9:38 a.m., Dec. 9, 2008----William G. Mavity, a 1972 graduate of the University of Delaware and president, chief executive officer and director of Paracor Medical Inc., launched the University's new Entrepreneur in Residence Program on Thursday, Dec. 4, with a lunchtime presentation in the Center for Composite Materials attended by about 100 faculty, students, staff, alumni and visitors.

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Later in the day, Mavity held office hours at the new University of Delaware Venture Development Center in Purnell Hall for small groups of students seeking advice on their business ideas.

Before leading Paracor Medical, a company that develops device-based treatments for patients suffering from heart failure, Mavity spent the first 21 years of his career with 3M and then became CEO of a succession of smaller companies and spinoffs.

Mavity, who earned a bachelor's degree in mechanical engineering administration from UD, serves on the advisory council for the University of Delaware's College of Engineering.

The Entrepreneur in Residence Program is sponsored by UD's Office of Economic Innovation and Partnerships (OEIP).

Established in July 2008 and headed by David Weir, former director of the Delaware Biotechnology Institute, OEIP serves as the Delaware Gateway between business, government and the University's knowledge-based assets.

The office is working to establish UD as a center of innovation and entrepreneurship by securing resources and encouraging faculty, students and staff to engage in such initiatives.

Mavity offered advice on a range of subjects, from international assignments to raising money for a business venture. “If you ever have the opportunity to work overseas, I would encourage you to take it,” he said. “It can be very frustrating but also very rewarding if you can pull it off.”

With regard to attracting support from venture capitalists, Mavity admitted that raising money is not for the faint of heart. Venture capitalists look for three things in identifying projects to support, he said: a good balance between opportunity and risk, the right kind of management team and a protectable idea.

He encouraged students to pay attention in their classes -- even the ones that don't interest them. “I wish I had worked harder in my engineering classes,” said Mavity, who followed a business administration track available to engineering students in the 1970s. “I always found the business side easy, but I learned later that you really need to know a little bit about everything and understand at least the basics of every course you take.”

Mavity also encouraged young entrepreneurs to follow their passions. “Try to find a company and pursue your idea,” he said. “You have tremendous resources today to do your research using the Internet. What took me weeks in the library 20 years ago, you can do in just a few hours now.”

Carl Jarvis, who owns a small consulting firm, attended the talk with several mechanical engineering alums from Siemens Healthcare Diagnostics, Inc. “What we heard in this one-hour talk took me a year-and-a-half to learn on my own,” Jarvis said. “Mr. Mavity had really good insight into entrepreneurship.”

Gaurav Nilakantan, a Ph.D. student in materials science who works at UD's Center for Composite Materials, met with Mavity one-on-one after the talk.

“He gave me keen insight into what it takes to convert an idea into a competitive and successful enterprise,” Nilakantan said. “As graduate students in engineering, we develop very strong technical and analytical skills as part of our curriculum, which is the starting point for conceptualizing a good idea, but after listening to Mr. Mavity, I realized that strong business acumen is just as vital to starting or running a successful company based on that idea.”

Francois Chaubard, a junior mechanical engineering major, also met with Mavity during office hours. “This was definitely a learning experience,” he said. “You think you understand how companies are bought and sold, but you realize it's a lot more complicated when you hear about it from someone who's actually done it.”

Following the office hours session, Mavity was honored at a brief ceremony, where a permanent plaque with his name at the top was unveiled by UD Executive Vice President Scott Douglass. “When Patrick Harker arrived here as president a year ago, the thing that surprised me the least was his focus on entrepreneurship and innovation and on the tie between the academic world and the real one,” Douglass said. “I want to thank you for being the first Entrepreneur in Residence. You are a great start to the program.”

According to Weir, OEIP plans to bring in two or three successful alums each semester through the Entrepreneur in Residence Program. “We're partnering with the departments and colleges to offer educational programs and internship opportunities,” he said. “We're also planning to hold a forum on April 24, 2009, at Clayton Hall.”

“Our goal is to stimulate innovation and entrepreneurship across campus,” Weir added. “We would ultimately like to see undergraduates leave here with small businesses already started.”

Article by Diane Kukich
Photo by Kathy Atkinson