Faculty Entrepreneurs

Abstract

Universities perform a vital function in our society, training the workers and leaders of tomorrow, and also performing the basic research necessary for success in a global economy. However, recent years have found universities facing dwindling support from external sources and criticism that graduates are sometimes inadequately prepared for the workforce. The author suggests that entrepreneurial efforts by faculty and stronger ties between industry and academia can both be effective in addressing these problems. The biomedical sciences have made progress in this direction, and their success can be copied by other disciplines. There are many possible relationships that can be established between universities and companies, including research collaboration, consulting, and software development services. Universities also need to be more proactive in supporting the formation of companies by faculty to exploit new discoveries commercially. This would speed the transfer of new technology to our economy, provide a source of revenue for both faculty and university, and provide opportunities for real-world learning for students and professional growth for faculty.