Description
Biomedical informatics is at a crossroads with respect to the translation of innovation. The center of innovation and implementation in health IT has shifted from its historic origin in academia to industry. Applied researchers must become familiar with a new context, goals, processes and vocabulary in order to be able to translate their research ideas into practical products and services. Most researchers and business entrepreneurs share a common goal: to make a meaningful difference in people’s lives. But, to do so in the commercial space, academicians must keep several principles in mind, such as: addressing a real problem in a meaningful way; focusing on the customer; considering business development strategies up front; leveraging the core skills and competencies of academia and businesses in a complementary way; planning for scaling the innovation; respecting and protecting intellectual property; considering multiple pathways to commercialization; being realistic about valuation; leveraging a variety of sources for capital; and understanding their institution’s technology management and transfer processes. This panel, composed of successful academic and business entrepreneurs, will discuss a framework that can help attendees in going from research idea to initial public offering through a structured, easy-to-understand process.
Learning Objective: - explain the reasons behind the shift of the focus of innovation in health IT from academia to industry
- list opportunities for applied academic researchers in biomedical informatics to develop innovations into commercial products
- explain the steps of translating academic innovations into commercial products
Authors:
Titus Schleyer (Presenter)
Indiana University School of Medicine
Frank Naeymi-Rad (Presenter)
Intelligent Medical Objects, Inc.
Barbara Rapchak (Presenter)
Intelligent Medical Objects, Inc.
Presentation Materials: