Every successful business begins with a good idea, however, sometimes its tough for an entrepreneur to come up with the big idea. Enter universities and their seeming limitless supply of innovative new ideas. In this Business Week article Kristin Appel. founder of Maryland-based Encore Path, is an example of how tech transfers are done right.
Here's an excerpt:
"If you just can't come up with a great idea for your next venture, you can shop for one. So-called technology transfer lets you license existing technology from a university or federal laboratory and then use your own resources to commercialize it. These sorts of programs can be great options, but they're very risky. And it can take years before a product derived from the technology starts to bring in cash....the ideal candidate is an experienced entrepreneur with a solid understanding of the technology they'll be bringing to market. That's not to say newcomers can't make a go of it�if they can find a way to fill that knowledge gap. Kris Appel was with the National Security Agency for 17 years, but she always wanted to be an entrepreneur. In 2005 she saw a flyer for a program at the University of Maryland that helps women entrepreneurs exploit technology-related opportunities. "I never would have tried this without the program," Appel says.
That program connected Appel with two researchers at the University of Maryland who had developed a device to improve arm function in stroke patients. It also helped Appel evaluate the product's market potential and gave her access to an attorney whose analysis convinced her that the patent on the device was solid.
Read more here.