Entrepreneur-in-Residence Program

What is an Entrepreneur in Residence (EIR) program?

EIR programs have historically been utilized by venture capitalists to increase new venture flow and to identify technologies that will lead to the formation of new companies. While the role of the EIR can vary, it is typically an experienced individual who wants to start a company. The EIR often has a particular area of expertise and searches for technologies he/she can evaluate for potential deals.

Why an EIR program at UT Austin?

While The University of Texas at Austin has a successful commercialization program in place which patents UT Austin inventions and licenses the technology, there is still tremendous opportunity for new business creation on a local, regional, and national basis. Additional focus on startups will provide a straightforward, productive, and mutually beneficial process to engage with faculty and external audiences (such as entrepreneurs, investors, and established industry) regarding commercialization activity. These enhanced processes will improve access and visibility, foster a culture of innovation, and maximize the impact of university innovations. Ultimately, the EIR program will generate successful startups from UT research by identifying and extracting promising technologies and by developing an efficient pathway to move these innovations to the market.

EIR program mission

To stimulate the creation of startups based on UT Austin technology
To provide an enhanced "deal flow pipeline"
To support the entrepreneurship ecosystem by requiring the submittal of business plans to the Central Texas Regional Center of Innovation and Commercialization
To support UT Austin technology-based economic activity that provides incentive for UT Austin faculty, promotes UT Austin creates jobs and stimulates the economy

How the EIR program works

The unit is structured similar to that of a VC Entrepreneur-in-Residence program. It is represented by "rotating" seasoned entrepreneurs employed by the university in a short-term, salaried position (six-month appointments), during which they form companies. The EIR may enter the new startup company as a full-time executive with the agreement of the university and the EIR.

The EIR is charged with identifying industry-specific market/startup opportunities based on university technologies, developing opportunity assessments, creating business plans, developing business structure proposal for start-up enterprises, completing a conflict management plan, and negotiating the university license. As the program is funded in part by the Texas Emerging Technology Fund (ETF), once the EIR has completed the commercialization process, they will submit the business plan to the Central Texas Regional Center for Innovation and Commercialization for funding consideration. The EIR will receive an incentive compensation bonus if the ETF application is approved in Phase 1 by the RCIC.

The EIR is required to identify at least one university technology that can be commercialized by a startup company that will be based in and create jobs in Texas. The EIRs will work directly with OTC staff, faculty, industry, investors, economic development groups, and other institutions.

Profile of an EIR

UT Austin EIRs are proven serial entrepreneurs/senior management with at least one successful startup company, strategic operations management experience, and demonstrated ability to conceptualize new businesses based on university (or other) technology. They possess substantial knowledge of the earliest stages of development for a new technology spinout company. The EIRs have demonstrated expertise in technology sales/marketing for early-stage technologies, negotiation, licensing, and working with technology inventors and university faculty.