The Business of Innovation: Great Science Is Only the First Step

Monday, 16 February 2015: 9:45 AM-11:15 AM
Room 210G (San Jose Convention Center)
Congratulations! You have a great idea, an invention, an insight into an intractable problem, and a paper submitted to a prestigious journal. You want your work to benefit people, the planet, and perhaps even generate profits. Great science is, however, only the first step in innovation. The next step requires a business model that is capable of translating your science into products or services that provide value. In this session, three innovation leaders will discuss what works in the business of innovation, describing research, theories, and stories of success and failure that can inform effective translational science. Innovation requires a coherent business model and strategy; careful consideration of the technical, capital, and human requirements for success; and critical analysis of risks, opportunities, and timelines associated with translating scientific results into finished products. Innovation may require business models that integrate nonprofit and for-profit enterprise and connect academic scientists with the capabilities of large pharmaceutical companies, entrepreneurial start-ups, and investors. Most importantly, innovation requires a team of scientific and business professionals committed to the mission of translating science into value in the form of successful products and profitable businesses. The marketplace for good ideas and capital is extremely competitive. Good science is not enough; successful innovation also requires great business.
Fred Ledley, Bentley University
Fred Ledley, Bentley University
Why Business Models Matter in Innovation