One model for new enterprise development was presented by Thomas Churchwell, president and CEO of Arch Development Corporation, which helps launch new companies based on University of Chicago and Fermi Lab technologies. Unlike a traditional venture capital fund where the rate of return on their investment is of primary concern, for Arch, the goal is to get the technology into the marketplace. Aligning the goals of the investors with the goals of the university is a necessary part of new enterprise development, he says.
Management is the key to new enterprises that make it.
It is less about the invention than the business, Churchwell explains. Arch provides the infrastructure, and legal, financial, and other specialized services so that the new enterprise can devote its attention to product development. Then the CEO and inventor concentrate on product development. Asked whether faculty find new enterpise development to be a hinderance in their research careers, such impeding their ability to get research grants, Churchwell responded with several points. First, faculty receive 25 percent of each dollar Arch receive.