Page 23 - Technology and Innovation Journal - 19-1

UNIVERSITY-BASED TECHNOLOGY ACCELERATORS 361

Figure 2. Common elements, synergies, and support.

Core pieces, such as mentorship and educational have helped the Columbia accelerators launch and
elements focused on market validation, can and should grow quickly. However, even in smaller cities, tap-
be adapted as needed. Physical documentation, such ping into the local ecosystem is a key component in
as descriptions of the benefits, applications, review building any successful commercialization program.
forms, terms and conditions, and even outreach
emails, can be borrowed from similar organizations 2) Results will not be immediately or objectively
and tweaked as well. To that end, Columbia is happy measurable; team testimonials can help.
to share our forms and templates upon request. The timeline to scaling up and thus creating jobs
Starting with the backbone of a model and tem- for early-stage start-ups is long, which hinders the
plates for many of the materials can dramatically ability of an accelerator or proof-of-concept cen-
shorten the timeline to launch. For example, following ter to convey its importance in terms of near-term
the core elements of PowerBridgeNY and Colum- economic development. Many of the immediate suc-
bia-Coulter and adapting boot camp materials from cesses are intangibles, such as a shift in perspective
classes at a local university, Combine was able to go or even learning from a failed project. Quantifiable
from ideation to launch in six months. The Columbia metrics will improve with time, while intangible met-
programs recognize that the access to high-caliber rics may forever remain unquantifiable. However,
researchers, flexibility of funding sources, and access testimonials from participating teams can elucidate
to industry representatives and mentors through the the true impact of the program as well as opportu-
NYC area could be considered unique advantages that nities for improvement. Checking the pulse of teams