A Ph.D. graduate with an excellent business idea, now the question is how can you convert and transfer your academic research into a successful business and entrepreneurship ideas. Having the necessary skills and knowledge, you just need the right marketing platform and funding strategies to make the research-inspired entrepreneurship come to living. There is no doubt that Academic and entrepreneurial activities go hand in hand.
Below are some tips and advice on how to create a research-inspired entrepreneurship:
1 Research question (Initial business idea): You have spotted a gap in the knowledge or a problem that needs to be solved and addressed.
2 Literature Review (Market research): You look into different sources and undergo an extensive amount of research to illustrate how solving a particular problem can benefit a society as a whole.
3 Project proposal (Business plan): You propose a solution to the problem and support it with statistics, data and relevant market research. Moreover, you develop a comprehensive and detailed business plan to complete and apply your project to a certain context.
4 Lectures/Conferences (Networking potential): You attend conferences, share your research with others, and network with people from the same field. You also lecture students, present your work at meetings, and write reports on your progress. We heard times and again those best businesses sparked up over a coffee or a simple chit-chat.
The tricky part of the process is funding. You may have to apply for funding by writing research grants, just as you may pitch your business ideas to investors for start-up funding. This needs a lot of time, energy, and dedication from your side. For your research-inspired entrepreneurship to glow and succeed, you need to push hard, try as many ways as possible, giving up at this stage will not do anybody any good. Persistence and a creative outlook are very critical at this stage of the game. There has to be something different about your idea that makes investors want to contribute, hence your professional language and the way you present the whole package is very very significant for the success of your entrepreneur path.
Your product or service needs to be defined. Whatever it is, it needs to be important to you and your values otherwise from the get-go everything will start to wobble. Protect your ideas even if it means consulting intuition’s commercialization and innovation department. You ought to be resourceful in finding the knowledge you need to help you decide whether your idea is worth pursuing. For this purpose: do your market research, educate yourself well on all aspects of your business, develop skills that you are lacking, learn about entrepreneurship, business strategy, fundraising, intellectual property, and more through either conversation with professionals in the fields, taking online courses, attending various workshops etc. Self-efficacy, competitiveness, learning from failure, advertising, networking and rigorous testing are all elements you need to take care of and poses throughout the whole process to guarantee a well-deserved success.
Many research-inspired entrepreneurs from all fields of study have been successful in starting up their own business. Grab the potentials and move towards building a sustainable, creative and world-changing entrepreneurial kingdom, since there is no better training for entrepreneurship than to be an entrepreneur.