According to the Milken Institute, the University of Utah is number one in their University Technology Transfer and Commercialization Index. From 2012 to 2015, The University generated $211.8 million in licensing income and recorded 69 start-ups.
A small number of these nascent companies will succeed beyond their wildest dreams but most will likely die an agonizing death. There are many reasons companies fail but by far the biggest reason is lack of customers. How do those companies who succeed find those customers?
The Lean Start-up Canvas, created by West Coast entrepreneur Steve Blank, is a powerful methodology for defining potential markets for any idea. Lean start-ups listen to customers before they create a product, before they raise money and even before they incorporate. Knocking the university tradition of great solutions looking for a problem, Lean Canvas companies look for customer problems to solve as a first step. This approach, adopted by the National Institutes of Health as "I-Corps", has greatly increased the likelihood of start-up success on campuses across the US.
This methodology provides scientists with real-world, hands-on entrepreneurship training. Lean Canvas can help accelerate the development and commercialization of new products and services arising from projects supported by currently funded NIH awards. Participants will receive training that will help project teams overcome key obstacles along the path of innovation and commercialization.
Posted by: Nathan Galli