Interview with Tech Transfer: EIR & WHOI OTT
Earlier this year, Woods Hole Oceanographic Institution’s Office for Technology Transfer introduced an Entrepreneur-in-Residence (EIR) to help guide the WHOI community in their startup endeavors. Since joining, Michael Hard has had the opportunity to meet and work with the incredible staff at WHOI. We sat down with Michael to learn more about his process and the time he’s spent working with the WHOI community and pick his brain about entrepreneurship.
Q: What excites you/what motivates you as an EIR at WHOI?
I greatly enjoy the opportunity to work with our scientists, engineers, and staff to explore their entrepreneurial ideas. There are many pathways to consider when starting a new venture.
It’s all about helping our teammates find the right path for them. My favorite use case is when a startup idea complements and accelerates a related research effort. Creating entrepreneurial sparks is also quite meaningful—sometimes, the best place for someone to start on their entrepreneurial journey is by engaging with companies as an advisor or consultant.
Q: Why do you think innovation and entrepreneurship is important for WHOI?
The most important problems facing our world’s oceans – acidification, pollution, illegal fishing, etc. – are driven by commercial markets. A bold new vision for science and industry engagement is required to solve these problems. Startups are one of the most effective and fastest ways to change these markets. In fostering a greater ecosystem of startup activity, WHOI researchers have a great opportunity to maximize the impact of their research, diversify research funding, and solve these challenges at scale and within the timeframes needed.
Q: How has your experience prepared you for this role?
I’ve had the opportunity to learn from some of the nation’s top serial entrepreneurs, university administrators, and community builders. Through this work, I’ve recognized specific patterns that tend to help set up startups for success. I’ve also observed a variety of data points that represent the common reasons why it can be so easy for startups to fail.
Q: What do successful startup teams tend to have in common?
A compelling vision with a strong founding team. Finding “product/market” fit by working with customers early and often and constantly learning with a healthy dose of skepticism and humility. These are just a few of the ingredients that can help increase the odds of success.
Q: What advice would you give to someone wanting to become an entrepreneur?
Entrepreneurship is all about taking action today.
Q: What are some important qualities for an entrepreneur to have?
Tenacious, adaptive, humble—there are many kinds of entrepreneurs, and their qualities are as diverse as their personalities. These are just a few of the qualities that I appreciate the most.
Q: Can you describe a time when a company you were involved with had to pivot?
I once was leading business development for a team of founders who had 8 exits under their belts. “Exits” are when a startup is acquired or goes public. So, these were seasoned founders. At the time of our Series A financing, we began to realize that our sales deals were not closing because our product didn’t have a financial return on investment for our customers. Fortunately, we were able to make this change quickly. I really like this story because it shows the importance of listening to customers and having the ability to adapt rapidly.
Michael is available to meet with WHOI personnel who’d like to learn about or discuss topics such as:
- How entrepreneurship can advance faculty research programs
- The best ways to identify and evaluate potential new ventures
- Grow an existing business to the next level
- Bootstrap a business with non-dilutive capital (e.g., SBIR/STTR)
- Raise angel and/or venture capital funding
- Spin out a new startup based on WHOI IP
- Balancing scientific and entrepreneurial careers
Michael will be assisting WHOI staff as an EIR through December 2024. To set up a meeting, please get in touch with Michael (michael.hard@whoi.edu) or OTT (techtransfer@whoi.edu).