Book Review for Entrepreneurship for Scienitists

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Book Review

Title: Entrepreneurship for Scientists and Engineers

Author: Kathleen Allen

When I was in elementary school, my teacher once asked what we would like to do after growing up. Some students wished to become engineers, some planned to be businessmen, and I was willing to be a fashion designer. Obviously, according to our traditional recognition, scientists and entrepreneurs are two different vocations. However, this book designs an entrepreneurship path for scientists and engineers, building business ground for technical people.

There are four parts in total. The first part defines entrepreneurship related concepts, shows how to find opportunities, how to conduct analysis at start-up, and how to build an effective team. The second part focuses on intellectual property, introducing related concepts, claiming several patent and trademark strategy. Most entrepreneurship education materials do not include the discussion of intellectual property. Since technical products and services have to fight against more intellectual infringements, protecting intellectual property is inevitable. Part three clarifies the technology product strategy, entry strategy and marketing strategy, and offers some points entrepreneurs should focus during transition. The last part emphases financial issues: kinds of funding sources, financial strategy promoting growth, and financial valuation method.

At the beginning, the author mentions the necessity of the transition to entrepreneurship.

First, this transition helps to overcome “value of death”, speeding up the transformation from technology to commercial products. Just as Scott Kirsner said on the venture forum, a bridge should connect between campus and company, so that we could exert our advantages and keep our talents. The most direct way to solve this problem is to encourage scientific professors and students to set up their own business. And only when they cultivate both technological skills and business skills, and...