Bridging the Gap: How Accelerators and Incubators Transform Great Science into Great Business

Oct 3, 2023 | Innovation, Know-How | 0 comments

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Summary

Luminate Accelerator Director Dr. Sujatha Ramanujan held a fireside chat with Dr. Pulakesh Mukherjee of Imperative Ventures. There is insight here for all companies growing from startup to scale.

In a recent conversation between Dr. Pulakesh Mukherjee of Imperative Ventures and Luminate Accelerator Director Dr. Sujatha Ramanujan, a multitude of insights were shared on the transition from scientific innovation to a thriving business. The dialogue illuminated the pivotal role that accelerators and incubators play in transforming science into profitable business, as well as the looming climate crisis that underscores the urgent need for innovation.

Mukherjee, with his profound background in physical science and business, shed light on a common challenge faced by scientists turning entrepreneurs. “I’ve been invested in physical science for a long, long time and by training I’m a PhD edge,” he begins. Then he hits the core of the dilemma, “but just because it’s great science doesn’t mean it’s a great business.”

This distinction sets the stage for a discourse that navigates the rocky terrains of translating scientific innovation into tangible, market-ready solutions. In this chasm, accelerators and incubators emerge as the bridge, connecting the dots between scientific passion and market viability.

Mukherjee elaborates on his journey and the eye-opening realizations that dawned upon him. “Who is the customer, what is the product that you’re really selling? When I look at a business, that’s the critical part of understanding who your customer is,” he shares. The essence of this realization lies in the alignment of scientific innovations with the specific needs and expectations of the target market. Understanding the customer’s perspective and tailoring innovations to meet those specific needs is not just essential, but fundamental.

The conversation shifted gears, touching upon the palpable climate crisis that beseeches the globe. The magnitude of this crisis demands unprecedented innovation and adaptive solutions, especially in energy efficiency, decarbonizing industries, and agriculture. Here, Mukherjee underscores the potential of electrification and AI as tools, not just innovations, to accelerate progress.

Addressing early-stage tech startups, he accentuates the importance of a detailed understanding of the industry one is venturing into. “Your competition is not <inaudible>. Your competition is basically an incumbent company with massive issues,” Mukherjee points out. The key lies in carving out a structural advantage, a unique selling proposition that not only distinguishes startups from established entities but also adds significant value to the customer.

The insights shared by Pulakesh Mukherjee offer a panoramic view of the intricate dance between science and business. Circle Optics is in the transition between having a prototype and designing for commercial adoption so this conversation could not have been at a better time. 

Congratulations go to the Luminate Cohort 6 Winners!

HONORABLE ACHIEVEMENT  (50K)

Photonect Interconnect Solutions

DISTINGUISHED GRADUATE AWARD (200K)

Quantune

Nanopattern Technologies

Swave Photonics

OUTSTANDING GRADUATE AWARD (400k)

Digiteyze 

AUDIENCE CHOICE AWARD (10K)

Q-Art Medical

COMPANY OF THE YEAR (1M)

Oculi

Post Tags: Innovation, KnowHow

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