Entrepreneurship and Innovation Babs Carryer Copyright © Babs Carryer 2011

Entrepreneurship and

Innovation

Babs Carryer

Copyright © Babs Carryer 2011

By way of introduction…• Entrepreneur

• Entrepreneurship teacher at CMU for 12 years

• Embedded entrepreneur, Project Olympus, CMU, SCS

• Innovation advisor, Institute for Social Innovation, CMU, Heinz

• Co-founder, past president, director of LaunchCyte LLC

• President of Carryer Consulting

• Teach commercializing new technologies at Pitt OED/OTM

• Past director of deal flow, BlueTree Allied Angels

Sailing in the Med

Lessons learned

Founding a newco…

…rewards, success, exit

The real lessons learned

X

Copyright © Babs Carryer 2011

Teaching entrepreneurship

Basic principles

Market need

Solution

Business model

Plan

Implementation

Harvest

Student competitions

An initiative of the Carnegie Mellon School of Computer Science, Olympus works with

faculty & students across campusand

collaboratively within the university innovation eco-system and the wider

innovation community

Gates

• Micro-grants, Matching funds • Space, Equipment

• Advice, Education, Assistance, Mentors• Networks, Connections, Contacts

• Visibility

provides

At the core of Olympus operation are its PROBEs (PRoblem-Oriented Business Explorations) where faculty and students explore the commercial potential of their cutting-edge research and innovations.

Incubation

Mindkin Fooala

M-Tool

Tropical Health

Semiotic

BeatBots

Students bring tremendous energy

Projects provide unique experiential learning

Project Olympus CONNECTS Students

Advisor,

Signature Show &Tells Showcase Olympus PROBEs

budding talent, local start-ups ups, university research and guest

perspectives

For the regional civic and innovation/investment

communities

"Next Generation Interactive Payment Cards”

Jeff Mullen, Dynamics, Inc.

JD, BS (ECE), MBA (Tepper) Winner, Best Innovations for Personal Electronics

Derek Lomas, PhD student, Human Computer Interaction Institute

Winner, Grand Prize,

Marvel Technology Grand Challenge

“PlayPower:Computer-Aided Learning Games for Global Education”

Fooala

ShipTogetherBeatBotsTropical Health

Systems

Ario Inc

Dynamics

M-Tools Ask Bright

Antecea

Copyright © Lenore Blum, 2010

copyright Babs Carryer 2011

By the Numbers

44 companies formed 1 acquired by Google, 1 received VC funding; 6 received SBIR funds 6 graduated to AlphaLab; 2 Innovation Works portfolio companies; 3 Idea Foundry portfolio companies

Over $9.1 million in follow-on funding from university and outside sources awarded to 15 faculty and 15 student PROBEs and companies.

Olympus participants have received a Kauffman Innovation Fellowship and 3 Kauffman Commercialization Leadership awards.

Thank you!

Questions?

www.olympus.cs.cmu.eduBabs Carryer,

Olympus Embedded Entrepreneurbcarryer@cmu.edu