The Technology Entrepreneurship Office (TEO) helps University of Wisconsin–Madison research faculty, staff, and graduate students take their work from research to massively scalable startups, helping them navigate the world of entrepreneurship.
Formed to serve the STEM campus, TEO was initially launched in partnership with the School of Computer, Data & Information Sciences (CDIS), the College of Letters & Science, and the College of Engineering. The Wisconsin School of Business recently joined as a partner.
“We created TEO to invest in the rich innovation that lives on this campus. Not only are we fueling entrepreneurship in Wisconsin, we are also attracting faculty and students with interdisciplinary translational research interests to this campus,” says Tom Erickson. “Increasing the impact our research makes in society is a founding principle of CDIS. Helping researchers understand how society might use their innovation, forming teams to create a venture, and scaling them up will fuel economic and technological growth in Wisconsin and beyond.”
Landmark Achievement
TEO has three main goals: increase the number of technology-based startups on campus, establish a culture of entrepreneurship through life cycle support of early-stage ventures, and offer the National Science Foundation’s (NSF) I-Corps program at UW–Madison.
The NSF I-Corps program guides aspiring entrepreneurs through evaluating the commercial potential of a scientific discovery or technology. The 6-week UW-Madison Local I-Corps program provides eligibility for teams without previous NSF awards to apply for the National Teams program and a $50K grant.
Securing the I-Corps program was a significant achievement for TEO. Within six months of TEO’s creation, UW-Madison had secured membership in the highly recognized I-Corps program, joining peers at the Universities of Minnesota, Michigan, Illinois, and Purdue, who were the founding universities in the I-Corps Great Lakes Hub.
In its first year, TEO sent eight teams to the National I-Corps training program, which was the highest for a single Hub Affiliate.
“It wasn’t just the University of Wisconsin outperforming itself, but UW outperforming in general,” says Emma Uren, TEO Project Manager.
Since its inception, TEO has achieved remarkable success with the I-Corps program:
- NSF National I-Corps: 10 teams have participated
- NSF UW Local I-Corps: 31 participants across four cohorts
- NSF Regional I-Corps: 9 teams have participated
Expanding Entrepreneurial Culture
Beyond I-Corps, TEO has actively engaged the campus community through various programs and events, including 18 outreach events with 307 participants since its founding, with four more events scheduled for this year. These initiatives include a speaker seminar, a mentor program, and programming for graduate students to explore career options beyond academia, called Pathways to Impact.
“Many students didn’t realize there were other career paths besides academia. All of these classes are hands-on workshops, so they come out of it with something that they’ve created for themselves like an action plan or how to build a network,” says Bonnie Bachman, TEO Director.
TEO has also partnered with The Engine, an incubator in Cambridge, Massachusetts, to help bridge the gap between discovery and commercialization. This partnership has provided emerging startups with the resources and networking opportunities they need to thrive through their Whiteboard program.
Yong Jae Lee, Associate Professor in Computer Sciences, attended The Engine’s Whiteboard workshop with TEO’s support to learn about startup creation from other faculty entrepreneurs.
“I was able to connect with one of the partners there and learn what it’s like to commercialize research as a faculty founder, as well as the various issues that come up,” says Lee. “I would highly recommend it to faculty interested in commercializing their research. Hearing directly from other faculty who have had the experience is quite helpful.”
Long-term Influence and Goals
Looking ahead, TEO aims to help faculty and graduate students bridge the gap between researcher and entrepreneur.
With this in mind, TEO has created a program called Early Entrepreneur in Residence that will provide an opportunity for postdocs to gain the skills and experiences needed to start a technology company. It will cover topics such as understanding roles in a startup, cap tables, equity splits, valuation, convertible debt, angel and venture funding, and forming an advisory board. The program is currently being developed and is expected to have 3-5 participants in its first cohort, representing multiple industry verticals.
TEO is also looking to expand networking opportunities across campus and beyond. This summer, they will host a book club to connect Madison-area entrepreneurs with faculty and graduate students. They also successfully rolled out the Strategic ROADMAP workshop, a multi-week program featuring the author of the book by the same name, with participants from both campus and the local community.
“Particularly for students, we want to be able to help them grow and scale as much as possible. If we can create a more successful jumping-off point by giving them the connections that they need, we are all going to be better off.” says Uren.
TEO remains dedicated to helping researchers develop an entrepreneurial mindset, serving as a key connector for faculty and students looking to bring their innovations to the marketplace.
“Moving research into real-world applications is critical for several reasons. It can address problems that lead to practical solutions, drive innovation and continuous improvement, provide a societal benefit, and lead to economic growth,” says Bachman. “TEO seeks to be a partner and provide support to research faculty, staff, and students through guidance and mentorship, access to resources and funding, training and workshops, networking opportunities, and community building.”
Originally posted on the CDIS website.