Steef Blok, TTO VU University Amsterdam / VUMC:
No need to make a fuss about becoming an entrepreneur. It's all so easy. You have an invention, you talk to your local TTO, they turn it into a business and before you know, the cash comes pouring in.
A caricature of the scientist's perception of valorisation?
Unfortunately not. All too often I have encountered this mode of thinking among scientists and they are bound to get disappointed. Even though it is my job to be optimistic, we cannot deny the fact that especially in the life sciences, the road from idea to profitable business is long, difficult to navigate and in many cases, heading for a dead end.
That is why I feel the most important task of any Technology Transfer Office is expectation management. Getting people’s heads out of the clouds, helping them to wake up and smell the coffee; that should be our standard approach. Why? Because everybody who enters the TTO office expects to leave with a success in the making.
But what is a success?
Too often, the focus is solely on creating a new profitable company and getting very rich along the way. It seems wise to focus on crucial steps in between as well. TTOs pick up on very early leads, meaning that it usually takes roughly 15 years before that lead will enter the market as a new product. Does this mean we have to wait 15 years before calling something a success? That is not very encouraging and doesn't do justice to the many achievements that deserve a celebration.
Take a patent, for example. Patents are often considered to be some kind of formality, nothing out of the ordinary. But to me, being able to convince others that your idea, in spite of all the available knowledge and the fierce competition, is so innovative that it deserves protection is a major achievement. Being granted a patent is a huge success! The same goes for other steps during the process, such as founding a company or closing a licensing deal. Important achievements that are often overlooked by daydreams about the big bucks.
My advice therefore to TTOs:
Manage the expectations and the chances of success will drastically increase.