Foundation for Enterprise Development Awards Tepper School Beyster Fellowship Grant
For New Research on Advancement of Biotech and Energy Business Models
PITTSBURGH—There is a global call for innovation in the areas of healthcare, biopharmaceuticals and energy, yet traditional business and capitalization models for these industries may not be able to deliver successes due to their structure. New business approaches will likely be required to meet the future demands for knowledge-based industries. To examine this issue, the Foundation for Enterprise Development (FED) has chosen the Tepper School of Business at Carnegie Mellon University to receive a Beyster Fellowship Grant, which will commission an 18-month study to address issues aimed at improving the performance of business models, capital sources, partnering and human resources that will advance innovation in knowledge-based industries, particularly biotechnology, energy and the convergence fields of these two such as biofuels.
Objectives of the project will be to develop improved capitalization approaches that will facilitate sustainable innovation in the biotech and energy fields and to develop business models that incorporate partnership structures that leverage an open-innovation approach to speed time-to-market, reduce risk and enhance value sharing. One of the key components of this study will be to emphasize the development of a culture of innovation that recognizes the importance of employee and team creation of value, and the rewarding of value creation via employee equity ownership.
The project will be led by professors Art Boni, the John R. Thorne Chair of Entrepreneurship and director of the Donald H. Jones Center for Entrepreneurship, and University Professor Lester Lave, the Harry B. and James H. Higgins Professor of Economics and director of the Carnegie Mellon Green Design Initiative.
"The world is becoming increasingly competitive, and we need to create new business models for innovation," Boni said. "This research comes at a very important time as we see innovation struggling to become viable, particularly in knowledge-based industries. Having spent my formative years at Science Applications International Corporation (SAIC) working closely with Dr. J. Robert Beyster, I understand the importance of developing a sustainable corporate culture for innovation, especially one that expects and rewards employee contributions. I'm really pleased to be working with the foundation established by Dr. Beyster to sustain his pioneering work focused on impacting areas of national and global importance."
The study, which will publish at least two papers on research and findings in 2010, will also develop case studies to be utilized in future MBA level teaching modules. The study will examine the targeted industry sectors at a macro level and will complement additional research supported by FED Beyster Fellowship grantees.