Office of Innovation and Entrepreneurship
The Office of Innovation and Entrepreneurship (OIE) seeks to redefine the traditional university-industry technology transfer process by creating an unconventional entrepreneurial solution -- the Academic-Innovation-Transfer process. The key to success is the establishment of an open system in which competent partners with diverse backgrounds combine their complementary expertise to create technological innovations that lead to successful technology transfer ventures. Such key partnerships include those between faculty, students, entrepreneurs, venture capitalists and investors, industry partners, and representatives of government entities and regulatory agencies. The vision of the OIE is to:
Achieve a global recognition of Stevens as a premier technological institute of academic entrepreneurs.
The mission of the OIE is to cultivate, promote and manage an environment of Innovation and Entrepreneurship at Stevens. It is imperative for academic entrepreneurial activities to be initiated at the faculty level and be supported by the academic administration. In order to encourage entrepreneurial behavior a dynamic entrepreneurial culture must first be established. Thus, the mission of the OIE is:
To foster and nurture an entrepreneurial culture that is accepted across the entire Institute community.
University Research Thrusts
Stevens’ has deep-rooted technical expertise to advance the frontiers of education and research domains in areas of significant societal need. As identified in the strategic plan, the university focuses research in the following areas:
Healthcare and Medicine
Defense and Security
OIE addresses the need to radically change the process of technology commercialization in a university environment. The creation of the OIE is a timely response to inefficient technology transfer processes with which modern universities struggle. The OIE aims to foster and exploit technology-driven innovations that either are adopted by industry or serve as a basis for creating new ventures. With the implementation of a culture of Innovation and Entrepreneurship (I&E), Stevens Institute of Technology recognizes the new role that universities are playing in response to pressures - both internal and external - to create wealth through the exploitation of scientific discoveries and technological innovations. In that respect I&E represents a paradigm shift in technology transfer.
Stevens has been at the forefront of innovation and entrepreneurship since the late 1800s. Founder Edward A. Stevens was raised in a family of inventors and entrepreneurs who transformed their inventions into a number of successful enterprises, including the first steam-driven locomotive in the U.S. in 1826. By the mid 1990s, Stevens Institute of Technology adopted as a goal the transformation of the traditional university technology transfer process. By creating an environment that recognizes and rewards innovation while promoting intellectual property, the Institute could exploit key faculty and student talent to foster technological innovation. An educational environment where students, faculty, and industry jointly nurtured new technologies from concept to marketplace realization was the key to such transformation. This was the beginning of a long-term initiative bringing about a cultural shift within the academic community to (i) introduce the concept of entrepreneurship in undergraduate and graduate education, and (ii) transform the traditional technology transfer process into a technology-driven innovation exploitation process.
The Academic Triangle: Evolution of University Roles
Academic entrepreneurship is more than a technology transfer process. It is a shift in academic culture that adds another dimension to higher education.