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College of Washington Yongmin Kim
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College of Washington Yongmin Kim Gathering on Development and Enterprise in Biomedical Building Instruction IE/ME 496 and BIOEN 599: Innovation BASED Business enterprise 3 credits and 3 hours a week. Open to all designing, sciences and business understudies.
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University of WashingtonYongmin Kim Forum on Innovation and Entrepreneurship in Biomedical Engineering Education
IE/ME 496 & BIOEN 599: TECHNOLOGY-BASED ENTREPRENEURSHIP • 3 credits and 3 hours a week. • Open to all engineering, sciences and business students. • Both undergraduate and graduate students. • Provide a comprehensive introduction to the creation of new businesses that are based on a creative technological idea. • Foundations of creativity and entrepreneurship. • Study business fundamentals. • Explore markets and distribution alternatives. • Business feasibility plans. • Intellectual property and legal issues. • Creating a business plan. • Team (3~5 students) business plan presentations. University of Washington
BPOL 509: FOUNDATIONS OF ENTREPRENEURSHIPENTRE 510: ENTREPRENEURIAL STRATEGIES • Taught by Business School and part of TEC (Technology Entrepreneurship Certificate) Program • Ph.D. students take five courses with MBA students: • BPOL 509: Foundations of Entrepreneurship (2) (primer) • FIN 557: Entrepreneurial Finance (4) • Choose two out of the following four: • ENTRE 510: Entrepreneurial Strategies (4) (case studies + marketing) • ENTRE 530: New Venture Creation and Managing Growth (4) • ENTRE 531: Developing Business Models for Emerging Technologies (4) • MKTG 530: Managing the Sales System (4) • One more elective course University of Washington
ENTRE 530: NEW VENTURE CREATION AND MANAGING GROWTH • The focus is on gaining new venture creation and management experience. • MBA and Ph.D. students develop business plans using UW technology. • Students learn various theories and tools for creating a new venture from lectures and case studies. • With a business simulator (Marketplace), students start a new business, develop and execute business strategy and plans, obtain equity investment, build the business, execute venture creation decisions, and compete with other students. • Business plan competition: $75K prize money. • WRF Capital/Gates Fellowships: full time for 10 weeks (a total of $10k per fellow), MBA and Ph.D. students working together in 3-person teams, and each group works on 2 to 3 business plans. Mentored by many people. University of Washington
WRF CAPITAL/GATES FELLOWSHIPS: OPPORTUNITY TO LEARN, PRACTICE AND MENTOR • 1 Bioengineering Ph.D. student + 2 MBA students + 1 part time law student. • From about 40 UW/PNNL technologies, they focused on two technologies. • Mentored by community (faculty members, local CEO’s, entrepreneurs, VC’s, projects managers, angel investors, etc). • Final product: Two business plans (one UW ultrasound technology and one PNNL biomaterial/medical device tech.). • PNNL technology (Company name Cogelix). Researcher’s and students continue to work together. MBA students graduated in June 2002 and are working full time on Cogelix. • Formation of a scientific advisory board and a business advisory board. • MBA Jungle in New York. Finalist (8 out of ~250 plans made finalist) placed third • UW Business plan competition. 1st prize ($30K), Best Technology ($5k), Governors Award ($3k + trip to Kyoto to work with businesses and VC’s in Japan) • Began formally moving technology into FDA (5-13G filed) • Currently finalizing licensing and financing terms. University of Washington
Qualitative Measures Quality and uniqueness of the educational experience gained by students Quality of business/concepts Process/learning objectives Interdisciplinary interaction Involvement of local companies and VC/angel community Goodwill created with others Evaluation by mentors Evaluation by inventors Evaluation by Bioengineering/business faculty Quantitative Measures Number of Bioengineering majors Student evaluation Number of technologies analyzed at each stage Number of researchers and mentors participating in the process Number of business plans generated Number of businesses funded for commercialization Number of start-ups created OUTCOME MEASUREMENT:DIFFICULT University of Washington
inson Ultrasound applicator M E D I C A L S Y S T E M S • One Bioengineering Ph.D. and two MBA students. • Ultrasound activated bio-compatible implant releases drug upon external ultrasound activation. • Controlled release “easier than injection, quicker than oral, without GI toxicity”. • Suitable for on-demand, small-dosage, and/or localized drug delivery. • Developed by Drs. Ratner, Crum, Mourad and Kwok at UW Bioengineering. • Patented technology, company pending incorporation and funding via grants. Epidermis Implant revolutionizing drug delivery University of Washington