Rutgers Institute of Business, Engineering, Science and Technology (aka BEST) hosted a half day conference entitled ”Economic Growth Through Innovation” that offered top speakers and panelists who shared their thoughts and experience about successfully bringing a technology through the commercialization.
New Jersey’s most notable entrepreneur and space traveler, Dr. Greg Olsen shared both his experiences as entrepreneur and his unique exploits in space travel with a full auditoreum of attendees. Explaining that four key elements of a successful venture are: Capital, People, Facilities and Leverage and that while the first three will fluctuate depending upon the business cycle, the last factor, Leverage, is a constant. He encouraged entrepreneurs to leverage relationships with clients, partners, individuals, universities and others that will enable their venture to move forward by recreatively using their limited resources. He cited, one example, a trade of skill and talent an organization might value from the entrepreneur in exchange for work space that would onlt require a limited, if any, exchange of money.
Having sold one of his businesses just prior to the Internet bubble bursting which was a combination of great timing and some luck, Dr. Olsen recommended that entrepreneurs not seek the best deal, but a good deal. He encouraged the entrepreneur to be aware of the point when the executive tream has been put in place and is working effectively as a timely opportunity for the venture’s sale.
Bill Joy, Chief Scientist of Sun Microsystems, offered a great perspective on the emerging frontier of technology in the early 1980’s. Describing the emergence of local area networks and the Internet as period when “Everything was up for grabs”, he shared the excitement of being at a place in time when enormous opportunity abounded. He equated it to entrepreneurs being asked “what would you do, if you knew you wouldn’t fail?” which projected a confidence that they were involved at a time when their were almost unlimited amout of opportunities to solve problems of far reaching importance.
Following these two key note speaches was a panel hosted by Inc. Magazine, moderated by Inc.’s Deputy Editor, Mike Hofman. The panel included , Lexy Funk, CEO of Brookyn Industries, Dan Hoffman, CEO of M5, Tomasz Imielinksi, VP of Technology of Ask.com, Dr. Randall Pinkett, CEO of BCT Partners and David Edwab, Director of Men’s Warehouse. The event concluded with Dr. Pinkett presenting the Campus Challenge CEO Awards.
