This document provides advice on becoming a successful entrepreneur or leader through innovation. It discusses determining your passions and strengths, emerging opportunities, and viable business models. The key steps are to know your value, find your passion, create a vision and mission statement, and develop an innovation plan that protects ideas and leads to implementation. Resources for funding and advice are available at universities and government programs. Successful innovation requires protecting ideas, collaborating with experts, and planning for implementation and exit strategies. Leading with innovation is rewarding but requires treating your business differently than academia or corporations.
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Financial Success and Career Innovation
1. Making Financial Success
Happen-
MakeYour Dream a Reality
Why Innovation and Leadership are the Keys to
Your Success and Standing Out inYour Career
Dr. Pamela McCauley, Ph.D., CPE
Professor & Director, Ergonomics Laboratory
Industrial Engineering & Management Systems
University of Central Florida
President & Chief Technology Officer
TransformingYour STEM Career, Inc.
Orlando, FL
2. What type of entrepreneur or leader do
you want to be? Research
business
Renowned
Scientist
Consulting
business
Research
consultant
Service
business
Corporate
Leader
3. How to Decide:
Your passion and
purpose
1
Your professional
strengths, research,
experience, and
expertise
2
Emerging
opportunities
business, corporate
or leadership
opportunities
3
Access and
relationships
4
Viable “business”
model possible
5
4. Best Case Scenario
• expertise
• experience
• passion
Integrate your
• relationships
• resources
• professional network
with your
• a small business
• entrepreneur
• corporate leader
in order to meet a current
and emerging business
need as
5. How to do it?
Know
Know that it
is a business
NOT a
university
project
Decide
Decide what
you want to
do
Give
Give yourself
a timeline to
achieve “kick
off”
Determine
Determine
the resources
that are
available
Determine
Determine
who will be
on “your
team”
Protect
Protect your
ideas
Create
Create an
initial plan
and timeline
Understand
Understand
what it takes
to “manage,”
maintain, and
grow the
business
6. When to do it?
Factors to consider
Phase of your career
Time sensitive issues surrounding the
opportunity
Accessibility to key relationships
Funding opportunities
Impact on your personal life
8. ExpertWitness
Sole proprietorship initiated in 1994
Ergonomics, biomechanics, occupational
safety and product liability expert
witnessing
My area of expertise, experience and
passion
Able to differentiate myself:
Professor, level of experience and
expertise
Access to labs/faculty
Textbook author
Strong communication skills
Certifications
9. Tech Solutions, Inc.
Founded in 1999
as a partnership
with a university
colleague
• Ended
partnership 2
years into
business
01
Initiated as a
result of my HFE
consulting
02
DoD Contracting
business
03
SBA 8a certified
04
Offices:
Orlando, FL and
Albuquerque,
NM
05
Closed in 2012
after SBA 8a
graduation
06
Issue: Difficulty
in business
“differentiating”
itself
07
10. Top SecretWeave, Inc.
Founded in 2001 due to
personal interest and
opportunity in Black Hair Care
industry
Innovative concept developed
Issue: Not my expertise;
Lacked relationships,
knowledge and depth of
experience in the field
Closed in 2005
11. Tech
Solutions/Bush
Enterprises, Inc.
Partnership that was developed to
continue the work ofTech
Solutions.net, Inc. afterTSI graduated
from the SBA 8a Program
Issue: Difficulty differentiating the
business; no IP and not my area of
passion
Ended partnership in 2012
12. Founded in 2012
Research & ExpertWitness
Leadership & Professional
Development
Program Evaluation
Establishing IP
Top NotchTeam
Business plan
SBIR submissions
Seeking investors
My Expertise,
Experience,
AND Passion!!!
www.TramsformingYourSTEMCareer.com
13. 13
T-STEM’S ALGONITE TM
Algonite will accelerate
global research
opportunities by
streamlining collaborative
and social connections
among STEM professionals
There does not currently
exist any other platform
that is conclusively effective
in facilitating collaborative
initiatives among all STEM
professionals seeking more
inclusive and diverse
research teams.
A secure network for
scientists to engage in social
media for the purpose of
connecting, collaborating,
and disseminating scientific
information or perspectives.
14. CreateYourTeam
Identify a trusted
person that can be
your “Innovation
soundboard”
Develop a core team of
(3 to 5)
supporters/advocates
with key areas of
knowledge that you
can trust
• Business, technical, legal,
strategic and financial
guidance
16. Resources! Resources! Resources!
University incubators
NSF I-Corps
SBIR/STTR
TechnologyTransfer
offices
Small Business
DevelopmentCenters
Crowd Funding…
17. CreatingYour Path
Know your
value
01
Find your
passion
02
Personal vision
statement
03
Personal
mission
statement
04
Roadmap
05
Alignment:
individuals,
organization
and community
06
18. FindYour Passion
What excites,
energizes or
angers you?
What did you
dream of doing as
a child?
Apply this
approach:
• Obtain information
• Talk to people in the
area
• Engage in a situation
to gain an experience
19. PersonalVision Statement
Vision Statement (long-term perspective)
A statement that represents the holistic view, intention, and purpose of your life and
career.
This statement is described with global or high level words and should be original and
specific to the values, passion, and life views that you hold.
20. Personal Mission Statement
Mission Statement
Statement of goals to be attained in support of the vision;
1 to 3 years timeframe
The mission statement consists of actions that you will follow to achieve your vision.
The statements connect specific action to your vision.
21. Innovation Initiation
Find a need
Know what you know – know
what you don’t know
Don’t be afraid to think
differently
Know the market/customer
22. Innovation Instantiation
Determine who
wants this
innovation
01
Protect your
idea/innovation
02
Create a brief
but clear
explanation of
the innovation
03
Identify
potential
collaborators
04
WILLANYONE
PAY FOR IT?!!
05
23. Innovation Introspection
Decide if/how you want
to take the innovation to
the finish line
Will you hand it off?
Partner with others?
Will you lead it?
How much control to
maintain?
24. Innovation Implementation
Draft a plan to develop the
idea to at least a “proof of
concept”
Plan toward an “end result”
• University relationship
• Funding for proof of concept and
product development
• SBIR/STTR funding
• Venture capital funding
26. Final words of encouragement…
A small business is very different from academia and the corporate world
Differentiate yourself – value proposition
Add value – get Intellectual Property!
Manage Conflict of Interest
Know and USE your resources
Demanding but very rewarding
Just do it!