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7 Technology Transfer Officer Tips For Tough Economic Times

admin — Tue, 15 Sep 2009 02:16:39 +0000

Art Espey asked:

There is no doubt that these are tough economic times. Unemployment is high and credit is tight. Key indicates show that is the worse economy in a generation. Many technology transfer offices have seen potential business partners reduce their innovation portfolios and expenditures. This coupled with a reduction in funding sources, from grants and investors to university sources are blowing the technology transfer research commercialization efforts into the perfect storm.

There are difficulties and challenges, but these times also create opportunities. Here are seven tips to help your technology transfer office succeed in these tough economic times.

1. Maintain a list of problems that are relevant to the research and technologies in the pipeline.

Technology transfer offices typically get involved in research commercialization efforts late in the research and testing process. Get involved earlier in the process and start developing a list of problems of which the research can be applied.

This is really an early brainstorming exercise. Don’t just talk to the researchers. Get business input from those who are not involved with the research or the research teams. Independent ideas can be worth their weight in gold.

2. Develop long-term business relationships.

“Dig the well before you are thirsty.”

-Chinese Proverb

Start developing business relationships with business leaders from a wide range of industries. Do this even before you have any applicable research or solutions for them. These relationships will pay off in two ways.

You will have a better understanding of the types of challenges that these businesses face.

When you do have promising research technologies and solutions you already have a relationship with the business or their contacts.

3. Pair researchers with business mentors.

Researchers think like researchers. Business people think like business people. Getting the two to communicate with each other versus talking to each other is a common technology transfer office challenge.

Providing a business mentor to promising research leaders will help alleviate this common problem. This continuous conduit will go a lot further than a long forgotten entrepreneurial seminar.

4. Develop alternative commercialization strategies early.

Good business people know that there is always a chance that their efforts may fail. Technology transfer officers know this too. Unfortunately, many researchers and inventors do not think about this, much less plan for it.

Most inventors think that their invention is world changing and worth millions. They have visions of establishing a company based on their research or technology, selling it for millions, and retiring in the lap of luxury.

The truth of the matter is that nine out of ten spin offs and startups will fail. You, can as the technology transfer officer can improve these odds.

I sit on the advisory board for some start up focused investment funds. One of the strategies that we have developed recently is to go for the big distribution partnering deal with large companies. When that doesn’t work – we find out why and have alternative proposals available.

This alternative could be limited distribution agreements on licensing deals. It really doesn’t matter what the alternative is. What does matter is that you get to stay in the game and get a return on the sunk costs.

5. Reduce risks for all involved.

It wasn’t that long ago that many universities shunned the entire technology transfer process. They wanted their faculty teaching and doing research, not commercializing their intellectual property. My, how times have changed.

Now universities love the revenue that comes from royalties and equity distributions and sales that are associated with intellectual property commercialization. Businesses are always looking for a competitive advantage and right now innovation is the soup de jour, except for one thing …RISK!

In order to get more businesses interested in potential technology look for new ways to reduce their potential risks. Right now cash is king. Instead of negotiating a lower royalty percentage, offer your potential licensor a deferred royalty agreement at a higher percentage. This is the business innovator’s version of “no interest payments for 3 years”.

This approach allows the business to conserve cash today and the university to reap more money in the long run. It’s better than the technology sitting on the shelf waiting to become obsolete.

6. Teach bootstrapping to your startups.

All technology startups need money. That is a known fact. The truth is that many could get by with less money than they think that they need. There in lies the art of bootstrapping. Bootstrapping basically means to start and operate a business without lots of investment funds. It requires the entrepreneur to focus on sales and to hold fixed costs to an absolute minimum.

Bootstrapping requires a unique mindset that few lead researchers turned entrepreneurs can relate to. It takes a special entrepreneur to be able to successfully bootstrap a business.

Help your lead researchers and startup teams. Get some experienced bootstrappers on your advisory and consulting teams and pass the knowledge on to your startups.

7. Partner with other technology transfer offices.

Technology transfer offices provide a valuable service to both the university and their research communities. They play a vital role in the economic development of their respective communities and states. Unlike many organizations involved in the invention commercialization process they do not compete.

Some technology transfer offices such as Stanford and MIT are the envy of their peers, however most technology transfer offices do not reside in a geographic area that harbors entrepreneurship in its DNA.

Partnering with other technology transfer offices offers many unique benefits that cannot be found though other means. It opens up dialogue and support for represented research and technologies to new areas and new commercialization ideas. It develops relationships with other potential business partners and fosters potential research synergies.

Targeted TTO partnerships can lead to specific research pairing with higher degrees of commercialization potential. This focused effort will, in the long run, yield a high degree of return on investment.

These 7 technology transfer officer tips can help you reduce your operating costs and increase your revenue generation success rate. It’s a win for society, the researcher, the business community, the university, and YOU!

technology

The Importance Of Technology News

admin — Mon, 24 Aug 2009 15:40:15 +0000

Thomas Pretty asked:

The importance of technology cannot be underestimated; the technological industries are probably the fastest moving in the world following news stories is vital because technology can cover all manner of industries and hence news stories vary greatly in subject matter.

In today’s high tech world it is unsurprising that so many areas of commerce and life depend upon technology and subsequently, any news in these fields is of vital importance to even the lay reader. Technology news is so important that many news websites have created dedicated pages purely to report on technological developments.

Naturally industries such as computing and video gaming are heavily interested in the developments reported as part of technology news stories. In computing new processor chips as well as other developments are always followed closely to assess the power of future computers. The same can be said for the video games industry that constantly uses technology news stories to keep an eye on what competitors are doing.

Not only can news in this industry contain technological developments but sales figures and levels of worldwide sales of consoles or games. Another essential element of news in the gaming industry is to see which games are being banned and heavily policed by regulators as this can help developers gain a good idea of where the boundaries lay in game development.

There are industries that rely on the technology news pages that may surprise some people; the medical industry relies heavily on technical developments to advance forms of diagnosis and treatment. A recent story on students using consoles to increase their dexterity before surgery was a news article that provided a unique insight into the medical world.

Surprisingly sports are becoming increasingly reliant upon technology to increase their efficiency and skill levels; in cricket it is believed that some players where GPS systems that reveal the amount of running a specific player does during a match and hence alter his training scheme accordingly.

The importance of technology in communications is probably where news is most important. As one of the fastest developing industries in the world, communications has the potential to change our lives unimaginably. Already the mobile phone has revolutionised the way we live and communicate and hence many want to be well informed when a new technology arrives. Next generation phones with full mobile internet as well as GPS navigation systems are at the forefront of the mobile phone industry meaning enthusiasts as well as industry commentators are glued to news stories as they role off the presses.

Other developments reported in the technology news pages include information on the interfaces we use to interact with our various pieces of technology. Recent stories have included reports of headsets that allow users to control game characters through emotions and ****** expressions as well as the ability to move items cognitively in a virtual world. Outside of the gaming sphere the rumours of a ‘3D internet’ are rife as increasing progress is made in the way we interact with technology.

Developments include ways in which technology may change our home lives. With news stories reporting of fridges that can automatically order food as it runs out, self cleaning ovens and vacuum cleaners that will clean the house without the lifting of the finger. If you believe all the news stories have to say, in the future we will be living in a world without manual labour.

Everyone should have a passing interest in technological developments as eventually they may change everyone’s lives for the better. Granted some of the technology news stories can be too detailed for the lay reader to enjoy but if the stories are written from a general interest perspective, all should be entertained and educated about technology that may one day change the world.

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Facing The Facts With An Information Technology Degree

admin — Wed, 19 Aug 2009 15:46:57 +0000

Andy West asked:

Getting an information technology degree makes perfect sense in a world where the technology’s expansion rate shows no signs of slowing down. Those who love to work with computers and are looking for a solid and dependable career choice would be wise to consider the information technology field. No matter where one goes in the world, IT professionals will find their skills in demand.

It is no secret how much daily life has come to depend on computers and their various aspects. From computer programming to network engineering, the demand for intelligent and detail focused individuals are an essential element. This is especially true if things are expected to stay running in a functional and efficient manner.

Unbeknownst to many, there are a number of different career choices when it comes to the information technology field. While some careers are very detail oriented and have individuals working in solitary environments, others require the cooperation of many departments at a time. While some careers require an individual to think fast on their feet others simply require following preset instructions.

As long as a person has an interest in computers, there is likely a career in information technology that they will find fulfilling. As technology changes so do certain aspects of an information technology career. This guarantees an individual will never get stuck in a rut when it comes to their job.

More often than not, getting an information technology degree will also entail getting a particular type of certification in such areas as Cisco’s CCNA or Microsoft’s MCSE and other applications. These specialized skills can help further their career and gain just the earning power they have been looking for. In fact, many companies only hire individuals with qualifications held in these types of programs.

A reputable information technology program is one that works closely with vendors such as Microsoft to help students get certified in all programs from MCSA and MCAD to Comptia’s A+ or Net+. Because technology changes as rapidly as it does, students may find they will need to update their certification from time to time. However, this keeps them at the forefront of the newest technologies as they emerge.

As technology progresses, the need for computer savvy technicians also rises; however, IT positions are not just filled by those walking in off the street. Until a person gets the right skills with the right education, an IT job will be completely off limits. Taking part in an accredited program will get the wheels going on an individual’s IT career in no time.

Depending on what an individual hopes to achieve, he or she can spend as little as one year learning the ropes for a new IT career. Extensive degrees can take two to four years to complete. The bonus of getting an information technology degree is that a person can build their career goals in the direction that fits them best.

For those already in the field looking to advance themselves, an accredited school can offer financial aid. This can help cut back on the reservations that many adults have about going back to school. Many schools offer financial aid specialists that help individuals hatch just the right plan to get them where they want to go.

An information technology degree has helped many individuals get high paying jobs with both large and small companies in every industry across the board. Some information technology jobs can boast the highest starting salaries of any career choice available. This has made information technology jobs one of the most sought after careers ever.

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