Michigan Tech University is showing its commitment to the entrepreneurial spirit of its in-house inventors. The university, considered one of the best in the country, has established the Michigan Tech Entrepreneurial Support Corporation, a nonprofit governed by the university's board of control.
The goal of the corporation is to help move early-stage discoveries from university labs to successful commercial enterprises.
Numerous researchers at Michigan Tech make discoveries and develop inventions that could become marketable products. A key is to get them developed to a proof of concept stage where they can form start-up companies and attract investment capital. But what happens between the lab and the start-up? Inventors of a new product or process have to negotiate a barren stretch when they lack the funding and the administrative infrastructure to turn a clever idea into a start-up business. It is difficult at times to find any direction or help. That's where the Michigan Tech Entrepreneurial Support Corporation comes in.
"It's worse than the so-called 'valley of death' between the formation of a start-up and commercial success, defined as profitability," says David Reed, vice president for research at Tech.
Michigan Tech is a great place for such a corporation to help grow a successful entrepreneurial spirit. The university has more than $58 million in sponsored research activity and now ranks number one in the state of Michigan for invention disclosures per $10 million of research.
The Michigan Tech Entrepreneurial Support Corporation will be a complement to -- not a replacement for -- current economic development activities in the community, such as those funded by the Michigan University Commercialization Initiative and the Michigan Tech SmartZone.
Writer: Sam EgglestonSource: David Reed, Michigan Tech University
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