Scientific entrepreneurship in the materials and life science industries

Scientists constantly generate great ideas in the laboratory and, as most of us were meant to believe, we should publish or perish. After all, what use is a great scientific idea if it is not shared with the rest of the scientific community? What some scientists forget is that a good idea can be worth something - sometimes it can be worth a lot (of money)! What do you do if you believe that your idea has some commercial potential? How do you turn this idea into a business? This chapter gives the aspiring scientific entrepreneur some (hopefully) valuable advice on topics like choosing the right people for your management team, determining inventorship of the technology and ownership shares in the new company, protecting your intellectual property, and others; finally, it describes some of the various pitfalls you may encounter when commercializing an early stage technology and instructions on how to avoid them.

Alchemy in eden: entrepreneurialism, branding, and food marketing in the United States, 1880–1920

Through an investigation into the origins of American food marketing, this dissertation reveals how branding—specifically, the centennial brands Quaker Oats, Coca-Cola, and Crisco—came to underpin much of today's market-driven economy. In a manner akin to alchemy, the entrepreneurs behind these three firms recognized the inherent value of an agricultural Eden, then found ways to convert common, low-cost agricultural goods—oats, sugar, and cottonseed oil—into appealing, high-revenue branded food products. In the process, these ventures devised new demand-driven business models that exploited technology and communications advances, enabling them to tap a nascent consumer culture. Their pioneering efforts generated unprecedented profits, laid the foundation for iconic billion-dollar brands, and fundamentally changed how Americans make daily food choices.

Hospitality, culture and regeneration: urban decay, entrepreneurship and the "ruin" bars of Budapest

This paper considers the relationships between hospitality, culture and urban regeneration through an examination of rom (ruin) venues, which operate in dilapidated buildings in Budapest, Hungary. The paper reviews previous work on culture and urban regeneration in order to locate the role of hospitality within emerging debates. It subsequently interrogates the evolution of the rom phenomenon and demonstrates how, in this context, hospitality thrives because of social and physical decay in urban locations, how operators and entrepreneurs exploit conflicts among various actors involved in regeneration and how hospitality may be mobilised purposefully in the regeneration process. The paper demonstrates how networked entrepreneurship maintains these operations and how various forms of cultural production are entangled and mobilised in the venues' hospitality propositions.

Appropriating social citizenship: women's labour, poverty, and entrepreneurship in the manual workers union of Botswana

Interrogating critiques of the 'African labour aristocracy' thesis, the article proposes that public service industrial-class manual workers in Botswana form, if not a labour 'aristocracy' in the sense first defined by Saul and Arrighi, then a marginal worker 'elite'. They are privileged in having a regular salary above minimum pay, augmented by periodic lump-sum gratuity payments. This sets them apart from the other low-paid workers in the private sector, casual workers in the informal economy and a vast army of unemployed job seekers. In the absence of a national unemployment benefit scheme in Botswana, the article explores some of the strategies deployed by women members of the Manual Workers Union in their attempts to contend with the spectre of future unemployment and impoverishment. In gender terms, the article highlights the independence, autonomy and decision-making capacity of women trade unionist leaders, who straddle the worlds of workers' rights and citizens' rights, and manoeuvre their way through the maze of rules and regulations they encounter in both.

An empirical analysis of health care IPOs and SEOs

This article reviews the extant literature regarding the three new issues phenomena: hot issue markets, first-day underpricing, and poor long-run performance as they apply to the heath care industry. Given the "creeping corporatization" of the heath care industry and the unique influence of nonmarket forces on it, we examine whether the three IPO phenomena exist within the industry. We find that hot issue markets, initial underpricing, and negative long-run abnormal returns and sales growth occur among both heath care IPOs and SEOs. Of particular interest, we find that firms are able to issue during times of excess heath care spending and subsequently underperform the market, apparently exploiting windows of opportunity.

Other ways of financing your company

The public markets aren't what they used to be and venture capitalists are seeking investments with shorter timelines. But the good news is several new sources of financing are becoming available.

The German MedTech industry in 2007

As innovation activity remains high on the industry's agenda, it is calling fora renewed focus on the economics of health care.

Medical entrepreneurism: the current opportunity in America

This article discusses both the current climate for entrepreneurial activity in the fields of biotechnology, health care services, and medical devices as well as key ideas in the process of successful innovation. Basic issues related to the nature of new medical ventures and its importance in the U.S. economy are discussed. A stepwise overview of the process of innovation is provided, starting from the initial idea, through the early and middle stages of growth, and on to an initial public offering or other alternative harvest strategy. The roles of financing sources in generating health care entrepreneurial activity are explored, and the advantages and disadvantages of each are discussed. The article focuses on venture capital investment because of its pivotal role in high-profile successes; however, alternative forms of financing are also covered as appropriate to each stage. In addition, critical nonfinancial issues that affect the success of new enterprises, such as intellectual property protection and the creation of management teams for young companies, are also covered. The magnitude of current investment in the domestic biomedical field is addressed, and future prospects for American medical innovation are briefly discussed.

Overregulation of conflicts hinders medical progress

The revolution in medicine and technology over the past few decades is largely the result of partnerships--or a "harmony of interests"--between private companies and entrepreneurial scientists and clinicians. Regulations to prevent conflicts of interest by restricting medical education, medical research, expert advisory functions, or researcher ownership of inventions may have the unintended consequence of slowing medical progress.

Innovation and industry-academia interactions: where conflicts arise and measures to avoid them

Every phase of the development of biopharmaceuticals and medical devices has the potential for conflict of interest, but adherence to established rules and practices throughout product development can eliminate the possibility of conflicts. Adherence to good practices should continue through the postmarketing period, with swift reporting and vigorous investigation of any safety concerns. Although some academic medical centers are restricting interactions between their faculty and industry to prevent possible conflicts in physician education about new products, industry and academia should look for new ways to come together in mutually agreed forums that focus on educating clinicians about new products in an efficient, transparent way.

Fostering innovation without compromising integrity

Industry's interaction with academia has created vast opportunity for innovation but also the potential for undue financial influence. Potential conflicts of interest can occur at the level of the individual researcher or the institution. Implementing guidelines and policies on conflicts of interest can help maintain appropriate separation between academic medicine and industry while permitting medical innovation to proceed. In an effort to retain public trust, Stanford University School of Medicine has enacted policies to identify and manage potential conflicts among its faculty, to divest of holdings in companies conducting studies involving Stanford investigators, and to ban all industry marketing and gifts from Stanford facilities.