Out of the Lab: Business Course Gives Scientists Opportunity to Explore Entrepreneurship
The Entrepreneurship for Science and Medicine course gives University of Chicago graduate students, postdocs, and faculty the opportunity to explore the intersection of science and business.
Taught by Chicago Booth School of Business Adjunct Professor of Entrepreneurship Robert Altman, MBA ‘88, and offered in partnership with the Polsky Center, the course examines how scientists can play a role in the commercialization of their research and inventions, providing a deeper understanding of what it takes to bring a research discovery or idea to market to achieve greater societal impact.
“During the day, the students are doing cutting-edge research. Some of this research may lead to products that can treat unmet medical challenges, for example,” said Altman. “I hope I can inspire one or more of those researchers to translate or apply their work and consider the entrepreneurial route. I also like being in a room with brilliant scientists and medical professionals. That is very stimulating.”
One of these scientists was Matthew Schechter, PhD ’23, a current postdoctoral researcher at the University of Chicago and alum of the Biological Sciences Division’s Microbiology program.
Interested in exploring the intersection of science and business toward the end of his PhD, he couldn’t spare the bandwidth for an internship or a full-time program. “This course solved that problem,” Schechter said. “It provided the exposure to venture creation I was looking for without stepping away from wrapping up my dissertation.”
His advice to someone thinking about taking the course: “You get out as much as you put into it. Challenge yourself to convert your mindset from the academic framing of science to thinking about the value it could bring to customers and the key partners and activities you will need to execute.”
Schechter also said to use the opportunity to network with classmates. “Some of the best conversations I had weren’t in the case discussions; they were with the people sitting next to me,” he said.
One thing he was most surprised to learn was that “good ideas are cheap and execution/network is everything.” His top takeaway? “Entrepreneurship is a mindset and bias towards action.”
To inspire students to see themselves through this lens, each class features a section called “Meet the Entrepreneur.”
“I have tried to make this as relevant as possible by bringing in folks that at one point in their life were very much like the students,” said Altman. For example, they may have been a graduate student in the Pritzker School of Molecular Engineering. “Hearing these entrepreneurial journeys gives a vision that this route is viable,” Altman added.
The last class, themed “The Human Side,” explores compliance and regulatory concepts, and how critical they are in building a reputable enterprise. Bad Blood, which details the rise and infamous collapse of Elizabeth Holmes’ blood-testing startup, Theranos, is required reading. Altman noted that there are many lessons to learn from the Theranos saga.
As for the key takeaways from the course, he said he hopes students will “embrace learning and experiencing some fundamental concepts of entrepreneurship and then conceptualize how they can apply those concepts to their research.”
Several former students have continued on to become entrepreneurs. “[That] is very gratifying to me,” said Altman.
Individuals interested in an introduction to entrepreneurship are encouraged to apply – neither a team nor an idea is necessary for acceptance. Applications for the fall 2026 course are due Friday, September 18. Apply here >>
This course can serve as a precursor to or a continuation of the Polsky Center I-Corps Program.
Questions? Contact Crystal Camargo.