Sidra Anwar is passionate about entrepreneurship.
So when the Department of Electrical and Computer Engineering doctoral student and business owner had the chance to participate in specialized programming to enhance innovation and entrepreneurship, she jumped.
Ms. Anwar participated in two programs offered by Memorial University’s Research Innovation Office, through its Supporting the Local Innovation and Entrepreneurial Ecosystem Project.
The Translational R&D Program helps graduate students explore their research through an innovation and commercialization lens.
The Insight Business Consulting Program matches startup companies with master of business administration (MBA) students to assist with projects.
“The Translational R&D Program was the first entrepreneurial training program I engaged in as a student, and it truly shaped the way I approached commercializing my PhD research,” said Ms. Anwar, who is originally from Pakistan. “The program was delivered with such impact that, even three years later, I find myself applying its lessons as my startup continues to evolve.”
Her company, MetaCrust Services Ltd., which develops device-tailored, energy efficient and end-to-end secure data transmission solutions for low-powered wireless devices, is now one of the participating startups under the IBC Program.
She says the support has been “priceless.”
“By offering the expertise of an MBA student, this unique initiative benefitted us from the fresh insights and expertise brought by the student,” she said. “Their contributions to strategic market analysis and financial projections have helped us make informed decisions and plan for sustainable growth.”
Focus on commercialization
To grow its programming, the Research Innovation Office secured $260,000 in renewed funding from the Atlantic Canada Opportunities Agency, as well as renewed funding from alumnus and local business leader Mark Dobbin (B.Comm.(Co-op)’81).
The project also has a new funder. The Department of Industry, Energy and Technology, the lead for innovation, economic development and diversification in Newfoundland and Labrador, contributed $125,000.
“This project’s renewed funding will provide students with direct opportunities to engage with the local innovation and entrepreneurial ecosystem, linking them to entrepreneurial resources and supports available at the university,” said Angela Avery, RIO’s acting director of innovation and entrepreneurship. “By encouraging students to approach their research and course work with a focus on commercialization, we aim to eliminate obstacles in their entrepreneurial paths.”
Thanks to the support, the Research Innovation Office will create 56 Insight Business Consulting student fellowships, 12 Translational R&D fellowships and support up to 18 students and faculty travel to Creative Destruction Lab-Atlantic events over the next three years.
Participation is free and students can apply to one of three programs within the project.
Insight Business Consulting Program
The Insight Business Consulting Program matches MBA students with startup companies participating in incubators or accelerator programs, such as Bounce Health Innovation, the Ocean Startup Project, Genesis the Memorial Centre for Entrepreneurship, Entrepreneurial Work-Term, Navigate and the Centre for Social Enterprise.
MBA students gain real-world experience and industry connections through their project work and participating startups receive creative solutions, analysis and insights to support their startup journey.
Throughout the semester, MBA students also receive coaching and mentorship from alumna Rolene Pryor (B.Sc.’01, B.Sc.(Hons.)’02, MASP’04), associate partner with the Barrington Consulting team.
During the semester, selected startups will receive practical recommendations on moving their ventures forward, and students who are accepted into the program will receive $4,500 fellowship per semester.
Translational R&D Program
The Translational R&D Program helps graduate students explore research through an innovation and commercialization lens.
Participants work closely with Dr. Carlos Bazan, Faculty of Business Administration, to evaluate the potential of their research for commercialization, complete courses and receive coaching.
Students who are accepted into this program will receive a $4,500 fellowship per academic year to conduct additional research conducive to commercializing their research outcomes.
“Training scientists and engineers as entrepreneurs is a crucial driver of innovation-based regional socio-economic growth and global competitiveness in today’s knowledge economy,” said Dr. Bazan. “The Translational R&D Program is designed to address the innovation paradox: the disconnect between Canada’s strong university research output and its relatively weak ability to translate that research into economic activity that generates wealth for Canadians.”
Creative Destruction Lab-Atlantic Program
Students can also apply to the Creative Destruction Lab-Atlantic travel program, which allows students and faculty to travel to participate in sessions.
Creative Destruction Lab is a global seed-stage program for massively scalable science- and technology-based ventures that employ an objectives-based mentorship model.
Selected MBA students are assigned to Creative Destructive Lab-Atlantic ventures and gain exposure to startups, experienced entrepreneurs and business leaders who serve as mentors.
Each MBA student’s consulting experience is designed as a self-directed research project under the supervision of Dr. Bazan.
Participating students receive funding for all travel expenses during fall and winter semesters.
Find out when and how to apply to the programs on the Research Innovation Office website.
Research at Memorial
The Research Innovation Office is supported partly by the Government of Canada’s Research Support Fund, an important source of funding support that helps post-secondary institutions with costs associated with managing their research enterprises.
Learn more about research at Memorial and check out Research Strategy 2023-28 to learn how we’re moving ideas forward.
