The Alumni Magazine for Worcester Polytechnic Institute. (WPI)
Issue link: http://wpialumnimag.epubxp.com/i/114745
When Dean Mark Rice was tapping alumni talent to serve on the Strategic Advisory Council for WPIÕs new business school, he called Henry Fitzgerald. A New York City native, Fitzgerald graduated from WPI in 1975 with a degree in mechanical engineering and had more than three decades of experience in capital projects including a 17-year stint as VP of facility operations at Genzyme Corporation. His consulting Ƃrm, First Stop Program Management, had a diverse list of large clients, and his resume included plenty of community service in his adopted hometown of Shrewsbury. Fitzgerald jokes that his swing at the 2010 Reunion Golf Tournament, where he played with Rice, was also a factor. Since signing on, Fitzgerald has also agreed to be part of the business schoolÕs Tech Advisers Network, or TAN, a group of roughly 40 entrepreneurs, investors, and business leaders who advise and support students and faculty who hope to turn ideas and research into commercial ventures. ÒWhat the group does is bring a dose of reality to projects,Ó says Fitzgerald. ÒWe give them an honest-to-goodness evaluation of what we think, and offer them our best advice.Ó Described as a Òvirtual incubator,Ó TAN is a new ingredient in WPIÕs rich brew of entrepreneurial support systems and catalysts. TAN is also one of several Business School initiatives aimed at expanding and enhancing the role of alumni, who are key players in a university-based entrepreneurship ecosystem, an economic growth model in which Rice is an expert, and one that is being embraced and celebrated from Boston to Boise, from Portugal to Pakistan. TAN members offer students and faculty experienced advice about business plans, marketing strategies, and potential partners and funding. In the process, the advisers get a Ƃrst look at potential ventures that could reap Ƃnancial rewards and new opportunities for entrepreneurs and investors, bolster WPIÕs role as a hub of innovation, and bring jobs and economic growth to the region. 54 Winter 2013 TAN also has the potential to expand and create an incubator/ accelerator program that could harness and develop some of the innovative work taking place throughout WPI. ÒAn astonishing number of students come from long distances, a high percentage from outside the United States. They stay for four years, and then they disperse,Ó says Fitzgerald, who adds that the advisers may be able to pinpoint opportunities that encourage graduates to invest their ideas and energy back into WPIÕs entrepreneurial network. ÒIf thereÕs some way to encourage an incubator, we could possibly create a groundswell of activity with some cross-disciplinary interaction. ItÕs a very interesting idea with a lot of potential, and weÕll see how it goes.Ó So far, itÕs going well. An inaugural list of ventures presented to TAN in spring 2012 included a smart phone app for detecting heart abnormalities; Campus Libre, an online classiƂed message board that connects textbook buyers and sellers; SI Devices, an automated energy management system; Fivolts, a system that monitors worker fatigue; and VitaThreads, a new delivery system for cell therapy. ÒWe hear big ideas that are being presented at various stages,Ó says TAN member Dave Mahoney Õ86, a serial entrepreneur with more than 35 years of experience launching, leading, and supporting software companies. Mahoney says a lot of research projects are run by graduate students focused on the development of ideas and technologies, with little time left over for the business side of ventures. ÒThatÕs one example of the kinds of constituents out there that we can help,Ó he says. ÒThey have great ideas, but some donÕt know how to put a business plan together, or maybe they need help assessing the market. The collective group helps Ƃll out the skill set." Pat DeSantis Õ11, the point person for the Campus Libre venture, says the companyÕs website was launched in August 2011 and was an immediate success among WPI students, who were able to save huge chunks of cash by buying used text books directly from other students. TAN was able to help the business expand, and the growth has been fast and steady. ÒWe are all engineers, so building the website and launching it at WPI was the easy part,Ó says DeSantis. ÒWith the advisersÕ knowledge of the business world, they have been helping us build on our success and replicate it at other schools.Ó Each TAN member provides feedback and declares whether he or she is willing to serve on the TAN advising team. The School of Business then forms TAN teams, requesting one of the advisers to serve as TAN Team captain.Ó ÒThey have to tell their story succinctly,Ó says Fitzgerald. ÒThatÕs followed by about 10 to 15 minutes of questions and answers, so we can see if they really understand the market.Ó Fitzgerald acknowledges the setting can be intimidating, but adds, ÒEveryone willingly jumps into the shark tank.Ó Jon Morgan Õ11 did the talking for a four-member team of engineering students who developed SI Devices, a system that controls energy use in residential, commercial, and public buildings. SI Devices grew out of technology developed for a senior capstone project and is now closing in on a beta phase for the system.