MBA Step Three: Experiential Learning
The intellectual property class put me through major processes in turning an idea into business. This class not only answered my questions about an entrepreneur's vision, but also provided a platform to help me launch future ventures of my own. - Malee Lohateeraparp, MBA '07 |
The role of intellectual property or IP is becoming more and more important to the entrepreneur. For context, 85% of the value of the S&P 500 is ip related and approximately 1/2 of U.S. GDP is due to IP assets ($5.5 trillion). Because of the importance of IP, we have made it a cornerstone to our MBA Entrepreneurship program.
The IP Commercialization course is a hands-on course that deals with real intellectual properties. Groups of students will choose and work with a piece of intellectual property from the University of Oklahoma, Oklahoma Medical Research Foundation or the Noble Foundation of Ardmore, Oklahoma. Students perform a due diligence interview scientists, perform market research and complete a competitive analysis. The scope of due diligence involves researching the feasibility of commercializing a patented Ip, performing market research on a new IP, finding potential partners, and developing a business plan for the new IP. Students will present their findings to venture capitalists at the end of the semester. Not just an academic exercise, students are encouraged to take their relevant business plans for existing technologies forward and create businesses, ideally in the state of Oklahoma.
The IP Commercialization course has been nationally recognized. It received a $10,000 grant from NCIIA and $20,000 in grant money from the astellas USA foundation. The course allows students to understand the role of IP in new ventures, but more than that, it forces the students to critically analyze actual IP, get their hands dirty, and form a business case for its commercialization.