Lab on a Chip
Lab on a Chip View Article Online CRITICAL REVIEW View Journal | View Issue Entrepreneurship†‡ Ali K. Yetisen,*a Lisa R. Volpatti,b Ahmet F. Coskun,c Sangyeon Cho,ad Cite this: Lab Chip,2015,15,3638 Ehsan Kamrani,a Haider Butt,e Ali Khademhosseinidfgh and Seok Hyun Yun*ad High-tech businesses are the driving force behind global knowledge-based economies. Academic institu- tions have positioned themselves to serve the high-tech industry through consulting, licensing, and univer- sity spinoffs. The awareness of commercialization strategies and building an entrepreneurial culture can help academics to efficiently transfer their inventions to the market to achieve the maximum value. Here, the concept of high-tech entrepreneurship is discussed from lab to market in technology-intensive sectors such as nanotechnology, photonics, and biotechnology, specifically in the context of lab-on-a-chip Received 26th May 2015, devices. This article provides strategies for choosing a commercialization approach, financing a startup, Accepted 22nd July 2015 marketing a product, and planning an exit. Common reasons for startup company failures are discussed and guidelines to overcome these challenges are suggested. The discussion is supplemented with case DOI: 10.1039/c5lc00577a studies of successful and failed companies. Identifying a market need, assembling a motivated manage- www.rsc.org/loc ment team, managing resources, and obtaining experienced mentors lead to a successful exit. 1. The university entrepreneur channels for global integration and technology transfer through multinational corporations. Knowledge spillovers The era of global entrepreneurship offers worldwide trade, from academic institutions to private industry are major driv- – international capital and investment, intercontinental supply ing force behind economic growth and increase in welfare.1 3 chains, migration of talent, and expansion of knowledge- Increasing investment in research is an incentive for universi- based economies.
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