The DePaul Entrepreneur

Is Technology Alive and Well?
By Harold P. Welsch

With the recent bloodbath of the downturn in technology stocks, especially the NASDAQ, there is an air of doom and gloom prevailing. Depending on the combination in your technology portfolio, the average technology investor lost between 64% and 73% of the value of these holdings in the recent downturn. On top of that, productivity fell 1.2% in the first quarter of 2001

The fact is technology remains with us in a slightly more realistic form. The innovations that have taken place will not be erased. In fact, Tapscott has stated that the Internet "is becoming a ubiquitous medium of human communications that will be at the foundation of all economic activity and will change every institution in this society." Information technologies have launched us into a new era and altered the rules of competition.

Chicago can create a new network economy to share collective knowledge, keep new economy firms here, recruit new ones, and fuel technological innovation. Mayor Daley has started an initiative to identify companies that are serious about building Chicago as a global high technology center. The Mayor's Office has embarked on a dual-focused growth strategy to make Chicagoland a prime location for technology start-ups and to create world-class leadership in priority new economy sectors. These sectors include biomedical (biotech, medical devices, diagnostics), wireless software, software development, and emerging technologies such as nanotechnology. Priority action areas include:

1. Increase access to angel and seed capital,
2. Raise the rate of technology transfer from R&D centers, and
3. Create a more connected, vibrant entrepreneurial community.

Along a similar vein, Dr. Harold Welsch, the Coleman Endowed Chair in Entrepreneurship, received a $5,000 service-learning grant from the Public Service Council of DePaul's Office of Academic Affairs to establish a program on technology commercialization. The starting point will be a graduate course combining technical support from the College of Computer Science, business support from the College of Commerce, and intellectual property protection support from the Law School. Welsch said, "Essentially, it is an interdisciplinary program to start technology-based ventures. The Entrepreneurship Program in the College of Commerce is uniquely situated to offer a new course that focuses on these technological changes. Currently, the Entrepreneurship Program is ranked as #4 in the nation by Success Magazine. In order to maintain its contemporary standing and reputation, it will continue to innovate and offer courses that are forward-looking and able to be used by students who are seeking a state-of-the-art education."

For information, call 312.362.8353

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