The course includes education on topics unique to biomedical research commercialization. During the course, guest lectures will provide instruction on intellectual property, regulatory considerations, clinical trials, reimbursement codes and revenue models, as well as, purchasing decisions in the healthcare system.
The course utilizes the ‘scientific method’ as a way to test potential commercial pathways and build a compelling business case. The Business Model Canvas guides participants through hypothesis testing as they identify key customers and refine the commercial market for the technology.
Customer Discovery Interviews
The course focuses primarily on the customer discovery process. A significant amount of time during the course will be spent scheduling, conducting and debriefing interviews. Entrepreneurial mentors will provide feedback to participants based on their customer discovery presentations. Participants are asked to complete 5 interviews per week as part of the program.
Each cohort will accept up to 20 individuals or a combination of individual participants and teams. Participants should apply to the program as a team. Teams should have a minimum of two members and a maximum of four members. If you are interested in joining an existing team please contact email@example.com.
Typical teams include the following members:
Academic Lead: The Academic Lead is preferably an individual with an academic appointment that would qualify this member to submit proposals or play a role of Principal Investigator (PI) in subsequent submissions to the National Science Foundation (NSF) or National Institutes of Health (NIH). The Academic Lead can also be a post-doctoral scholar, a student, a professional staff or alumni provided the individual has a deep understanding of the technology that serves as the focus of the project.
Entrepreneurial Lead: The Entrepreneurial Lead is a post-doctoral scholar, a student, professional staff member or alumni with relevant knowledge of the technology and a deep commitment to investigating the commercial landscape surrounding the innovation.
Mentor: A mentor can either apply as part of a team or be provided by the program. A mentor will typically be an experienced or emerging entrepreneur who can transition technology out of an academic lab. A mentor is responsible for guiding the team forward and tracking progress.
Student Team Members
Penn State students are welcome to participate as a team member during the course. As a team member, students can gain value through the process and assist with scheduling and conducting interviews, as well as, assisting with presentation materials.