Starting a Company

Abstract

This chapter explores why and how an academic becomes an entrepreneur by founding a company. The first step, establishing the company, is straightforward but thereafter a suite of decisions must be made and the researcher must adapt to a completely different environment. The founder must decide on their desired level of involvement, whether as CEO, CSO, or Board member, and those roles can change over time. A steep learning curve requires academics to acquire new skills, mindsets, and vocabulary. Business decisions predominate in the start-up environment, and timelines are accelerated. Start-ups can tap into numerous resources (collectively known as the entrepreneurial ecosystem), and special funding streams can help young companies enhance their value propositions. While the pathway to success is arduous and long, seeing your work become a product that sells in the marketplace is exhilirating.