For the past two years, the University of Utah has been number one In the nation for creating startups based on university research. these are a few of the things we've learned along the way.
Create a space for innovation
Academic medical centers are overflowing with brilliant ideas. The challenge is figuring out how to turn them into commercially viable products. Provide the support and resources that make it easy and convenient for would–be inventors to take their projects all the way from concept to commercialization.
Reward innovations just as much as publications
Attempting to change the academic review system can feel like trying to move a glacier. But keep pushing if you want to create a truly entrepreneurial medical center. Expand the idea of academic success from NIH grants and published research to include efforts that improve patient care and attract venture capitalists as well as biotech and medical device companies.
Transform students into inventors
Students often think outside the box–because they haven't yet been given a box to think in. Tap into their unbridled potential. Create interdisciplinary courses, programs and competitions to fuel the entrepreneurial spirit, then connect them to faculty mentors and community business people who can help guide, shape and finance their brightest ideas.
Not to play favorites,we have to admit that one of our most impressive innovation stories is the student–run bench to bedside (b2b) competition , which brings together more than 100 medical, engineering and business students to work in teams and solve real–world clinical problems.
Invent processes not just devices
You don't have to create a new medical device to be an inventor. Process innovations can be more revolutionary. Expand the definition of what it means to be an inventor and empower everyone in health care to become leading–edge thinkers.
Reject the protectionist mentality
Throw open the books. Many organizations and institutions are so worried about protecting ideas that they miss out on opportunities. Encourage entrepreneurs to partner with people who have different expertise to help move their ideas forward. Innovation is a team sport.
Algorithm Updates
Algorithm 4: Nurture the Inventor
Fueling the "Maker Movement"
Academia is hierarchical, a space where faculty are judged by the size of their NIH grants and research portfolios. But entrepreneurs can have just as great an impact on patient care and the bottom lineand who better to tinker and dream than students?