Eureka! to Market: A Guide for Academic Entrepreneurs

By Nicos Rossides

Eureka to Market: A Guide for Academic Entrepreneurs is a clear, practical guide that takes readers from academic labs to the world of business—from the eureka moment of conceiving a novel concept to translating it into a successful product. It's an invaluable tool for academics who want to navigate the process of starting a venture based on their research and turn it into a viable business.

Starting with a discussion of the academic world and its evolution, where many startups take root, the book walks through the critical stages of a startup's lifecycle. While it encompasses the relevant theories, the primary goal is to demonstrate their application in real-world settings. The book uses tangible case studies that illuminate important startup principles in action. Readers will learn how to spot market opportunities, create effective go-to-market strategies, and build a strong team. They'll also find guidance on securing funding, crafting a compelling pitch, and ways to scale their venture.

The book doesn't stop at guiding startups through the initial launch and the challenging passage often referred to as the "valley of death." It also casts an eye towards the future, discussing trends, opportunities, and challenges that are typical for academic startups. Equipped with practical tips and insights, readers will be prepared to put their newly acquired knowledge into action, paving their path towards entrepreneurial success.

In the concluding epilogue, the author ties together the key lessons and offers a thoughtful exploration of the emerging world of academic startups and their consequential impact on society.

Whether you're an academic wanting to bring your research to market, a new founder, or an experienced entrepreneur interested in exploring the interplay between academia and entrepreneurship, this book provides clear insights and inspiration. It's more than a guide—it's your invitation to be part of the future of academic startups.

• Language: English
• Publisher: BookBaby
• Release date: Dec 22, 2023
• ISBN: 9798350930351

Nicos Rossides

Dr. Nicos Rossides is an accomplished CEO, management consultant, and startup mentor with a rich background in both academia and industry. He co-owns MASMI Research Group, a marketing insights agency with an extensive network in Central/Eastern Europe and the Middle East, and co-founded DMR, a digital marketing insights agency in London, where he now chairs the Advisory Board. As CEO of CREF Business Ventures, he mentors academic spinoffs, drawing on his vast experience in senior roles at organizations with a global footprint, like Medochemie and Synovate. An alumnus of Kyoto University with a Doctor of Engineering, he began his studies as a Fulbright scholar in the U.S. From academia, he transitioning to marketing insights where he assumed global leadership roles for more than two decades. Dr. Rossides has authored several books, including Engaging the Workforce: The Grand Management Challenge of the 21st Century (Routledge/Taylor & Francis, 2023); Eureka to Market: A Guide for Academic Entrepreneurs (Stoic Owl Press, 2023) and Exploring Japanese Culture: Not Inscrutable After All (Matador, 2020).

Book preview

Foreword by Fabio Montagnino

Transitioning scientific research into a successful business venture demands courage, ingenuity, and foresight. It’s a big leap from the world of academia to the business world—a leap fraught with immense challenges, yet one that could be incredibly rewarding. For scholars embracing the creation of deep tech start-ups, the process might seem surprisingly familiar—it is, in essence, another experiment. It involves posing questions, conducting trials, facing occasional failures, and making discoveries.

Success isn’t guaranteed, but for those open-minded and newly-minted founders, this journey can illuminate the path from the lab to impactful innovation. As someone who has dedicated two decades to facilitating this transformation, I’m honored to contribute to this insightful guide, skillfully compiled by my esteemed colleague and friend, Nicos.

During our concerted efforts to cultivate an innovation ecosystem at The Cyprus Institute, our mission went beyond the traditional confines of evaluating academic research for commercial suitability. We sought to ignite a spark that would inspire the transformation of scholarly studies into impactful ventures. The founders we worked with were, by their nature, risk-takers, but they also harbored a powerful desire to make a meaningful difference—to see their work have an impact in the real world.

Our goal was not just to establish profitable businesses. We aimed higher: to revolutionize the mindset of academics, challenging them to see beyond theories and toward real-world applications that make a difference. We also wanted to foster a new paradigm in which industry and society at large could recognize the value and potential of academic innovations.

We sought to be catalysts, to set off a chain reaction of innovation and change. We didn’t just want to transfer technology or commercialize ideas. We wanted to create a culture of entrepreneurship inside academia, where people believe in the power of ideas to effect tangible change, disrupt existing systems, and create new possibilities.

Our ambition was to cultivate an environment that would empower academics to become pioneers, to leverage their intellectual rigor, curiosity, and creativity to forge new paths. We desired to create a setting where ideas could be nurtured, where innovation could thrive, and where novel solutions could be developed to address real-world challenges.

Our work was thus more than an innovation initiative; it was an endeavor to redefine the role and potential of academia in our society. It was about building a bridge between the academic world and the marketplace and demonstrating the extraordinary potential that can be realized when these two worlds converge.

Innovation & Entrepreneurship offices or Technology Transfer units serve as vital conduits between academia and industry in this transformation. Our initiatives include awareness campaigns featuring lectures, seminars, workshops, and engaging academics in diverse informal conversations. This is an ongoing task but particularly pertinent at the outset of building an ecosystem. Once ideas were hatched and vetted, we embarked on a systematic translation that may have included eventual venture creation. This often commenced with safeguarding intellectual property, creating a form of dowry for future entrepreneurs.

Our goal, however, was not to strike the most lucrative deal. Instead, we strived for fair agreements that would allow the technology to mature and make an impact. What is more, we approached each negotiation with a win-win mindset and intent.

Our team operated within clearly articulated, consistently enforced policies, even as the innovation ecosystem was evolving—a process akin to changing a car’s tires while it’s still in motion. Despite the constant challenge of minimizing bureaucracy, we managed to encourage creativity within a structured framework. We assembled a team with both technical acumen and business experience, enabling them to fluently speak both the language of academia and the business world. Their unwavering dedication to our mission and the burgeoning interest among students and faculty became the propelling force behind our innovation ambitions.

Our journey reaffirmed several crucial lessons. First, venture creation necessitates academics willing to step out of their comfort zones and strive for more than just producing publications. Second, simplicity is key—clear policies and unwavering leadership support pave the way for innovation—not ambiguity or ambivalence. Third, patience is paramount. Cultivating a thriving ecosystem requires time, acceptance of failures, policy adjustments, and alignment and motivation of different stakeholders. There are no ready-to-adopt models—transferred from elsewhere.

As you get immersed in this important book, I hope that Nicos’ shared lessons will illuminate your path from academic innovation to entrepreneurial success. While the journey may be daunting, the potential to create a lasting impact is truly immense.

To those academic entrepreneurs embarking on this adventure, remember—you are the architects of our future society. As you bravely step forward, understand that you’re not alone. With mentors like Nicos at your side, you’re well-prepared for the challenging yet potentially thrilling expedition that lies ahead.

Fabio Montagnino

Governing Board—EIT Climate KIC Association

Former Director General of ARCA Consortium (Italy)

Director of Innovation & Entrepreneurship, The Cyprus Institute

Chapter 1:

Crossing Boundaries—

A Personal Journey

Throughout my career spanning over three decades, I had the opportunity to wear multiple hats—corporate CEO, entrepreneur, consultant, and startup coach. A key part of this journey was spent in corporate management, where critical discussions were shaping our organization’s path forward. We grappled with strategic questions: Should we set up our own offices or expand through acquisitions? Is our organizational structure fit for purpose, or does it need a shake-up? How can we best engage and motivate our workforce while also attracting new talent, especially given shifting demographic trends? How can we adjust our strategies and operations to keep pace with fast-emerging technological advancements? And how do geopolitical changes affect our market positioning and strategy?

These conversations, primarily centered on growth and change, were guiding our organizational journey. They were infused with a sense of anticipation and excitement, even against a backdrop of uncertainties—the unsettling prospect of technological disruptions being a case in point. The decisions we made had far-reaching effects, touching everything from day-to-day operations to long-term strategic planning.

The growth-oriented mindset still prevails today, both in established corporations and, more overtly, in startups. In the context of new ventures, rapid growth is seen as the measure of success, especially during early-stage development. Yet, this growth imperative is increasingly scrutinized, given emerging societal awareness of finite environmental resources. This societal shift has prompted a reevaluation of the principles of perpetual growth. It nudges us towards alternatives that prioritize sustainability and viability not tethered to constant expansion.

This brings us to the heart of a paradox that startups face as they transition from early development to a more mature phase. At the start, new ventures need growth to succeed; it’s an imperative. However, as they become viable, the growth model should be viewed through the lens of sustainable viability, not necessarily continual rapid growth. It’s a delicate balancing act between the demands of the present and the requirements of a sustainable future.

The experience I gained during my immersion in corporate management was instrumental in shaping my career. It gave me a first-hand perspective on the hard choices organizations must confront and the strategies required to manage a successful company while balancing diverse stakeholder needs. I learned that the business context is always in flux, and adaptability is a defining characteristic of successful organizations. Above all, it became all too evident to me that resilience during tough times and agility in seizing opportunities distinguishes thriving organizations from those that struggle to keep pace.

A particularly transformative chapter in my journey was my tenure as CEO at MEMRB International, which coincided with a significant geopolitical shift—the fall of the Berlin Wall. Sensing an immense opportunity, we took decisive action to extend our reach into Central and Eastern Europe and the former Soviet Union. This strategic move, while laden with uncertainties and risks, promised the potential of new markets and access to a pool of highly educated researchers. It was a venture into unexplored territories that significantly altered our organization’s scope and influence. It also made us an attractive proposition for potential acquirers—as it soon became apparent.

The fruits of our expansions weren’t just about staking claims on new territories; it also involved cultivating high-performing companies within these new markets. This achievement drew the attention of Aegis, a global media buying and planning giant headquartered in London. They were in the process of developing a new marketing insights business, initially known as Aegis Research, later to be branded Synovate. Our successful growth aligned perfectly with their strategic blueprint, leading to our acquisition and incorporation into their evolving global network.

Under the leadership of global CEO Adrian Chedore, Synovate quickly matured and developed rapidly, posing a formidable challenge to industry titans such as Kantar, GfK, and Ipsos—growing both organically and through a series of highly targeted acquisitions.

However, the story came full circle when Synovate itself was acquired by IPSOS, an even larger global player which effectively ended the brand’s remarkably successful growth journey. But I wouldn’t trade the exhilarating experience for anything. During this time, I accumulated more air miles than I could conceivably exhaust in a lifetime and learned a valuable lesson about the Darwinian corporate world: it’s a game of eat or be eaten.

This period did more than just lay a solid foundation for my understanding of business dynamics and corporate decision-making. It emphasized the essence of strategic choices—the art of discerning not only what actions to pursue but also, crucially, recognizing what NOT to do. This discernment, I am convinced, is the quintessence of strategic thinking. And central to this approach is a salient truth: you can’t be all things to all people; you must choose your battles and carefully define your territory.

Moreover, the experience instilled in me an understanding of the indispensable role of innovation in the creation and subsequent life cycle of companies. The ability to innovate and remain agile is an oft-repeated prescription for success, bordering on a cliché, but it is much more than just a slogan; it is truly the cornerstone of competitiveness, ensuring corporate viability.

My subsequent transition into the world of entrepreneurship and academic startups provided a fresh vista, even as certain themes and challenges remained constant. This new path held more than the exhilarating thrill of evaluating potentially groundbreaking scientific discoveries and seeing them through to become real-world solutions for our clients. It involved unveiling potential in the most unlikely places, challenging established paradigms, and daring to venture into uncharted territories.

The excitement of this journey wasn’t drawn from just the intrigue of the unknown, but rather from the subtle, profound joy of discovery and progress—the opportunity to make a tangible difference. Whether it was in driving technology transfer or turning promising research into viable products, the persistent theme was innovation and its transformative power.

During this journey, interacting with founders—including my own experiences in this role—created a solid base of knowledge to draw from, continually enhancing and building on that foundation. Scholars turned founders, with their sometimes audacious vision and determination to invent and create impact, are the driving force of new ventures. Their willingness to question established norms and to venture into new exploration and testing is what inspired this book and, indeed, the journey of every academic startup.

During my current phase of coaching startups, I frequently tap into the insights and lessons from my earlier corporate tenure, especially from my involvement in over 20 strategic acquisitions. In that corporate phase, our focus was on acquiring smaller, innovation-driven enterprises with dynamic and nimble teams. Our ambitions stretched beyond merely marking our global footprint by adding more dots on the map. We aimed to integrate these agile, creative units into our larger structures, boosting our expertise in crucial areas for decision support. Innovation became pivotal to our strategy to offer cutting-edge solutions for our clients—utilizing tools like brand equity measurement, ad tracking, market mix modeling, customer loyalty assessment and management, and product testing, among others.

This corporate chapter of growth and acquisitions provided a deep dive into the intricate link between innovation and the evolving business dynamics defining the intensely competitive global marketing insights arena. This is well aligned with Peter Drucker’s idea that innovation serves as the vital pulse of organizations, marking their viability and longevity. Engaging with diverse teams, crafting myriad go-to-market (GTM) strategies, and steering acquisitions made me recognize the potent synergy of innovation and meticulous execution—an insight that continues to mold my viewpoints and strategies today.

Upon transitioning back into academia, particularly within the thriving innovation ecosystem, I felt a revived enthusiasm not just in producing new knowledge, but in leveraging this knowledge to conceive products and services meeting genuine customer needs. The focus shifted towards crafting knowledge with societal significance and impact, not restricted to purely commercial gains. Yet, a marked divide persists between the realm of scientific conjectures and their tangible application—a daunting divide that often proves too challenging to bridge.

Indeed, the success of any venture relies on more than just brilliant ideas. Running a successful business demands an understanding and navigation of a distinct realm—a world where the prevailing logic is steered by market traction, profitability, risk management, and stakeholder satisfaction. This realm stands in stark contrast to the theoretical frameworks and academic rigor of the university lab. The personas of a scholar and a business leader differ profoundly, transcending mere differences in style and demeanor. At their core, they embody different priorities, perspectives, and even philosophies.

This chasm tends to be further exacerbated by numerous challenges, such as insufficient business acumen, the lack of resources to commercialize research findings, the inherent risks accompanying the launch of new ventures, and the striking contrast in urgency between academic pursuits and business ventures. Making the leap from academia to business necessitates not just the acquisition of a new skill set, but also a significant paradigm shift—from intellectual curiosity and theory development to an unwavering emphasis on commercial viability and market impact.

Perceiving an opportunity to help bridge this gap, I assumed the role of an academic entrepreneur or pracademic, dedicated to guiding academic startups on their journey towards value creation and capture. The transformation of nascent ideas born within the seclusion of university labs into market-ready solutions elicits a profound sense of accomplishment, especially since it is far from straightforward. Indeed, new ventures may fail due to various reasons—untimely market entry, lack of financial backing, or the brutal reality of surviving in highly competitive markets. And founders often overlook an important axiom for success—not only mastering the new language of business, but adapting to local contexts and cultures. Nonetheless, successful ventures are a testament to the fact that innovative ideas, pursued with tenacity and discipline, can indeed create significant market traction.

This book attempts to distill the essence of my diverse experiences into actionable insights, equipping you with the understanding needed to craft effective go-to-market (GTM) strategies. The upcoming chapters will explore the evolving role of research universities in fostering innovation, unravel the fundamental tenets of entrepreneurship, and examine critical concepts such as the valley of death and Technology Readiness Levels.

Designed as a comprehensive guide, this book provides a roadmap to help you navigate the key steps of your startup journey, including the pivotal stage of achieving a strong product-market fit. It draws attention to the distinctive challenges and opportunities academic startups encounter as they forge their paths in competitive markets. To illuminate the book’s main themes, we examine real-world case studies, extracting critical lessons from both successful ventures and those that stumbled along the way.

It’s easy to forget that many of our everyday products find their origins in university research labs. Often, the link between these products and their academic beginnings is obscured, as the innovation spotlight tends to focus on the private sector and the iconic companies that we so heavily rely on. Tech giants like Google and Microsoft have the capacity to swiftly turn groundbreaking ideas into market-ready solutions that most of us seek and use, so the limelight usually shines on them. Still, it’s important to acknowledge that these corporations rely heavily on the fruits of rigorous academic research and the talents nurtured within university walls.

Real Innovation vs. Pseudo-Innovation

Through my career, I have come to appreciate the importance of genuine innovation. I have seen how it can improve the status quo, create new value for customers, and solve real problems. I have also witnessed the other end of the innovation spectrum, where change is introduced in ways that are cosmetic, more mirage than substance.

The key to success for any venture, whether it is based on genuine innovation or pseudo-innovation, is an intimate understanding of the target market. This