Entrepreneurship is not very different from research.
An idea that is commercially viable needs to be communicated in a succinct and understandable way.
The idea needs to embody business value.
An idea can be patented.
PhDs and postdocs can be excellent founders of companies.
Founder and CEO may not be the same, as they require different skills.
Transational fellows at MIT work to understand commercial viability of technology and research.
Commercial success requires real time interaction and team work skills, that an academic may not have.
A co-founder with complimentary skills can fill necessary gaps.
Large companies can interact with startups to co-benefit.
A researcher in lab partnering with a business person at early stage can be a recipe for success.
Learning from other projects, access to the right ecosystem, and close association with experts is critical to avoid startup failure at an early stage.
Starting with an idea to learn entrepreneurship, then mitigating monetary risks is a good way to learn.
Taking advantage of available resources is important.
Read more of Neal S. Gupta’s interviews with academic innovators at Academia to Innovation.
If you liked this interview, consider preordering Trond’s upcoming book Disruption Games which introduces corporate executives to groundbreaking strategies and frameworks to switch on growth through examining failure–among startups, in corporate venturing, and in corporate/startup partnerships.