Learning from the Most Common Mistakes in New Venture Creation

Scott Magids,
University of Maryland

Mistakes and failed endeavors provide fertile ground for knowledge creation. This workshop presents common mistakes and causes of failure in student and faculty ventures, including unwavering emotional commitment, poor planning, undercapitalization, unwillingness to accept advice, unwillingness to consent to governance changes imposed by investors and team members, inadequate market analyses, product development efforts not market-linked, and internal conflicts between IP licensing and on-campus venture creation. Participants
will explore recommendations, policies, and procedures instituted at UMD and in the presenter’s own venturing activities to preemptively counter these issues, including an analysis of implementation, timelines, and expected results. This workshop should help advance invention, innovation, and entrepreneurship education by identifying common obstacles and proposing practical recommendations, applicable at any university.