Five VCU faculty researchers inducted into National Academy of Inventors

Five Virginia Commonwealth University researchers spanning a range of disciplines were inducted last week into the university chapter of the National Academy of Inventors. The organization founded in 2010 includes more than 4,600 members worldwide and recognizes inventors who hold U.S. patents.

“These new members are among VCU’s best and brightest researchers and inventors, and we recognize not only their contributions to Virginia, but also to the world,” said Ivelina Metcheva, Assistant Vice President for Innovation and head of  VCU TechTransfer and Ventures. “While there is much uncertainty in the federal research landscape, those of us who work at VCU in research remain focused on the goal and mission: advancing our science, discovery and innovation, and translating our intellectual property into economic prosperity across the region and the Commonwealth.”

The inductees include:

  • Maryanne M. Collinson, Ph.D, Chair and John B. Fenn Professor, Department of Chemistry, College of Humanities and Sciences
  • Thomas Roper, Ph.D., Director of Pharmaceutical Engineering and Engineering Foundation Professor, Chemical and Life Sciences Engineering, College of Engineering
  • Hengbin Wang, Ph.D., Professor, Department of Internal Medicine, School of Medicine
  • Xiang-Yang (Shawn) Wang, Ph.D., Professor, Department of Human and Molecular Genetics, School of Medicine and Harry and Judy Wason Endowed Chair in Cancer Research at VCU Massey Comprehensive Cancer Center
  • Shijun Zhang, Ph.D., Medicinal Chemistry, School of Pharmacy

In addition, physics professor Jason Reed, Ph.D. from the College of Humanities and Sciences and pathology professor Youngman Oh, Ph.D. from the School of Medicine were recognized for being selected as  NAI senior members.

Also in attendance at the ceremony was P. Srirama Rao, Ph.D., vice president for research and innovation, who has been named an NAI Fellow. He is one of only eight VCU faculty inventors who have been elected as NAI fellow. He and the new senior members will be formally recognized at the NAI’s 14th annual meeting on June 26 in Atlanta. Rao called the recognition “humbling” and noted his past career efforts that included being involved in patents that reached clinical trials. 

Plus: Panel of Commercialization Experts share six pieces of guidance for researchers

Six Tips from Entrepreneurs for Faculty Innovators

As part of the ceremony, VCU TechTransfer and Ventures hosted a panel of seasoned entrepreneurs, investors, and commercialization experts who offered candid, experience-based advice to faculty researchers.

The panel was moderated by Gerard Eldering, CEO of Perfusion Medical and a VCU Entrepreneur-in-Residence. VCU’s EIR program pairs faculty researchers with those who have real-world experience starting or running companies. 

The panelists were: 

  • Tracey Greene, Founding Executive Director of the Charlottesville Angel Network and Executive Director of the Charlottesville Business Innovation Council
  • Glen Kelley, Principal Consultant at  Limpidity Biosciences and VCU Commercialization Advisory Board member
  • Kevin Passarello, Shareholder of  Buchanan Ingersoll & Rooney and a VCU Entrepreneur-In-Residence

 

Here are six of the lessons shared.

Startups vs. Licensing: Choose your commercialization path.

  • Startups offer more control, flexibility and direction, and there’s a better chance to de-risk the technology early and build a passionate team. But success requires more effort, capital, and business acumen.
  • Licensing can bring immediate financial and expert resources, a more predictable pathway and established regulatory experience. But it also risks the innovation being deprioritized or shelved if the licensee doesn’t champion it.
“The advantage of a startup is that if you have temerity, you can advance it, de-risk it, and give it a better chance of having a long-term life than something that may lie fallow. If [a licensor is] acquiring your technology and putting it in a portfolio and making it compete against other programs, it can get lost." – Kelley
“I'm a fan of the startup model… If you have scrappy people on your teams, I think your startups can be very viable.” – Greene

 

Build the right team.

  • Faculty inventors must often “get out of their own way” and bring in experienced business leaders or co-founders.
  • Business acumen is essential to securing investment and driving commercialization. Vet potential partners carefully.
  • The panel was unanimous that faculty inventors should never try to go it alone.
  • Build a network: Don’t wait until the product is fully developed. Go to industry conferences, make connections and build relationships well before you're ready to launch.
"From an investor perspective, we will not look at your company if you do not have business acumen on your team. Period." – Greene

 

For university researchers, seek entrepreneurs-in-residence (EIRs) or real-world business experts.

  • EIRs help refine and stress-test business ideas, explore alternative paths, and connect researchers with the right resources.
  • At VCU, EIRs are a free, accessible resource for faculty researchers and available for brainstorming and planning.
"Mistakes are inexpensive at the whiteboard." – Passarello
“When I was involved with the startups a long time ago, I really wish there were people like you,” Rao told the panelists. “It would have made a lot of difference. One of the things I tell inventors and entrepreneurs is that of course you have to have passion — that’s why you do what you do — but you also have to have a bit of a thick skin.”

 

Know how investors and advisors select projects.

  • Advisors and investors look for big problems with scalable solutions, a clear distribution path and opportunities where they can actually help.
  • Finding a fit between the opportunity and the advisor’s expertise is crucial.
"I want to get involved where I know I can help… not step too far out of my swim lane." – Kelley
"We look for things that could grow very, very quickly." – Passarello

 

Let go to grow.

  • Knowing when to hand off CEO duties is a critical step as a company matures.
  • Faculty inventors must acknowledge where their expertise ends and trust the team around them.
“It starts with understanding that you may not even realize you need that person.” – Eldering
"99% of the time, you are not that person…Get out of your own way." – Greene
"Let other people be the experts. You don’t need to learn everything that everyone else does." – Kelley
"There's a paradigm shift where the investor community just wants to know the product is right, that you’ve got the whiteboard worked on." – Passarello
“Willing to let go and let somebody who's done it before is truly important.” - Rao

 

Soft skills matter

  • Integrity, grit, and a strong work ethic often outweigh domain expertise.
  • Startups are hard; you need people who won’t quit when things go sideways.
"You want someone in the foxhole with you when the bullets start flying." – Kelley

 

(Please see more images from the panel discussion below)