectations. The EA teaches you the next crucial steps you have to do to take your technology from lab project to start-up venture. - Vickie Chiang, Stanford, EA '08
One week of focused study and practice gave me the tools to evaluate the business potential of my research projects and well-defined actions to move forward on the entrepreneurial path. - Wayne Leighty, University of California, Davis, EA '09