In this episode I talk to Errol Arkilic about different systems involved in turning research into companies.

Errol has been helping research make the jump from the lab to the market for more than fifteen years: he was a program manager at the National Science Foundation or NSF, Small Business Innovation Research or SBIR program, where he awarded grants to hundreds of companies commercializing research. He started the NSF Innovation Corps, a program that gives researchers the tools they need to make the transition to running a successful business. Currently he is a partner at M34 capital where he focuses exclusively on projects that are being spun out of labs. Seeing the often rocky tech transition from so many sides has given him a nuanced view of the whole system.

Key Takeaways

While there are some best practices around commercializing research, like business model canvases, many pieces like assembling a team and finding complementary technologies are still completely bespoke.
The commercial value of research is a tricky thing. Some is valuable, but not quite valuable enough to form an organization around. Other research could be incredibly valuable if the world were in a slightly different state. Different approaches are needed in each situation.
The mental model of MIST vs TIMS - market in search of technology and technology in search of market.