A sign of hope during the current financial crisis comes from the recent study from "Entrepreneurial impact: the role of MIT" which analyzes the economic effect of MIT alumni-founded companies and its entrepreneurial ecosystem. The report was supported by Ewing Marion Kauffman Foundation wand notes that if the active companies founded by MIT graduates formed an independent nation, their revenues would make that nation at least the 17th-largest economy in the world. and with a less conservative estimate of their annual world sales would equal $2 trillion, producing the equivalent of the 11th-largest economy in the world. Herve Lebret of EPFL has posted comments on this survey.
I wanted to see first hand the impact of soft skills on innovation, such as MIT Venture Mentoring Service, started in 2000 by Sherwin Greenblatt, vice president of the MIT Alumni Association, and former first employee of Amar Bose. I attended a workshop organised by its director Jerome Smith and operations manager Roberta McCarthy,(contact).
Lita Nelsen, head of MIT Technology Licensing Office
- "We house a portfolio of activities where academics (faculty, students) interact with the business community (entrepreneurs, investors, managers, lawyers) on a frequent basis.
- We work to assure that the business community sees the university as welcoming, easy to interact with, a source of new ideas (and deals) and an opportunity to contribute
- Experienced investors (angels, venture capital) brings more than capital : board guidance, executive talent, connections to partners... and is wonderful source of role models and mentors"
The key is the collaboration between professionals.
"a venture is more likely to thrive when an idea, a good business plan and an entrepreneur are matched with proven skills and experience; highly qualified mentors find it compelling and rewarding"
Jerome Smith, co-director MIT VMS
MIT VMS currently counts 140 mentors (56% with an MIT background) mentoring 98 active ventures (582 served to date). I recorded part of a panel discussion where MIT VMS mentors and start-up mentees share their cooperation experience.
Some VMS Mentors :
- Kathleen (Kathy) Huber, founder/CxO Pico Innovations, Ohia Networks Silver Beech Networks, IronBridge Networks; consultant at First founders
- Stan Bryant, former Admiral, US Naval Academy
- Connie Stack, currently co-founder ConRoy Corp.
- Jerry Socol, former CEO of 5 companies:Filene’s, J. Baker, Buy-Rite Designs, Brandstamp, Fun Designs; currently consulting at Socol group
- Josh Kowitt, founder of founded ResFridge at 18, Collegeboxes, named Top 30 Entrepreneur by Inc., blogs here
- Stephen Smith, founder Optas, manager at Dendrite International, Dun and Bradstreet, and Thinking Machines.
- Tom Ricciardelli, founder SelecTech, (manufacturing injection molded products using recycled plastic.)
- Ben Vigoda, founder Lyric Semiconductor signal processing computation in CMOS, blogs here
- Joshua Feast, founder Cogito Health, speech technology applied to behavioral and mental health research.
- Alan ...(MIT'05 chemistry), entrepreneur
... more comments from MIT VMS participants:
Entrepreneurs
- Tom Ricciardelli : if you feel confused, reach out; mentors give me guidance I can trust; when I started, they helped me get my head together and distill what was best; you own the decision but confidence from a mentors makes a difference; you get back results from such a great team; the team is great at figuring out what works; they were always positive, al lot of genuine enthusiasm; it brings unexpected results, worth its weight in gold.
- Ben Vigoda : mentors are like free sandwiches; they are not all in business for making money; they are my impartial sounding board; mentors give non-judgmental enthusiasm.
- Joshua Feast : I felt supported; it helped me to avoid making mistakes; I think of the Lyric Semiconductors all the time, even in the bathroom; I can make 6:00 am calls; there is nothing you can loose
- Alan (?) : do it at the ideation phase; they gave me business insight; the network has made a huge difference - almost 100% comes from VMS; they have no vested interest; be honest with them, admit, listen to them; they support you , not the company; it gave me to move forward.
Mentors
- Alec Dingee, mentor : when we started, fast response to needs ensures the best reputation, we soon had 50 applicants; we don't try to judge whether a start up idea is ridiculous or a breakthrough - we educate entrepremenrs when their idea is plausible and they are committed.
- Sherwin Greenblatt : we get a moral commitment from participants to give back when they succeed but we have not yet collected funds
- Kathy Huber : I felt it was a honor to be admitted to interviews.
- Stan Bryant : treat people with respect; treat differently people to get the best out of them; treat them like they want to be treated (rather than the way you want to be treated)
- Connie Stack : Steve Smith is phenomenal; I am learning too; people chemistry takes time
- Jerry Socol : I try to get at the level of other mentors, the bar is set high; the more you put in the more you get out; be blunt, people are born to be flexible.
Other start ups
We met other MIT start-ups founders an could give them a 1-minute feedback :- Jason Galvain, founder Artaic, custom mosaic art using robotic precision manufacturing.
- E la carte, content for touchscreens and mobile tablets in restaurants to order and pay from the table
- Istobe Management
- Doug Bright, founder, Istobe, customer analysis software for multi-channel retailers
- Kim Blair, founder iclub and Motus: sports and gaming motion capture and visualization
- Jerome L. Ackerman co-founder Skelscan, MRI technology for diagnosing osteoporosis and other bone diseases.
- Josh Kanner, co-founder Vela Systems, mobile construction project management software
- VSpace, 3D audio processing for teleconferences, using stereo to locate participants around as in a face to face meeting.
- Zac Warren, co-founder Warren Light Craft , light carbon kayaks.
