Early Stage Technology Development And Commercialization: An Investment In Innovation That Yields An Economic And Educational Impact

This paper describes efforts to incorporate engineering students into early stage technology development and commercialization projects for industrial clients. In this model, students are mentored in a professional experience much like medical students are mentored in professional practice in teaching hospitals. This service is provided by the Advanced Manufacturing Institute (AMI) at Kansas State University. Entrepreneurs and businesses utilize these services to carry their inventions across the ‘Valley of Death.’ AMI has invested grants from the National Science Foundation, the U.S. Economic Development Administration, and the Kansas Technology Enterprise Corporation to build an organization dedicated to commercializing technologies by adapting the teaching hospital concept of mentored professional development. Since 1995, AMI has mentored more than 380 students and completed more than 2,500 projects for more than 450 businesses and entrepreneurs. A partial survey of our clients indicates we have helped create more than 500 jobs, influenced the retention of more than 300 jobs, increased product sales by more than $100M and reduced costs by $10M. In this paper, we share three key aspects of this unique program. First, we will share our model for employing industrially experienced professionals to mentor students to accomplish early stage technology development and commercialization projects at Kansas State University. Second, we will share summaries of example projects we have completed including an invention that was recognized as one of the nation’s best in 2005 and a product that is being sold across the nation. Finally, we will reveal ways that K-State is realizing an economic benefit from these activities that goes beyond licensing intellectual properties and includes the production and sales of products. The program described in this paper enhances the education of university students while simultaneously deriving economic benefits for both university programs and private enterprise. This model increases the readiness of graduates for professional work, increases the likelihood of financial returns to the university, transforms university intellectual property into market-ready products, and provides a resource to entrepreneurs and small businesses to improve their competitiveness.