Lab work: Innovative business program helps small business

By Debra Talcott Legal News It's no secret that the majority of small businesses fail within the first four years. That is why the metro Detroit area is fortunate to have a unique collaboration between Cooley Law School and Oakland University's School of Business Administration and School of Engineering and Computer Science called the Ideas 2 Business Lab (i2B) program. The i2B Lab program, in development since mid-2011, is a student-centered program with advisers from the fields of business; technology, engineering, and law that connect entrepreneurs with resources needed to research, design, and launch new business ventures and increase their odds of success. Open to students, faculty, and staff from Oakland University and Cooley Law School, the i2B program invites individuals and teams to present their ideas for new business ventures to a committee of faculty and business leaders. Those accepted receive support from a network of advisers. ''A successful entrepreneurial endeavor," said Oakland University Dean of the School of Business Administration Mohan Tanniru, "requires an early evaluation of the potential market and differentiating features for a product (physical or service) innovation. It also requires an understanding of the capacity (financial and management resource) needed to make it a success. A component of this evaluation, often not given sufficient attention, is defining the scope of the innovation that can be protected through patents.'' Individuals and teams that successfully develop their business plans to the point of pilot-stage commercialization may have the opportunity to launch their businesses through one of Oakland University's SmartZone business incubators: the OU INCubator in Rochester Hills or the Macomb-OU INCubator in Sterling Heights. ''This program will be a great opportunity for our students who would like to launch law-related businesses," said Cooley Professor David Berry. "Cooley Law School and its students are noted for their entrepreneurial spirit, and the i2B Lab program provides a valuable springboard to help make their ideas for new businesses a reality. The i2B Lab will also benefit law students who plan to practice in the fields of technology and entrepreneurship law.'' On November 3, a kickoff event was held at Oakland University to inform students, faculty, and staff about this new opportunity. The ultimate goals of i2B are to give OU and Cooley students an experiential learning opportunity and to increase the odds that the new businesses coming out of the program will become contributing members of Michigan's economic community. Participants will be paired with an advisor from a pool of Oakland University faculty, staff, alumni, local business executives and area entrepreneurs. They will also receive assistance from students and faculty from Cooley's three business-related L.L.M. programs-Tax, Intellectual Property, and Corporate Law and Finance. Now in its initial phase, the i2B selection committee has admitted one team, and additional individuals and teams are in the process of applying. The program will likely accommodate five to six individuals and/or teams each semester. Published: Thu, Feb 9, 2012

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