The University of Utah

Richard A. Normann

Forum on Innovation and Entrepreneurship in Biomedical Engineering Education

Utah Entrepreneurship Challenge

• Competition between student teams• Open to all Universities across state• Prize:

– $40,000 for further product development– Legal and professional services (worth

about an additional $40,000)– Contacts in business, finance and

engineering

University of Utah

Entrepreneurial Bioengineering

• Graduate and undergrad seminar• Goal of Seminars:

– Paths and pitfalls of entrepreneurs

• Offered every other year• 10 lectures from local

entrepreneurs• 1 lecture from patent attorney• 1 lecture from tech transfer office• Success stories and failure stories

University of Utah

• Undergraduate Major in the School of Business– Four year program– Specialized classes:

• Management 3700 – Fundamentals of Entrepreneurship

• Marketing 4700 – Analysis of Emerging Markets• Accounting 4110 – Accounting for Emerging

Business• Management 5770 – Business Plan Development• Finance 5300 – New Venture Finance

• Lassonde New Venture Development Center

Entrepreneural Program in the School of Business

University of Utah

Lassonde New Venture Development Center

• Graduate and undergraduate program– This year: 3 graduates, 13 undergrads

• Two semester classes: 3 credits• $4000/year stipend• Involves Profs in business, engineering and

science, and local professionals. • Real world team-based projects from profs at

U of U• Contacts:

– Dr. Troy D’Ambrosio (801) 581-8504– Dr. Leonard Black (801) 585-5575

University of Utah

• Started in 1986• Goal: Help build new high-tech businesses• Facilitate the commercialization of University

technology• Five years of funding ($120K/yr) to University

labs to prototype technology• 15 centers funded every year (140 new

companies started from program)• Need solid and patented technology and good

business plan and business opportunity• Program provides help in developing business

plan and commercialization strategy

Utah State Centers of Excellence Program

University of Utah

How do you measure outcomes?

• Student experience (exit interviews)

• New student enrollment in programs

• Client (faculty/TTO) feedback• Student hiring by companies• Development of new businesses

University of Utah

Describe a course project or exercise that exemplifies “best

practices”• Bionic Technologies, LLC.• Seven years old• Started by U. Professor & businessman• Developed business plan with MBA’s• Became a state center of excellence• 20 full-time employees (many from

UofU)• Exists on SBIR grants and sales ($0.5 m

last yr)University of Utah