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Effect of Entrepreneurial Mindset on Funding Opportunities for Fundamental Research

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Conference

2018 ASEE Annual Conference & Exposition

Location

Salt Lake City, Utah

Publication Date

June 23, 2018

Start Date

June 23, 2018

End Date

July 27, 2018

Conference Session

Entrepreneurship & Engineering Innovation Division Technical Session 6

Tagged Division

Entrepreneurship & Engineering Innovation

Page Count

11

Permanent URL

https://peer.asee.org/30352

Download Count

36

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Paper Authors

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Samarth Gupta Purdue University

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Eunhye Kim Purdue Polytechnic Institute

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Eunhye Kim is a Ph.D student in Technology Leadership and Innovation at Purdue University, West Lafayette, with a focus on engineering and technology education. Her research interests lie in engineering design thinking, innovation and entrepreneurship education in engineering, and soft skills for engineers. She earned her B.S. in Electronics Engineering and an MBA in South Korea.

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Greg J. Strimel Purdue Polytechnic Institute

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Dr. Greg J. Strimel is an assistant professor of engineering/technology teacher education in the Purdue Polytechnic Institute at Purdue University in West Lafayette, Indiana. His prior teaching experience includes serving as a high school engineering/technology teacher and a teaching assistant professor within the College of Engineering & Mineral Resources at West Virginia University.

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Abstract

Proliferation of Lean Launchpad, a curriculum designed by Steve Blank and adopted by National Science Foundation as Innovation-Corps program, has created myriad opportunities for commercialization of existing technology and funding innovative ideas which otherwise would never have seen the light of the day. Identifying the merits of funding research based on value proposition and customer demand, key components of the Business Model Canvas, has created a paradox for Endowment Funds, Family Offices and even Federal Funding agencies on whether to continue support for fundamental research in hi-tech laboratories or to think like a Venture Capital investor hoping to hit a home-run. In a world where the focus is on market viability of research, is the future bleak for fundamental scientific curiosity? Are we on the right path turning Endowment Funds, Family Offices and Federal agencies into Venture Capitalists? Is there any motivation for researchers to get their hands dirty at fundamental scientific curiosity when you can just apply a business model canvas to almost everything? This paper explores the question whether universities with higher federal funding for fundamental research are also able to create more opportunities for entrepreneurship.

Gupta, S., & Kim, E., & Strimel, G. J. (2018, June), Effect of Entrepreneurial Mindset on Funding Opportunities for Fundamental Research Paper presented at 2018 ASEE Annual Conference & Exposition , Salt Lake City, Utah. https://peer.asee.org/30352

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