SWE - Spring 2009 - (Page 40)

Geomagic Studio's surface models of motorcycle fairing developed by scanning data from physical objects into highly accurate digital models. leads to commercialization, is the third step. In Morse’s experience, the inventor is rarely the person who takes the invention to market. The inventor needs an entrepreneur to help commercialize the product. The job still isn’t done until the innovation is used everywhere, which is what Morse calls impact. The process can sound daunting; however, MIT’s Entrepreneurship Center offers a oneweek course for engineers and scientists investigating the rigors of entrepreneurship. Commenting on the many factors needed to turn an idea into a product, Morse cited the entire ecosystem around MIT or Stanford and other universities, for example, which are critical to encouraging entrepreneurship. “You need practitioners or former entrepreneurs, angel investors, and venture capitalists,” he explained. Judith Sheft, associate vice president of technology development at the New Jersey Institute of Technology, has seen many ideas become successful products as well as many that didn’t. She handles the traditional technology transfer process at NJIT that pushes inventions and research out of the university, with the hope of moving into companies in the university’s business incubator. A faculty member could have a prototype in the lab, but the idea must become a cost-effective, large-scale manufacturing process capable of churning out millions of products into the commercial marketplace. “If you spend the money to get a patent, is there going to be a commercial return to recoup the cost of the patent? Sometimes it’s hard to know if you will hit that commercial market,” she said. As an example of the resources available for entrepreneurs to present their research and inventions, Sheft mentioned a university collaboration showcasing technology ready for commercialization, and entrepreneur meetings that invite local venture capitalists. Another program involved universities in a three-state area — New Jersey, Pennsylvania, and Delaware. They collaborated to host a biotechnology showcase that provided industries an opportunity to view academic research available for commercialization. The MIT Entrepreneurship Center assists women entrepreneurs by providing education, training, technical assistance, and access to capital. Since its founding in 1995, it has helped more than 15,000 entrepreneurs. Commenting on one of its programs, which TRX Systems partnered with the Center for Firefighter Safety Research and Development to develop a portable personnel tracking and monitoring solution. pairs successful women business leaders with those just beginning the journey, Morse said, “We have some real rock stars helping the next generation. There is plenty of awareness of the opportunities and the need.” Turning engineers into businesspeople Even with the resources of time and capital, entrepreneurial engineers must translate their technical knowledge into business realities — or hire those who can. Dr. Teolis wanted to find someone else to take on the business side of TRX Systems, but its co-founder and present chairman Gil L. Blankenship, Ph.D., convinced her that she was far better than those she considered for the job. So she teamed up with people proficient in writing business plans and raising money. TRX Systems is now at the stage of marketing its primary product — low-cost location-aware computing, wireless sensor networks, and related signal processing — to fire departments. Her research team of engineers had to learn how to sell their product. To do so, she set up a customer advisory board and is looking to partner with other businesses. “Focusing on customer needs is not what I would have thought to do naturally,” she commented. “But, as an engineer, you figure out what you have to learn and then learn it.” “Understanding financial statements isn’t rocket science. I should know. I did experiments with solid hydrogen. I was a rocket scientist of sorts,” joked Dr. Kerr. As her portfolio of companies grew and demanded specific business acumen, she brought in those who had it. “Elegant science is beautiful, but if it’s not at the right price point, it won’t be successful,” she explained. She enrolled in a business program, learned some basic accounting, and got her hands around 40 SWE SPRING 2009

Table of Contents Feed for the Digital Edition of SWE - Spring 2009

SWE - Spring 2009 Heritage Club Contents President's Note View from the Executive Suite Editor’s Page Honoring Women’s History Public Policy Update First Lady: The “Second-Hardest Job in America” Bringing Science and Engineering into Public Policy At the Intersection of Engineering and Public Policy From Research to Reality Coffee Table Dialogues Membership Information & Calendar A&B Winning Essays from the Lava Lounge Engineering World: Issues • Events • Technology • People Point of View: Your Role in Public Policy Career Toolbox: Communicating with Congress; Finding Your Voice Corporate Partnership Council Media Shelf: Women’s History Opportunity Index SWE Scrapbook: Dressed for Success

SWE - Spring 2009

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