A three-day entrepreneurship bootcamp, was organized as a collaborative initiative by Masdar Institute of Science and Technology and the Massachusetts Institute of Technology (MIT), in Abu Dhabi. Masdar Institute is part of the Khalifa University of Science and Technology.
Six technology-based innovations with potential for commercialization developed in the laboratories of Khalifa University of Science and Technology were selected for this year’s bootcamp. Around 30 faculty, researchers and PhD students that have contributed to these projects participated in the bootcamp.
Held at Masdar Institute Center for Innovation, the bootcamp was themed ‘From Academic Laboratory to Commercial Marketplace’. It aimed to provide participants with insights and tools for translating ideas into products. The event was led by Professor Dr. Charles Cooney, Robert T. Haslam Professor of Chemical Engineering, MIT, and Dr. Luis Perez-Breva, Director and Lead Faculty at MIT Innovation Teams Program. The collaborative bootcamp is the second of its kind organized as part of the MIT-Masdar Institute Cooperative Program, which focuses on supporting the development of Abu Dhabi’s research and human capacity in science and technology.
Dr. Steve Griffiths, Interim Executive Vice President of Research at Khalifa University of Science and Technology, said: “Taking an idea from the lab to the market is a major challenge for all aspiring technology entrepreneurs. It must be addressed, however, because commercialization of new technologies plays a central role in the development of the UAE’s innovation ecosystem and fuels the growth of the nation’s knowledge economy. We believe this collaborative initiative between MIT and our Office of Technology Management and Innovation will teach participants the steps and the mindsets required for creating successful technology-based ventures.”
The two professionals from MIT are experts in developing burgeoning entrepreneurs. Professor Cooney's research and teaching interests span a range of topics in biochemical engineering, pharmaceutical manufacturing and technological innovation. He has published more than 250 research papers, has secured over 25 patents, and co-authored or edited five books. His interests include the process of stimulating technological innovation and translating innovation into new company creation.
Dr. Perez-Breva is also experienced in technology entrepreneurship, having been the founding member of a start-up team. He has co-invented and deployed predictive technology to locate cell-phones for 911 emergency - which is now used in more than 120 networks worldwide - as well as for other emergency services, law enforcement, network optimization, and homeland security. His past work leveraging data to reformulate real-world problems includes applications in finance (an automated portfolio allocation start-up) and scalable methods in genetics.
Professor Cooney said: “This is the third edition of our entrepreneurship-focused bootcamp at Masdar Institute and the first one since it institute became part of the Khalifa University of Science and Technology. Like their predecessors, this year’s participants came with great enthusiasm and entrepreneurial aspirations. They presented sophisticated ideas and demonstrated creativity and commitment to translate their work into products that meet local needs.”
The MIT faculty commended the bootcamp participants who brought their classroom ideas, seeking to understand how they can be translated into products that meet commercial needs. Coming from the research lab, these ideas show promise as a basis for innovative product development, they added.
Teams of 3-5 members were formed on the first day. Each team was given two minutes to pitch to investors on the last day. Overall, the three-day bootcamp included 60 hours of interactive sessions. The event was designed to be a realistic simulation of an actual investment opportunity, where aspiring entrepreneurs pitch to investors who are seeking to identify profitable new ventures or licensing opportunities.
