Paul Nichols was named executive director of the UT-Dallas Institute for Innovation and Entrepreneurship last month, replacing Steve Guengerich who led the institute since 2017. Nichols has worked as an academic, a venture capitalist and as the leader of a startup, which he plans to combine to help create a new class of students ready to launch their ideas into the DFW marketplace.
“I definitely look at the history we’ve done and go, ‘Okay, well where do we go from there,” Nichols told NTX Inno. “I’ve literally been on both sides of the table, not just as an investor and a startup founder but also from the university perspective, so it’s almost like I’m closing… the big thee: venture capital, startup and university.”
Universities are a resource to the community; a pipeline for physical talent and intellectual innovation. Celebrating its 50th birthday this year, UT-Dallas has been quickly gaining a reputation in North Texas and beyond as one of the top STEM programs in the country, and the new leader of the university’s Institute for Innovation and Entrepreneurship has plans to continue that growth.
The Institute for Innovation and Entrepreneurship was started in 2006. The goal of the organization is to incorporate cross-disciplinary studies to give students and alumni the real-world skills they need to make it in the startup world, beyond the beginning steps of simply formulating an idea. In that time, a number of successful companies have come through the program, including PrimeVOX, which has been nearly doubling its revenue since its founding in 2017 and Adaptive 3D, which is developing an innovative photopolymer resin.
"We’re talking about people’s passions here, their magnum opus, their life work."
Using knowledge from different departments, such as engineering, arts and humanities, and business is something Nichols said the university does well, but it’s something he would like to see continued and expanded. He said that many university programs focus on just the business or technology side, but often soft-skills like public speaking, needed for giving pitches, can get overlooked – though it can be just as important when trying to bring a company to market.
“UTD is unique in a number of ways, but it is definitely unique in that we were founded by entrepreneurs. Most universities aren’t. It’s absolutely in our DNA and we’ve got to honor and respect that,” Nichols said. “The world is replete with the gravestones of great products that couldn’t figure out a way to turn themselves into a good business. We teach [students] the process, because once they understand the process it won’t matter ultimately once they come across that cool idea, they’ll know what to do."
Nichols doesn’t see the university’s role ending at graduation. Two of the main components of the institute are its coworking and incubator space: the Blackstone LaunchPad and the Venture Development Center, which give students the space and ability to collaborate and bring ideas to fruition. The space is open to current students, but also to faculty and alumni, creating an environment where entrepreneurs from all walks of life can work in tandem.
Nichols sees this as integral to the university’s role of being a resource for the entire community. It helps students develop ideas and then connect with others in the North Texas market who could help bring that product to life, and it helps regional businesses connect not just with products and technology that could help them grow but also by supplying the area with a highly-skilled, young workforce.
“Big companies struggle to work with startups… an 800-pound gorilla knows how to work with other 800-pound gorillas, they don’t necessarily know how to work with a mouse, but that mouse may absolutely have something that they need,” Nichols said. “You get the right people in the room together with the right idea, that’s where the magic happens… that’s how really interesting things get started.”
He said that the friendly and collaborative culture of the region is one of its strengths. In addition is the diversified tech economy of North Texas. But he said the region needs more venture capital funding for early-stage startups -- and area he thinks UT-Dallas can help fill.
“Dallas/Fort Worth, depending on how you measure it, is one of the top five or four metroplexes in the country, and we have as many tech workers as San Jose, but we’re woefully behind in terms of dollars for early-stage technology growth,” Nichols said. “Look at all the resources we have. We’re building a pipeline, an engine. Come in with an idea, we’ll throw all of these resources together, and then at the end hopefully we can turn out some really cool businesses.”
The executive director has plans for growing the institute both internally and externally. Internally, he is looking to increase the amount of interdisciplinary study for students in the program; creating well-rounded students possessing all the different tools they will need to thrive after graduation. Externally, he sees it as his mission to increase the amount of collaboration between the business and academic community – something he says UT-Dallas is well-positioned to do, give that many of the faculty working in the institute have experience in both ecosystems.
He hopes that through this, the benefits will be far-reaching and help the local economy continue to grow and innovate. He said that the market is changing. Businesses want new employees to come with an ever-changing and increasing skill set. Consumers want new products and software that is more personal and engaging. Both are areas that UT-Dallas’ Institute for Innovation and Entrepreneurship is poised to help develop.
“That’s the model I’m trying to bring here, it’s a lot of real-world practicality coupled with what can a university do that other organizations just simply can’t,” Nichols said. “We’re talking about people’s passions here, their magnum opus, their life work; they’ve found where they belong, and you want to help that. And that’s why it’s so very rewarding when people find where they belong… and they’ve got the tools to make it work. It also goes back to why are we doing this? What’s the joy we’re trying to get out of life? It’s not just about acquisition of wealth. There’s more to life than that.”
