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I sat in on John Heebøll's 'Knowledgebased Entrepreneurship' course at DTU and have since been a coach to the PhD and Masters students who take the course. John is dedicated to improving conditions in Denmark for entrepreneurs. This is the compendium of a Skype interview held over several different sessions. (Oct. 2008)
"Entrepreneurship taught in further education has a measurable
impact on the birth- and success rate of growth oriented
high tech companies."
- John Heebøll
Entrepreneurship at DTU, Væksthus+, DTU Innovation
Alex Farcet (Q): First, some background. Are you an entrepreneur yourself?
John Heebøll (A): I consider myself rather an intrapreneur, trying to develop an entrepreneurship curriculum inside DTU - but yes, I'm also directly involved in business formation in three projects as is.
(Q): Can you quickly describe each one?
(A): 1. Advanced food processing equipment - business model: proof of pull and profit -> exit through a trade sale.
2. Advanced simulation software for the automotive industry: a DTU spin-off slowly growing into a highly specialized software developing company based on unique competencies within simulation of an industrial assembly method - and very close to DTU research.
3. Medical equipment for diagnosis and supervision of Parkinson's disease. Business model: niching company selling globally and directly to practitioners and hospital clinics within neurology - via the internet.
(Q): What's been your role with all three?
(A): 1: Financing and part time CEO during the start-up.
2. Financing and chairman of the board.
3. My own baby - 48% shareholder, CEO and project manager.
(Q): Did all three come up via your presence at DTU?
(A): Yes. 1 & 2 through DTU Innovation. 3 through networks and with DTU colleagues
(Q): In that sense, being associated with DTU is an advantage. Any disadvantages? For example decision making speed?
(A): No, not really. DTU is today, and by far, the most entrepreneurial university in Denmark, offering so many opportunities and facilities to knowledge based entrepreneurs.
Just imagine: we recently celebrated company no. 100 in the university science park. An on-campus venture capital company, Seed Capital Denmark, has like 1 billion DKK under management to invest in perspective high-tec start-ups. We have a lot of tech-trans going on - mostly vial licensing, but also through spin-out companies and we have a university management dedicated to promote innovation and commercialization in all its many forms. Each department at DTU is being credited for generating patents and license agreements and new companies, and all are being encouraged to locate start-ups in the middle of the research environments. Who can complain?
And I have right now 104 graduate students on the DTU course 42435 Knowledge based entrepreneurship - just to indicate the kind of entrepreneurial spirit that is alive and kicking around DTU.
(Q): What is DTU Innovation? And what is Væksthus?
(A): DTU Innovation is a so-called "innovationsmiljø" [innovation environment] which is a pre-seed investor, financing perspective start-ups with a mix of public and private money. DTU Innovation has developed a portfolio of companies in a funnel pipeline to Seed Capital Denmark and other VCs. Thus, entrepreneurs have access to a complete investment package, covering the first 2 - 3 funding rounds - provided they are Venture Capital material, of course (which again - roughly speaking - can be interpreted as the potential of developing into a "125 company": 100 mio DKK in turnover with a profit margin of 25 mio. DKK in 5 years or less.) DTU Innovation by the way, is the most successful Danish innovation environment when measured on deal flow and attracting further capital to the portfolio.
(Q): And Væksthus+ ?
(A): Væksthus+ is a center for knowledge based entrepreneurship at DTU. Located at DTU Management, the center primarily delivers three annual courses on basics in knowledge based entrepreneurship and business formation. One graduate at DTU, one PhD at DTU and one graduate at Copenhagen University. Væksthus+ - together with DTU and the science park - is also running a small student's business incubator in the DTU science park SCION-DTU. Væksthus+ is a consulting service to employees and students at DTU, considering starting a new company - with 5 - 10 clients a year. Væksthus+ is also involved in an international network with research and sharing of experiences and best practices in teaching high tech entrepreneurship as the main focal areas.