Commercializing university technology has become a big business. Ever since the 1980 Bayh Dole Act gave universities ownership of patents from technology developed in their labs, interested parties ranging from parents to government policy makers have called on universities to use their new found strength to transfer technology to industry and provide a tidy return on investment.
Yet the challenge of convincing risk-averse corporations to pay for patents that may not become products has led to the now common university start-up, a company created with the aim of commercializing one or more university patents.
Few professors have the time, experience, or knowledge to drive a business by themselves. Some leave their ivy-covered campuses for the business world, like Akron Polymer Systems' Frank Harris who has lessened his course load to pursue greater success for his start-up. But often the graduate students step up to drive the business. As the job market continues to tighten and life in a lab or cube seems less inviting, this option is looking better and better for students with advanced degrees.
An exemplary venture is LaunchTown entrepreneurship competition winner and University of Akron start-up PureBalance Polymeric Solutions, which seeks to commercialize biodegradable polymer capsules that time-release drugs. Co-owner and interim CEO Parth Shah, a UA doctoral candidate in chemical and biomolecular engineering, leads the company.
According to an Akron Beacon Journal article, Shah filed a provisional patent through the university and enlisted the help of fellow biomedical engineering graduate student Anand Parikh and MBA students Tim Johnson and Shana Horonetz. The team's cross-disciplinary structure supplements its technology know-how with expertise in finance, marketing and business.
The company received $5,000 in cash and $10,000 in professional services through the Northeast Ohio LaunchTown competition, a showcase of winners from individual business plan competitions at six universities: UA, Cleveland State University, Kent State University, Baldwin Wallace College, John Carroll University and Ashland University.
PureBalance's future plans are still uncertain and more work is necessary to create a functioning commercial venture from its technology. The company has proven that cross-disciplinary teams of students can drive successful ventures on paper. The next step is to find a way for universities to provide financial and business development support for these companies as they execute their well-laid plans.
No comments:
Post a Comment