Traditionally, the purpose of research at the university was to seek knowledge for the purpose of knowledge, which has, in my opinion, created a disconnect between research conducted in academia and the general public.
In recent years, especially in the biomedical field, there has been a spike in the number of companies that are based on the research of university faculty members. While some may conclude that the focus of these faculty members has shifted from pursuit of knowledge to making money, I believe that these faculty members are carrying out their mission of improving the quality of life of people. Sure, if these companies become successful the faculty will likely receive monetary rewards, but there is nothing wrong with that. After all, these faculty members will probably be working double duty; they will fulfill the requirements of their academic appointment and starting a company simultaneously.
In addition, starting a company based on academic research is associated with a tremendous amount of risk. In the case of drug discovery, for example, faculty generally conduct their screening in cell-based assays to identify lead compounds. The most promising lead compounds, then, are tested in animals (pre-clinical studies), which can usually be conduced at the university. The transition into phases I, II, and III clinical in humans, however, can be quite costly, and will require funding from venture or corporate partners. At that point, there is still absolutely no guarantee that these compounds will be successful in treating the disease in question.
While it is important to encourage the entrepreneurial spirit of faculty members, they need to be careful when thinking about starting a company, first, because of the amount of risk associated with it, and also because it can easily consume and exhaust their energy and resources, which may eventually negatively affect their academic research.
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