Open Entrepreneurship Integration of succesful entrepreneurs in the university ecosystem

Jes Broeng, DTU Fotonik

Workshop ”Aligning education with innovation”, Laser Munich, June 28, 2017

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Why some universities have more start-ups

1. Invest in research excellence

2. Seek industry funding

3. Open ecosystem with interaction with entrepreneurs

4. Relations to venture capitalists and business angels

5. Encourage disclosures

Scott Shane, Case Western Reserve University

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Jes Broeng

Professor at DTU, Denmark Author and co-author of more than 200 publications, 18 patents

Citations: 10,500; h-index: 44 (Google Scholar, including patents)

Fellow of SPIE, the international society for optics and photonics.

Member of ATV, the Danish Academy of Technical Sciences.

Recipient of the European Optics Prize in 1999

Recipient of DTU’s Innovation Prize in 2016

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Serial entrepreneur: Crystal Fibre (now NKT Photonics), Co-founder 2000

Norlase, Co-founder 2014

BiFrost Communications, Co-founder 2015

FaunaPhotonics, Seed investor 2015

Aqubiq, Co-founder 2016

OSAA Innovations, Co-founder 2016

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Startups survival chances

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0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Year 0Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9 Year

10

Companies still

operating

Source: Entrepreneur Weekly, Small Business Development Center, Bradley Univ, University of Tennessee Research. 2014

Reasons for failure:

46 % Incompetence in team (wrong pricing, no financing experience…)

30 % Lack of management experience (strategic mistakes, lack of network, funding mistakes)

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What’s the right experience?

• Prior start-up experience

• Prior industry experience

• Prior product development experience

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Scott Shane, Case Western Reserve University

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Bent B. Bischoff Financial advisor Expertise: Venture Capital, Investment banking, Corporate Finance, Management Background: Co-founder Nordic Capital Partners

Andreas Tycho Patent Attorney Expertise: IPR, licensing, IP prosecution, Business dev. Background: High-tech entrepreneur, Patent attorney at NKT Holding and Mærsk

David Hardwick Business Angel Expertise: Senior management, IPR, Marketing and Sales, Strategy Background: CEO; Melles Griot VP positions; Coherent, Spectra Physics, Lasertron, IPG

Advisory boards

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• 7 spin-outs in two years

• 10 CEO’s recruited

• 44 researchers engaged

• 29 advisory board members

• 21 students engaged

• 35 million DKK funding raised

• 19 jobs generated

• 5 pitch events at DTU, ITU and AAU

• 3 scientific publications

• 7 popular publications

Open Entrepreneurship

”Prototype Spin-outs”

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Teacher / Course Responsible with

Entr. Experience

“Innovation and Product Development”

The teaching format

Students

Researchers

Innovation Ambassadors, Department

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21x Tech Transfer

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A team

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Student “Hacker”

Student “Hustler”

Student (other)

Student “Hipster” +

Mentor Ext.

Entrepr.

Inventor

External Companies

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Silicon Valley Triptych

• Hustler (sales)

• Hacker (builder)

• Hipster (designer)

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