Discovery to market: Preparing faculty and graduate students for technology commercialization and entrepreneurship

The desire to move new discoveries from the laboratory to society combined with the evolution of university priorities in funding of operating expenses and research are leading to what Etzkowitz et al. (2000) dubbed the "entrepreneurial university." This development is changing expectations placed on PhD students and faculty, particularly in STEM disciplines, who are increasingly expected to have the mindset, knowledge, and skills necessary to translate their knowledge into technology commercialization activities. This paper describes a full-semester, three-credit course developed at Purdue University called Life of a Faculty Entrepreneur: Discovery, Development and Translation, which is designed to respond to these trends and prepare PhD students and faculty for contemporary jobs in both academia and industry. The curriculum introduces participants to the intellectual, financial, and management processes involved in technology commercialization, focusing primarily on university-initiated, early-stage activities. Our goal is to contribute to the scholarship that will better prepare faculty and students to actively and more efficiently engage in technology commercialization activities.