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Building a startup company is never an easy thing. Challenges not only include generating an innovative idea from scratch but also the execution of it to a broader and practical picture. Fortunately, universities from North America encourage students and faculties to launch their business ideas as well as focus on their career growth, one good example is the coop education and relevant incubator setups at the University of Waterloo. However, the reality hits hard. Despite the efforts of the university and the scholars who have a startup idea in mind, the road from a STEM professor to an entrepreneur is still full of difficulties and challenges. “The scholar-entrepreneur is an unknown person. The scholar-entrepreneur is typically viewed by the established academy as suspicious,” says Ruth Okediji, a Harvard Law School professor (Fatunde, 2023).

The barrier blocking professors from entrepreneurship is the difference between the two worlds – the scholar world and the business world. One conflict among them is the role of tenure. For many early-age professors – entrepreneurs, tenure is a double-blade sword: on the one hand, it provides a sense of belonging for the professors, and it serves as a role of backup (Fatunde, 2023). On the other hand, tenure could also take up one’s time, delaying the execution of an entrepreneurial idea in an unpredictable market. Moreover, Eunice Yang, who faced the problem herself, claimed that the conflict of research transparency can also affect one’s business role during a tenure, since “now you’re publishing your secret sauce” (Fatunde, 2023).

Another problem caused by the difference between the two fields is the different mindset. Before explaining this, we need to introduce the concept of the technology funnel. There is a fundamental difference between a product and a technology. Technology cannot generate business value on its own, but it requires a process of transformation from technology/skill to product/merchandise (Horta & Paiva, 2016). Throughout this process, countless new ideas and technologies have to stop by this point due to the difficulties of transforming and assigning business value to their ideas, while the difference between a scientist and a startup is the culprit.

Despite facing multiple barriers throughout entrepreneurship, scientists and professors still play a crucial role in high-tech startups, since only through scientific research can startups generate innovative ideas and products. Generally speaking, drawing VC’s attention and raising funds for a startup is always hard, especially when scientists and professors are not aware of what should they perform in front of possible funders, so here are some important factors.

According to Nancy Floyd, founder and managing director of a pioneering energy venture capital: “Don’t start with the technology. Start with the problem first…… you’ve got to hook the investors.” (Aines, 2017) In today’s not-so-ideal global economic climate, to stand out from thousands of other competitors, having a product development plan instead of a technology development plan is the priority. Also, a good idea while approaching venture capital is to tell them the problem that one is solving as well as show the idea’s potential, not start with the technology (Aines, 2017).

Moreover, do not give up. Being rejected by venture capitalists does not mean the product is bad, it may simply need more modification before going into public, or simply because the venture capital considers the business as a “capital–intensive” business. Turning to exploring SBIR types of grants or raising funds from families or friends is always another option.

In conclusion, we thank the contribution of numerous scientists to bring out a better life for everyone. We also hope every scholar can find their place in the industry and pursue their dreams.