the role of georgia tech and i-corps · venturelab 12 1 rice alliance for technology and...

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Regional Innovation: The Role of Georgia Tech and I-Corps

Stephen Fleming Vice President

<[email protected]>@stephenfleming

mailto:[email protected]

6/23/2015 Regional Innovation

Agenda

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IntroductionGeorgia Tech and the

Southeastern U.S.What We Now Know!NSF I-CorpsLessons LearnedRole of the UniversityQ&A

6/23/2015 Regional Innovation12/6/2012 Raising Capital

Stephen Fleming

20+ years venture capital investment experience.

BS, Physics, Georgia Tech (Highest Honors).

15 years operational experience at AT&T Bell Labs, Nortel, LICOM (venture-backed startup).

Occasional instructor in Georgia Tech undergrad & MBA entrepreneurship programs.

Joined Georgia Tech staff in 2005; now Vice President, Enterprise Innovation Institute.

Atlanta native; regional technology leader.

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Agenda

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Capital of the Southeast

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$3.6 trillion GDP: 4th largest in the world!

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Southeast region GDP: $3.6 trillion

#4 behind China, India, Japan

Population: 81 million 25% of USA 50% of USA net migration

Metro Atlanta $300 billion GDP

Population 5.7 million

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About Georgia Tech

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23,000 graduate and undergraduate students in the heart of Atlanta… and beyond. –Engineering — Management — Computing –Science — Architecture — Liberal Arts

5,000 int’l students (China, India, Korea…) 800,000 MOOC students.

Largest engineering school in the USA.


U.S. News & World Report, America’s Best Engineering Graduate Schools 2015

National Rankings

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1. Massachusetts Institute of Technology2. Stanford University3. University of California — Berkeley4. California Institute of Technology (CalTech)5. Carnegie Mellon University6. Georgia Institute of Technology6. (tie) University of Illinois — Urbana-Champaign 8. Purdue University8. (tie) University of Michigan — Ann Arbor10. University of Texas — Austin

http://grad-schools.usnews.rankingsandreviews.com/grad/eng/search

http://grad-schools.usnews.rankingsandreviews.com/grad/eng/search


Aerospace #5

Biomedical #2

Chemical #10 Industrial #1

Civil #5 Materials #9

Computer #7 Mechanical #5

Electrical #6 Nuclear #8

Environmental #4 Agricultural N/A

24th Year!

Strength across the board!

National Rankings

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U.S. News & World Report, America’s Best Engineering Graduate Schools 2015

5/26/2015 Atlanta’s Innovation Ecosystem

VentureLab

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1 Rice Alliance for Technology and Entrepreneurship Rice University United States

2 VentureLab Georgia Tech United States

3 UB Technology Incubator State University of New York, Buffalo United States

4 NDRC LaunchPad Trinity College Dublin Ireland

5 SETsquared Universities of Bath... United Kingdom

6 Innovation Centre University of the Sunshine Coast Australia

7 Tech 20/20 University of Tennessee United States

8 ATP Innovations University of Sydney Australia

9 STING KTH Royal Institute of Technology Sweden

10 NCTU Innovation Incubation Center National Chiao Tung University Taiwan

&#1 Engineering/Science Incubator#1 Early Stage Incubator

5/26/2015 Atlanta’s Innovation Ecosystem 13

April 2013

12 Business Incubators That Are Changing the World

ATDC


GT in the Heart of Atlanta

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GT as an Innovation Hub

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Faculty

Staff

Students

Entrepreneurs

Technology Community

Venture Capitalists

Angel Investors

State Government

Federal Agencies

Industrial Partners

Local Communities

National and International


Agenda

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What We Now Know!

Since 1995, the U.S. has conducted a trillion-dollar experiment in how to launch and scale successful companies.

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NASDAQ


What We Now Know!

We know something now that we didn’t know before...

We know how to build startups.

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What We Now Know!

We know something now that we didn’t know before...

We know how to build startups.

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Startup = Search

“A startup is a temporary organization designed to search for a repeatable and scalable business model.” —Steve Blank


Evidence-Based Entrepreneurship

“A startup is a temporary organization designed to search for a repeatable and scalable business model.” —Steve Blank

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? ? ?

Startup = Search Company = Execution

Discover

1/3 of the time. 5% of the money.

“Fail fast, fail often.”

2/3 of the time. 95% of the money.

“Make it real.”

Validate Create Build


Evidence-Based Entrepreneurship

The scientific method applies to business!

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We Knew This Before...

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“I find out what the world needs. Then I go ahead and try to invent it.” – Thomas Edison


Testing Hypotheses

Make a hypothesis about an element of your business model canvas. –Tip: If it can’t be easily falsified, it’s probably not a

good hypothesis.

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???


Testing Hypotheses

Develop a controlled experiment –Change only one variable at a time –Experimental vs. control samples

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???


Testing Hypotheses

Conduct that experiment against real-world customers of your product or service. –Don’t sell.

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???


The Value of Experiments

“If it disagrees with experiment, it’s wrong… It doesn’t make any difference how beautiful your guess is, it doesn’t matter how smart you are who made the guess… If it disagrees with experiment, it’s wrong.”

—Richard Feynman

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Testing Hypotheses

Congratulations! You have learned something. Now, do it again.

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???Fact!


The Big Secret...

Do this over 100 times.

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(Really.)


There Is No Substitute!

“A man who carries a cat by the tail learns something he can learn in no other way.”

—Mark Twain

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Agenda

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NSF I-Corps

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NSF I-Corps

National Science Foundation Innovation Corps –Developing entrepreneurial knowledge in

university scientists and engineers –Built on Stanford’s Lean LaunchPad course –Curriculum initially led by Silicon Valley

investors and entrepreneurs –Georgia Tech was one of first two

universities chosen by NSF to scale I-Corps nationwide

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Changing Research Culture

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NSF I-Corps Nodes

Seven nodes, 18 institutions active (2015)35

❷

❷

❷

❶

Bay Area Stanford UC Berkeley UC-SF

DC Area U Maryland GWU Virginia Tech Johns Hopkins

NYC Area CUNY NYU Columbia

Georgia Tech

U Michigan

Georgia Tech

U Michigan

❶

❸Texas

UT-Austin Rice

Texas A&M

❸So. California USC

UCLA Caltech


GT Innovation Ecosystem

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On Campus...

In the Community...

...and Beyond!


I-Corps Beyond Campus

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I-Corps Beyond Campus

GT experience: 7 US national cohorts 30 regional cohorts

•8 universities •4 US states, Puerto

Rico, and France …and more to come!

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Puerto Rico

Metz, France

Over 400 teams

and counting!


Agenda

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First Lesson: It Works!

✓ The methodology works across all research areas.

✓ Team agnostic; adaptable to other cultures.

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Fact!


Inspires Entrepreneurship

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Experience Beats Lectures

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Shock and Awe?

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Shock and Awe?

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Failing ≠ Failure!

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Suspicion of Success

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Respect for Hierarchy

Major issue in France, but not in US or Puerto Rico.47


Travel Can Be a Burden

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How to Scale

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Agenda

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We’re Not the Valley

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What Worked in the Valley?

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What Works?

Free markets Availability of capital Intellectual property protection Collaborative culture & social networks Flexible career paths Welcoming to outsiders & immigrants Meritocratic advancement Acceptance of failure as learning experience Continuous replenishment –Of bright young people –Of interesting new technologies

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For Further Information

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Stephen Fleming Vice President, Enterprise Innovation Institute

Georgia Institute of Technology http://innovate.gatech.edu

Personal blog: http://www.academicvc.com Email: [email protected]

Twitter: @stephenfleming

Download this file at http://files.academicvc.com


For Further Information

55

Stephen Fleming Vice President, Enterprise Innovation Institute

Georgia Institute of Technology http://innovate.gatech.edu

Personal blog: http://www.academicvc.com Email: [email protected]

Twitter: @stephenfleming

Download this file at http://files.academicvc.com

the role of georgia tech and i-corps · venturelab 12 1 rice alliance for technology and...

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