UAMS BioVentures Developing Entrepreneur-In-Residence Program
UAMS is developing an entrepreneur-in-residence program out of its BioVentures incubator program, according to BioVentures director Nancy Gray.
BioVentures, of course, has produced multiple IA client firms including RxResults, HD Nursing and Angel Eye.
While the external economic development community focuses on assisting the entrepreneur in developing a business model, identifying financing strategies, and refining “the pitch,” the university-based entrepreneur faces additional challenges. Issues such as conflict of interest, conflict of commitment, and treading the fine line of academic research vs. company research are perceived to be additional hurdles.
Such internal hurdles prevent some would-be entrepreneurs from taking the first step toward being true entrepreneurs. Some perceive the internal challenges to be a significant barrier.
To address this issue, the University of Arkansas for Medical Sciences is embarking on a new model for an entrepreneur-in-residence program. Unlike other university programs, UAMS will leverage its own faculty and staff members who have launched spin-off companies and who have successfully navigated the internal challenges of becoming an entrepreneur. The program is in its infancy, with only a handful of EIRs identified, but over the next six months, UAMS expects to have the program defined, implemented, and announced.
Great stuff. Stay tuned; more to come...