Changes

The University of Michigan and its president, Mary Sue Coleman, have played leadership and advocacy roles in promoting innovation and research commercialization at the nation’s universities. The university has prioritized innovation and entrepreneurship’s role in economic development prior to the development of the NACIE commitment letter; for the last several years, major strategic priorities for the University of Michigan include stimulating economic development and growth in Michigan and beyond through innovation and entrepreneurship.

Below is an enumeration of University of Michigan programs and initiatives that support the five buckets in the NACIE sponsored university commitment letter.

Through its tradition of action-based, interdisciplinary learning, the University of Michigan primes its students to be tomorrow's most innovative business leaders. Michigan graduates are entrepreneurs in the truest sense and have fueled the formation of many industry-leading businesses from technology startups to some of the world’s leading companies including Google, Domino’s Pizza, Sun Microsystems, Stryker Corp., H&R Block, Borders, and Federal Express.

*The'''Center for Venture Capital & Private Equity Finance''' (CVP), at the Ross School of Business, offers a specialized focus on entrepreneurial finance and investment through research and program initiatives. Established in 1994, Center initiatives such as the annual Michigan Growth Capital Symposium and Private Equity Conference effectively connect the University’s entrepreneurial network to the broader financial community. These programs are administered through the Zell Lurie Institute.

*CFE and ZLI jointly manage the U-M '''TechArb Student Accelerator'''. With the aid of an advisory board of community leaders and professional investors and additional funding from the Office of the Vice President for Research, TechArb helps early stage companies founded by U-M students refine and develop their ideas and business plans, and eventually showcase teams to funders.

'''Tech Fest''' is an annual program launched in 2011 that welcomes entrepreneurs, venture capitalists, angel investors, scientists and business leaders from around the world to campus for demonstrations of labs and student projects, networking and brainstorming.

The University of Michigan has several incentives to encourage faculty to pursue innovative and entrepreneurial ideas and to mentor graduate students to do so. It also helps to nurture the success of companies based on technology developed at U-M. These incentives include:

*Facilities for U-M research partners, including biopharmaceutical spinoff Lycera Corp. and Boropharm, a chemical development and manufacturing business

*A highly proficient team of'''Licensing Specialists '''provide inventors and business partners with responsive technology assessment, patenting services, market analysis and contracting services

*'''Catalyst''', a talent resource network that connects entrepreneurs and other parties with U-M’s technology and venture opportunities

*'''The Venture Center''' employs a team of experienced entrepreneurs in its '''''Mentors-in-Residence''''' program to assist in connecting technology and start-up projects to other entrepreneurs, businesses and venture partners.

<li>The Center also leverages relationships with over 250 premier venture capital firms and angel groups to assist entrepreneurs engaged with U-M opportunities</li>

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The BEC-facilitated relationships can range from individual research projects to broader engagements, depending on the business need. For example, aerospace giant'''Boeing''' maintains a long-standing partnership with U-M focused on building a pipeline for the future. Boeing recruits from seven different U-M programs, provides support for 50 students, regularly sponsors student projects, and conducts research with four different departments.

'''John Denniston '''is a partner in Kleiner Perkins Caufield & Byers, a leading venture capital firm.&nbsp; John has a B.A in Economics and a J.D. from U-M and also serves on the U-M Tech Transfer National Advisory Board

U-M and its senior management team provide “thought leadership” on America’s economic development policy. Examples include:

The '''Accelerate Michigan Innovation Competition''', an international business plan competition initiated in 2010 highlights Michigan as a venue for innovation and opportunity. The competition, one of the largest of its kind, is sponsored by a network of groups in Michigan committed to bolstering innovation and entrepreneurship in the state. U-M co-sponsors the event through the University Research Corridor. Four U-M ventures have won prizes.

*Is innovation an integral part of U-M’s institutional culture?

*How does your institution leverage (or intend to leverage) geographic endowment?

*Are your innovation, entrepreneurship, and tech transfer programs integrated?

<li>Why, or why not?</li>

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*Are there any unique successes (and or challenges) you may wish to highlight?

Across U-M, more than '''1,500 students''' participated in the '''more than 100 courses''' offered at U-M related to entrepreneurship. '''More than 5,000 students''' participated in entrepreneurship activities in 2010-11, in classes, competitions, public events and more. One survey showed more than '''15 percent of incoming freshmen had started a business''' before enrolling.

Lastly, Mr. David Lampe's comments have been instructive in better understanding U-M’s leadership role in promoting innovation, entrepreneurship, and the commercialization of research in the nation’s universities. As well as the impact of the NACIE commitment letter in framing University of Michigan’s strategic plans and institutional culture.

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<br/>Source: "The Innovative and Entrepreneurial University: Higher Education, Innovation & Entrepreneurship in Focus", Department of Commerce, October 2013.

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