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What it takes to be a chemistry entrepreneur

If you’re a chemist with a great idea, it just might be that some entrepreneurial training and business savvy is all you need to start up a company that could lead to new jobs, according to Harvard University professor George Whitesideds.

George Whitesides, professor at Harvard University, talked about what it takes to start up a small company. If you missed the ACS Webinar, check it out here: http://acswebinars.org/vcf2011-innovation

A few weeks back, Whitesides, along with ACS Immediate Past President Joseph Francisco, co-hosted an ACS Webinar titled “Entrepreneurship + Innovation = Jobs.” If you missed it, you can view the recorded webinar here.

The option of taking your idea and starting up a company is something that’s not talked about in much depth in the circles I run in, i.e. in grad school.

Whitesides said he believes this is a problem. Students are coming out with advanced chemistry degrees but without the entrepreneurial know-how to turn their ideas into profits for the benefit of themselves and the economy.

During the webinar, Whitesides shared his thoughts on this issue and also offered suggestions to the ACS regarding what they can do to help create more jobs for chemists.

Read the entire report from the ACS Task Force here.

What’s the problem?

Whitesides had a thing or two to say about what it will take to get chemists back in the game.

To begin, the Task Force asked the question, What is causing the decline in employment for chemists?

Is it a problem of declining need for chemists, or chemists’ decline in innovation?

The Task Force’s conclusion was that “there’s no loss in innovation, but there are problems in getting the ideas that are emerging in chemistry into a state where they are recognizable in creating large numbers of jobs,” Whitesides said.

In other words, the problem is not that there’s nothing left for chemists to contribute. In fact, the biggest problems facing society now are problems that require chemistry– so the opportunities are, in principle, unlimited, he said.

Okay, it’s not that chemists aren’t needed in society. They are. So, the problems lie more in the arena of turning brilliant ideas into marketable products.

But starting up a company is not as simple as we’d like to think. Continue reading →