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Subscribe to RSSThe National Science Foundation is setting up a public-private program to help researchers make the leap into entrepreneurship by putting them through a boot camp for startups.
NSF's Innovation Corps, or I-Corps, aims to offer 100 grants a year at $50,000 each. But the money isn't the main point of the project. The key is to put NSF-funded scientists together with mentors and entrepreneurs to turn their ideas into marketable ventures. It sounds like a new role for a federal agency that focuses on research rather than revenue, but the agency's director contends that I-Corps is right in line with NSF's mission.
"The United States has a long history of investing in — and deploying — technological advances derived from a foundation of basic research," Director Subra Suresh said in today's announcement. "And the NSF mission connects advancing the nation's prosperity and welfare with our passionate pursuit of scientific knowledge. I-Corps will help strengthen a national innovation ecosystem that firmly unites industry with scientific discoveries for the benefit of society."
The program is modeled after Stanford University's Lean LaunchPad class, created by startup guru Steve Blank. I-Corps participants will go through a version of the Lean LaunchPad curriculum, aimed at helping them turn high-tech ideas into workable business ventures. On his blog, Blank trumpeted I-Corps as "a big deal" and "a new era for scientists and engineers."
"If this program works, it will change how we connect basic research to the business world. And it will lead to more startups and job creation," he said.
Foundations as well as the federal government will be kicking in support for the program. On its Q&A webpage, NSF says that the agency plans to put $1.25 million into I-Corps projects during the current fiscal year, pending availability of funds. Initial private investments have been secured for fiscal 2011 and 2012. NSF expects to run the program for at least three years.
The $50,000 grants would go to teams of three (a principal investigator, a mentor and a postdoc or student who would serve as an entrepreneurial lead), and run for up to six months. The principal investigator has to have received an NSF award within the past five years.
There are lots of other federal programs aimed at supporting entrepreneurship, including NSF's own Grant Opportunities for Academic Liaison with Industry, or GOALI. The agency said I-Corps would be a good program for researchers who have already gone through GOALI. I-Corps graduates may go on in turn to seek Small Business Innovation Research grants or other types of funding to turn their business plans into real ventures.
Blank has compared the program to Y Combinator, a startup boot camp and incubator that has fostered such ventures as Dropbox, AirBnB and Scribd. "The U.S. government is doing Y Combinator," Blank told Wired News' Ryan Singel.
NSF has gotten into trouble lately with Republicans for funding research that they think isn't worth the money, including treadmill-running crustaceans and towel-folding robots. I wonder how lawmakers and the taxpaying public will view a program aimed at making scientists more business-minded. And I also wonder what scientists will think: Is it one giant leap for turning basic research into real-world applications, or one small step away from NSF's core mission? Please feel free to weigh in with your comments below.
More on the National Science Foundation:
- Scientists criticize idea of citizen review of funding
- Eight great American discoveries in science
- White House issues scientific integrity memo
- Still more about the NSF from msnbc.com
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I support the concept; even if only 1 company that fosters further innovation and products comes out of it, it will be worth it. With an investment in 100 high-technology start ups, and their derivatives, it's likely that that we'll see some major benefits down the road -- even if many fail the first time. From the article, it appears that it's modeled on successful processes and has the support of people who have shown good results previously.
That being said, expect major opposition to this program every step of the way by the usual cast of characters in Congress. It's disappointing that the same people who constantly lament about the loss of national power and influence are so often the roadblocks for strategic innovation and investment.
Alan, are DARPA and NASA investigators participating in this program or Y Combinator? It would seem a good fit for those projects that didn't find full support through Congress. Thanks, nice article and please keep us posted as this develops.
NSF are you listeining? What a great idea... but if they REALLY had a financial brain, they would keep 10% of the start-up stock long term for the big taxpayer payoff and the program could be self-sustaining after a few years, perhaps forever. Why? Eighty percent of all new businesses fail in the first two years, so if only 1 of 5 businesses succeeds, they cost the taxpayer $250,000 for each high tech startup that survives into major funding. If only 1 of these 20 survivors becomes a high-tech major company like Netflix, then the taxpayer will get a 100x return long term on the stock. This return could fund the program almost forever, the way the Nobel Prize is self-sustaining.
I wonder how NSF will fare in the upcoming spending cuts, this could be a short-lived program. Science programs are not very popular with tea-baggers.
Enticing public school students to become learned adults should be a priority. Funding a minority sector of the higher education set limits the availability to market more ideas. With good mentoring, better business plans and a focused business approach by leaders in the field of business the average failure rates should shrink substantially. Ever wonder how many great ideas have never come to fruition because of a lack of support? While the long toothed windbags in DC do their utmost in converting oxygen to carbon-dioxide, real tinkerers, scientists and explorers can make tangible benefits to society.