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Humanity Trumps Technology, Entrepreneurs Told

As companies struggle to turn scientific breakthroughs into successful businesses, an old truth is emerging, a technology expert told a conference of Utah entrepreneurs: Success is more dependent on humanity than technology.

BY GLEN WARCHOL
THE SALT LAKE TRIBUNE

"Yes folks, it’s all about people," said Kelly Kirkpatrick, director of the Columbia Nanotechnology Initiative, which provides venture capital to start ups.

The various camps involved in technology development and marketing — including university or government researchers, industry engineers, government policy makers, the business community and investors — too often collide when it comes to commercializing high-tech discoveries, Kirkpatrick told the annual Technology to Market conference in Salt Lake Tuesday.
"We need to understand the differing perceptions of these cultures," she said.

Kirkpatrick — who served stints as a research scientist at university laboratories and Sandia National Laboratories in New Mexico and was also a science advisor and policy analyst to the Senate and the White House — has seen the issue from all sides.
She pursued business courses parallel to her scientific training, finding that academics lack understanding for what it takes to market their discoveries. Many of her colleagues were baffled by her interest in business and entrepreneurial ventures.

The attitude at most universities, Kirkpatrick said, is that "business is for those who couldn’t quite cut it in research." Add to that a suspicion that venture capitalists are short-sighted and greedy, and you have a disastrous communication problem.

"Academics tend to overvalue innovation," and are oblivious to the complexity of bringing ideas to market, she said.
Venture capitalists know that only only one in 10 high-tech companies ever make money. And that occurs only after as much as a decade of development and marketing. "That leads to disagreements about what an idea is worth," she said.

The key to success, Kirkpatrick asserts, is a good team. Investors are attracted to "passionate and visionary people." The best hope for success is a "dream team" of pragmatic scientist/inventor, a savvy business leader, and a lead investor with a broad network.

"People are the vector of a new technology," Kirkpatrick said. "That’s the best indicator of success."

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http://www.sltrib.com/09252002/business/business.htm

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