UTP’s Own Shark Tank
(The Star, 29 July 2018)
IT’S something like Shark Tank on TV. Fantastic ideas fielded by R&D
owners to hungry investors who bid competitively for a share of the
spoils.
“Same spirit but different style,” says Muhammad Syazwan Amarjit
Abdullah, senior director of UTP’s Technology Transfer Office which
oversees the Innovation Pitching Event.
“This year we tightened the range of pitches to the most viable
projects making our event highly attractive to investors.
“Our format is now more a showcase to invited venture capitalists,
industry captains, technology incubators and accelerators based on
their interest and nature of business.
“Each research team leader will pitch their idea to potential
investors and collaborators. They are free to ask questions discreetly
instead of in an open forum with an audience.”
“Each research team leader will pitch their idea to potential
investors and collaborators. They are free to ask questions discreetly
instead of in an open forum with an audience.”
The pitching sessions of 2014 and 2016 were attended by venture
capitalists, government agencies and industry representatives.
Typically, decisions were not like the on-the-spot drama seen on the
popular TV show. The process could actually take a long period before
ending up with an agreement between all parties involved.
This year, UTP is working with Platcom Ventures Sdn Bhd, the national
technology commercialisation platform of Malaysia, which has
pre-screened innovations by UTP researchers. They have shortlisted the
top 15 most viable projects and identified the investors most hungry for
these particular innovations. Among them are government incubator
agencies, venture capitalists and industry representatives.
“This helps us zoom in on the right kind of investor or collaborator,
instead of matchmaking randomly,” says Syazwan. “They already have a
genuine interest. It would be fabulous to have a bidding war as this
would really encourage our researchers and students.”
Among this year’s pitches will be innovations in the fields of
construction, oil and gas, information technology, sustainable energy
and agriculture. Some have already been patented. In all 15 pitches,
the lead investigators and project owners are academics. The
innovations not shortlisted for the pitching session will be showcased
at the ESTCON 2018 exhibition hall.
Feedback from previous years has been valuable. Potential investors
have said some technologies were just not ready, and some needed more
testing and validation. Some investors wanted more market research to
be done.
“All this has helped our researchers make their projects more
market-ready, and on par with peers and competitors,” says Syazwan.
Typically, new technologies emerging from universities are at their
infancy and need support for product development which includes
prototyping, market validation and more, to actually be ready for
commercialisation. These need funding too.
“Some of our pitches seek collaborators, not strictly investors, who can
jointly develop a product or technology for market readiness,” says
Syazwan. “The important thing is to get things moving because technology
can get overtaken and be outdated very quickly. Our researchers also
pitch their projects at several other platforms besides ESTCON. Some
projects are pitched several times before an interested party comes
along.”
UTP’s Technology Transfer Office, established in 2016, bridges the gap
between researchers and the market. It enables consultation, testing,
and matches industry partners for the university and its various
research departments.
“Our role is to translate and effectively exploit all research outcomes
and scientific breakthroughs into cutting edge innovation that would
have impact in the sustainability of technologies as well as creating
new technologies for businesses in industries and communities,” says
Syazwan.
“Globally, universities have evolved. The aim is market penetration;
the game is sustainability in every way.”
Worldwide, innovation pitching is thought to be crucial to a
researcher’s journey to commercialisation. It exposes scientists to
the real world of investors who mostly abhor being part of research
and development and hope to get their hands on a ready product that
can fly off the shelves immediately.
“Market readiness is a key element of any innovation,” says Syazwan.
UTP’s students are also exposed to activities which are very similar
to a pitching exercise throughout their studies. They bring a
presentation of their projects to impress and convince their peers,
judges of various events such as the Science, Engineering & Design
Exhibition (SEDEX). Students are given guidance and support by the
Technopreneurship Development Centre (TDeC) which focuses on
inculcating and nurturing technopreneurial skills preparing them for
their own start-ups and other business endeavours.
In the global context, enterprise is a major engine of economic growth
and wealth creation. Building entrepreneurship into education is a
positive and necessary response to the increasingly complex world we
live in.
“Our kids need to be equipped with entrepreneurial competencies which
include business acumen, problem solving, critical thinking as well as
ownership,” says Syazwan.
“Our idea of entrepreneurship is to develop students into well-rounded
people with a competitive edge for the future.”
To meet UTP scientists and explore a range of innovations,
applications and solutions for all industries, visit the ESTCON 2018
exhibition hall. Sign up at estcon.utp.edu.my.
