Commercializing Technology: A Need For More Entrepreneurs

What does it mean to commercialize technology?

In general, it's the process of taking a technology and turning it into a product that can be sold to companies, governments, or individuals that adds some type of value or solves a specific problem.

The commercialization of technology is important because it's the process of applying  technology in meaningful ways so that people, markets, and society can adopt new innovation.

The ability to integrate new technologies into society is important because enables society to progress in directions that increase the standard of living, open new opportunities, and ultimately propels society and our civilization to new heights.

Entrepreneurs play a large part in making this possibly because they often base businesses off new technologies. By licensing intellectual property, they're able to create a strong competitive advantage. This happens because patents create hurdles for other companies that would have to spend large amounts of research and development to otherwise build similar technology (without copying the one that's protected) to accomplish the same goal. The competitive advantage comes from the ownership of the intellectual property that is difficult to replicate by others. The combination of  intellectual property laws, new solutions from technology, and market opportunity provide an incentive that entrepreneurs will continue to seek. It's essentially this incentive that catalyzes entrepreneurship and propels the commercialization of technology

But, technology advances exponentially.

Ray Kurzweil a technologist and renowned inventor, believes this is actually worrisome. The advancing speed of technology blurs the line between man and machine. If we don't make sure these technologies are used in meaningful and beneficial ways, the advancement of technology then presents a danger if used against civilization rather than for the better good. While this has always been the case, we're starting to realize that our adoption of new technologies is not increasing at the same pace of innovation.

This is one of the reasons why Kurzweil formed Singularity University.

Kurzweil's Law of Accelerating Returns explains the significance of the rapid pace of innovation:

An analysis of the history of technology shows that technological change is exponential, contrary to the common-sense "intuitive linear" view. So we won't experience 100 years of progress in the 21st century -- it will be more like 20,000 years of progress (at today's rate). The "returns," such as chip speed and cost-effectiveness, also increase exponentially. There's even exponential growth in the rate of exponential growth. Within a few decades, machine intelligence will surpass human intelligence, leading to The Singularity -- technological change so rapid and profound it represents a rupture in the fabric of human history.
 

In the following video, he asks what happens when Moore's Law comes to an end? (He predicts this will happen in 2020.) Well, he explains that we'll just go to the next paradigm and that the graph of accelerating technology is actually a series of S curves. Kurzweil also points out that Moore's Law doesn't only apply to computational computing, but to technology in general.

Rapid growth of technology creates an increasing demand and need for more entrepreneurs.

If technology is increasing at such a rapid pace, then we're going to need an increasing number of entrepreneurs to bring these technologies to market. Otherwise, new technologies will sit on tech transfer shelves creating a loss of value for society. Ultimately, this can be considered a negative Return On Investment since we invest in the research and development of technologies, but don't invest enough in the commercialization process. Think of it as investing in a stock and the company going bankrupt. There's no value if employees (think of them as the underlying technology of a product or company) end up sitting around all day doing nothing.

How can we accelerate the number of entrepreneurs?

One way to accelerate the number of entrepreneurs, is to incorporate more programs earlier on in school. This is already happening, and the main reason that this blog exists. Ironically, we're going to start seeing the acceleration of the commercialization process also starting at the university level. Although this is already happening, it's speed lags and it's the acceleration of this process that is of importance. It will be the growth of business plan competitions, incubators, and university specific venture funds that help make the difference.

Initiatives that fuse the growing interest of college students' in entrepreneurship and need to commercialize technologies occur at schools such as MIT that host large, competitive, and prestigious business plan competitions. But, these programs are still in their infancy. Take the Clean Energy Prize. It's only been running for 2 years. Although, it's already proving impactful, you start to see the underlying point - that we're just beginning to accelerate the rate of technological commercialization and adoption.

The growth in number of entrepreneurs will play a critical role because they ultimately start new companies with a goal of bringing new technologies and ideas to market.

But, even if the number of entrepreneurs increases, they'll still need a viable, and easier way of finding the right technologies to commercialize. If the process and research required is too long and time consuming, then the process will only be slowed further.

Where can you find the latest technologies to commercialize?

To answer this question, the Kauffman Foundation created the iBridge Network.

The iBridge Network, I hope, will quickly become an increasingly important tool that helps to pair university technologies with entrepreneurs who are searching for new ideas and technologies to bring to market. It serves as a database for technologies that have been developed in universities and are ready in tech transfer offices to be brought to market.
 

It is well known that university-based research is responsible for some of the world’s most profound discoveries, spurring breakthrough products and technologies that have markedly improved the way we live. A key to our nation’s long-term success and our ability to remain competitive in the global economy is ensuring that all of universities' promising research is given a chance to make it into practical use.

Today, the iBridgeSM Network provides the centralized online source for research and innovations.

While traditional search engines provide a means for looking for information, the iBridgeSM Network provides a public, centralized source for unbiased information about early stage technologies and inventions.
 

The iBridge Network is designed to meet the needs of...

Researchers who are looking to:

1. Promote their research and themselves to companies, research sponsors and entrepreneurs.

2. Position themselves as experts in their respective fields.

3. Share their research tools and materials with quantifiable citations to the creators.

4. Find existing research tools and best practices that help stretch research grants and resources by eliminating the needs to "recreate the wheel."

Universities that want to:

1. License their innovations, technologies and materials with lower transaction costs.

2. Promote to potential research sponsors and collaborators both their research strengths and lesser known initiatives and capabilities.

3. Increase the number of external connections to the university through collaboration, funding and licensing.

4. Highlight their faculty and investigators as subject-matter experts

Companies and Entrepreneurs that are interested in:

1. Accessing, at one site, a deep pool of research capabilities from dozens of leading universities.

2. Identifying and collaborating with academic research partners.

3. Reducing transaction times through online licensing in some cases.

4. Identifying universities and academic researchers that have a particular interest in working with industry.

So far, there are roughly 3,000 members, over 6,000 innovations, and 82 organizations  such as Columbia University Science & Technology Ventures, Johns Hopkins University, Tufts University, Boston College, and Dana-Farber Cancer Institute. The iBridge Network, I'm sure will play an important role enabling entrepreneurs to more easily access new ideas and technologies quickly.

But ultimately, we need more entrepreneurs to the increasing wave of innovation to market. It'll be the combination of university programs, researchers working with organizations such as the Kauffman Foundation, and tools like the iBridge Network. The combination is necessary for the long run, but may also help the economy in the present.

Our economy and our standard of living are inextricably intertwined with university innovations. Unfortunately, our country's revenue-focused, short-term outlook often interferes with the long-term possibilities of university research and collaboration with industry and entrepreneurs beyond university walls. The iBridge Network helps break down these barriers by providing low transaction costs and a direct link between parties that potentitally will lead to ground breaking relationships and technologies spurring revenue and fueling our economy.

Alfred R. Berkeley

Chairman - Pipeling Financial Group, Inc.

Former President and Vice Chairman - Nasdaq Stock Market, Inc.