Vol. 1 JANUARY 2008 Introducing the Technion Entrepreneur in Residence Program “From lab to startup in six months” The Technion - Israel Institute for Technology is a breeding ground for the development of new and revolutionary technologies in a wide range of fields. In this capacity, the Technion has a national and moral obligation to ensure that the public benefits from these innovations, in other words, to bring exciting new inventions from laboratory to marketplace. The Technion Entrepreneur in Residence (EIR) program, launched this year, introduces experienced entrepreneurs into the Technion research environment, and identifies promising technologies with one central goal: to launch startup companies based on these technologies. In turn, the startups - recognized and nurtured by EIR - benefit the Technion in several significant ways; they generate economic value for the Institute, and promote an entrepreneurial atmosphere on campus. In addition, by engaging experienced entrepreneurs to transfer technology to the public, the Technion enables its researchers to concentrate on their academic endeavors, while ensuring commercialization of new technologies. As a part of the program, each entrepreneur has up to six months to discover a business opportunity and launch a new startup. While entrepreneurs are not paid for their participation in the EIR program, they receive equity in the newly formed startups. Preference is given to start-ups that are willing to be located in the Haifa area, near the Technion, thus facilitating close dialogue with faculty members, Technion laboratories, and the business unit. The EIR’s Board of Directors guide entrepreneurs through the commercialization process. During an up-to-three-month ‘opportunity discovery’ period, the entrepreneurs work within a designated Technion department. They have access to other departments to identify and stimulate multi-disciplinary opportunities. While entrepreneurs are expected to point out several opportunities, they ultimately focus on a single option. Having identified their startup opportunity, entrepreneurs work with the Technion Entrepreneurship and Innovation Center for an additional three months to develop a detailed business strategy. These plans are then submitted to the EIR Board of Directors, for final acceptance or rejection. Upon a ‘thumbs up’ decision by the Board, a newly minted startup company is formed. Entrepreneurs are responsible for implementing the business plan, raising capital, achieving milestones, and reporting progress to the EIR Board on a quarterly basis. The startup receives broad Technion support, which includes access to Institute laboratories for ongoing research, as well as administrative and legal services.