Inside Iowa State

Feb. 1, 2008

New fellowship for entrepreneurship

by Paula Van Brocklin

Got a promising business idea, a technological bent and at least a master's degree? Then you could be one of Iowa State's first technology commercialization fellows.

The Technology Commercialization Fellowship is a spin-off of the Agricultural Technology Commercialization Fellowship piloted last year through the College of Agriculture and Life Sciences. The new fellowship is open to all ISU students, faculty and staff with advanced degrees. Up to six $50,000 fellowships may be awarded.

The fellowships are the brainchild of Steve Nissen, professor of animal science and the founder of three businesses. His goal is to morph a talented scientist into a sharp business person.

"This is an opportunity to take young, well-educated, mostly Ph.Ds who have creative ideas but have no idea how to start or run a business," Nissen said. "In the end, you come out with a better scientist and a better business person."

Iowa State's Pappajohn Center for Entrepreneurship, along with private donors, are funding the fellowship program.

"We think it's a program with great potential to support our mission in increasing entrepreneurial activity and technology transfer," said Steve Carter, director of the Pappajohn Center and the ISU Research Park.

Continuing education

Throughout the year, fellows will develop knowledge of business and technology transfer through training, research, self-study and work experience in at least two entrepreneurial companies. They also will be assigned a mentor, preferably a faculty member with a business background, according to Nissen.

At year's end, key components of the fellows' businesses will be in place, including additional capital from investors; a business feasibility study; and a network of accounting, marketing, financial and legal partners.

Launching a new business is a risky venture, but the university setting offers a safety net, Carter said.

"It allows innovative ideas to move into the marketplace, and reduces the risk for a young person working to pursue this opportunity," he said.

The application deadline is March 15.

Fellowships begin in June. Contact Stacey Noe, 4-4945, for more information.

"We think it's a program with great potential to support our mission in increasing entrepreneurial activity and technology transfer."

Steve Carter, director of the Pappajohn Center and the ISU Research Park