The Innovators is a monthly networking event hosted by the University of Bridgeport to bring entrepreneurs, intrapreneurs and creative minds together. The October 9 event panel discussed how entrepreneurs and intrapreneurs are creating innovation in Bio-Tech,
Bio-Medical and Bio-Medical Engineering to bring new products to market, establish new innovative divisions and generate profits in established companies.
The discussion was led by Dr. Gad Selig, Associate Dean, Business Development Director, Technology Management Program, University of Bridgeport. Dr. Selig is also on the advisory council of Connecticut Innovations.
The panel included Prabir Patra, Ph.D., Chair, Biomedical Engineering, University of Bridgeport, Stephan Klashka, Director Global Innovation Management, Boehringer-Ingelheim, and Jarrod Longcor, Serial Entrepreneur, Biosciences.
Stephan discussed the outreach Boehringer-Ingelheim conducts to bring independently developed early stage innovations into Boehringer-Ingelheim’s intrapreneurial program. Scanning the incubator / accelerator ecosystem for ideas to corporately nurture with an eye toward Boehringer-Ingelheim acquisition and global commercialization. He has developed a “doorway – pathway – journey” for both entrepreneurs and intrapreneurs to flourish within Boehringer-Ingelheim. Stephen stressed “it’s not how many ideas you have, it’s how many you make happen’.
Jarrod discussed his multiple startups, beginning with capturing angel investors – “family / friends / fools”, chasing multiple rounds of venture capital, and managing the positioning changes of the business model with stakeholders. Two key issues when pivoting business model, maintaining investor confidence in the management team, and delivering the target ROI. The business survives challenges if your team is fast / nimble / willing to change. Entrepreneurial and intrapreneurial culture imperative – “culture will eat strategy for breakfast”.