I-Corps Sites: BYU I-Corps Site

Brigham Young University, Provo UT

Investigators

Abstract

Intellectual Merit: This project, from Brigham Young University, creates an I-Corps Site. NSF Innovation Corps (I-Corps) Sites are NSF-funded entities established at universities whose purpose is to nurture and support multiple, local teams to transition their technology concepts into the marketplace. Sites provide infrastructure, advice, resources, networking opportunities, training and modest funding to enable groups to transition their work into the marketplace or into becoming I-Corps Team applicants. A typical I-Corps Site is funded for approximately $100,000 per year for up to three years. The Site funding is used to by academic institutions to catalyze teams (with amounts ranging from $1,000 to $3,000) whose technology concepts are likely candidates for commercialization. The make-up of teams at the Sites is modeled after the composition of I-Corps Teams, and education at the Sites shares the principles of the I-Corps Curriculum. With the support and mentorship of the Sites, the teams will learn first-hand about entrepreneurship and explore the transition of their ideas, devices, processes or other intellectual activities into the marketplace. I-Corps Sites also strengthen innovation locally and regionally and contribute to the National Innovation Network of mentors, researchers, entrepreneurs and investors. The Brigham Young University I-Corps Site serves students and faculty members by providing funds to encourage greater technology commercialization activity. Through this project, the BYU I-Corps Site brings together and builds on successful programs in three diverse colleges and two major entrepreneurial units at BYU: the Rollins Center for Entrepreneurship and Technology (CET), and the Technology Transfer Office (TTO). The CET primarily addresses student entrepreneurship and the TTO primarily addresses faculty technology commercialization needs. By providing specifically targeted commercialization funds, this I-Corps Site program builds bridges that attract and stimulate both faculty and student entrepreneurial activity. Approximately 30 teams each year receive I-Corps funds to explore technology commercialization opportunities at BYU. Expected outcomes include (1) formation of startup ventures with students as major players, (2) creation of scaling plans suitable for presentation to seed-stage investors, (3) increased participation by BYU students in the commercialization of faculty-generated IP, and (4) increased participation of women and underrepresented participants in BYU student entrepreneurship activities. Broader Impacts: This program advances knowledge by studying best practices in university-centered technology commercialization processes, learning how to better incentivize students and faculty at BYU to participate in these processes, and tracking weaknesses in student teams to learn how best to blend student energy and creativity with faculty expertise and external mentoring. By engaging student teams in the technology commercialization process, so they build scalable new ventures, this program will directly create greater economic activity, particularly in the inter-mountain west region of the USA. This will result in increased job creation along with the other normal outcomes of increased economic activity. This program will also reach out to women and underrepresented participants, thus increasing the diversity of students involved in entrepreneurial activities within the BYU ecosystem. As an I-Corps Site, the CET's synergistic activity of holding the annual International Business Model Competition will gain greater visibility and thus promote the overall goals of the I-Corps programs to inculcate customer development and related lean launch principles in young entrepreneurs across the country.