Students Develop Market Strategies for Research Projects
On November 22nd, Laurier hosted an event called Research 2 Revenue. It was a joint effort between Laurier’s Office of Research Services, the Faculty of Science, LaunchPad, and Startup Laurier.
It all started with 6 innovations that were created by researchers/faculty members right here at Laurier. They were:
- A health-tracking app for the smartphone market in developing countries,
- A simple bargaining mechanism that removes the need for direct haggling,
- A field deployable mini-lab to assess the effects of ground water contaminants on plants,
- A reagent kit for easy and reproducible introduction of chemicals to protein crystal,
- A clinical cardiovascular app, and
- A THz imaging technology for the fashion industry.
A variety of students from different years and faculties applied, and a committee matched up people with complimentary talents to form teams for 5 of the technologies. Over the course of a week, these newly formed teams not only had to learn how to work together, but how to bring their research technology to market. The researchers themselves met with the teams to provide some guidance, but ultimately it was up to the students to develop the business model.
These business models were expertly presented after only a week of work. The Faculty of Science’s Enterpreneur-in-Residence, Zach Weston, said he was impressed with the quality of what they did in a short time frame. “It was a lot of work for them to pull this off.” The judges who had the difficult task of picking a winner were:
- Michael Stark – Laurier Science Alumnus – Serial Entrepreneur – Developer at Vidyard
- Trevor Orton – MBA Alumnus – Founder and CEO of Eyedro Green Solutions Inc.
- Bryan Smith – Professor of Finance at WLU
- Jennifer Tedman-Jones – Director, Mitacs
In the end, the biz-and-chem duo of Jordan Jocius and Shayne Dale were selected as the team with the best business model for their technology (which was the reagent kit for crystallography). The two walked away with $500 in cash as well as automatic acceptance into LaunchPad!
If Research 2 Revenue has taught us anything, it’s that complimentary skill sets are extremely important for a founding team. Luckily for everyone here, Waterloo Region is a place filled with talented people in a diverse range of fields. So whether you’ve got a great business idea but no business acumen or vice versa, you can get connected with someone who can fill those gaps. Keep your eyes peeled for Communitech events or what LaunchPad is doing to help facilitate the ‘matchmaking’ process!
Marketing Coordinator at Stryve Group