January 18, 2006
Purdue entrepreneur expert: CEOs have a lot to offer in retirement
WEST LAFAYETTE, Ind. – An internationally recognized inventor at Purdue University said his No. 1 piece of advice for executives on the brink of retirement is to realize that there will always be a need for their expertise in bringing innovations to the marketplace.
"Faculty should do what they do best – focus on ideas and discoveries," said Jerry M. Woodall, director of the Burton D. Morgan Center for Entrepreneurship in Purdue's Discovery Park. "But when it comes time to take those inventions to market, professors should have a business partner. If you're an academic and have a great idea that is profitable, you must have a person to step in and be a CEO to run the business side of things so you can keep the discoveries coming.
"That's where those with years of business experience can step in and help."
Woodall will draw upon his years of experience as an inventor, professor and businessman to lead a session in Naples, Fla., on how entrepreneurs facing retirement can keep their skills sharp for years to come. He also will discuss opportunities at the Burton D. Morgan Center to help entrepreneurs stay engaged and form new business ventures.
"New Challenges for Entrepreneurs: What to Do if You're Not Really Ready to Retire!" is part of a variety of sessions offered for members of the Purdue President's Council during Back to Class on Feb. 11 at the Hilton Naples & Towers. Woodall's presentation will be at 1:15 p.m.
The event is part of a Purdue on the Road visit on Feb. 10-13 to the Naples area.
During these events, which occur several times a year at locations around the country, Purdue faculty and administrators travel to educate Purdue alumni and supporters about current teaching and research, discuss the university's key initiatives, and create opportunities for support of the $1.5 billion Campaign for Purdue.
Purdue, a Big Ten university in West Lafayette, Ind., has about 1,550 alumni and friends living in the Naples area.
Woodall, a distinguished professor of electrical and computer engineering at Purdue and a National Medal of Technology laureate, spent more than 30 years at the IBM Thomas J. Watson Research Center in New York. He has started four companies, is a pioneer in the research and development of compound semiconductor materials and devices, and holds 67 U.S. patents for his inventions. Perhaps his best-known invention is the red LED light used in stoplights, CD players, TV remote controls and computer networks.
Woodall said CEOs who want to remain active can perform important functions, such as partnering with professors to create a company based on an important innovation and training and mentoring students hoping to start companies of their own.
"Creating partnerships based on innovations and using those to start successful companies is what Discovery Park and the Burton D. Morgan Center are all about," Woodall said. "And our center is part of a partnership with the Purdue Research Foundation in moving innovations to products at the Purdue Research Park."
He said those with entrepreneurial skills who would like to put their time to good use can do so through the Burton D. Morgan Center. Among the opportunities offered are:
• Educating students and faculty in the principles of practical entrepreneurship.
• Engaging students and faculty in entrepreneurial activities by providing assistance with intellectual property submission and evaluation and business plan assessment and development.
• Participating in workshops, mentorships and call-outs.
• Helping to move breakthroughs realized by Discovery Park to the Purdue Research Park in West Lafayette.
Woodall said many retirees especially enjoy the chance to mentor students who are future CEOs.
"These students love to hear the war stories from the people who have been in the trenches," he said. "Taking classes about entrepreneurship is good, but there's nothing theoretical about running a successful business."
Other Back to Class sessions planned for Feb. 11 include discussions on nanotechnology, cancer solutions, technology in the classroom and the Supreme Court.
The President's Council was established in 1972 to recognize the university's distinguished alumni and friends. The group's membership totals more than 16,000.
Other Purdue on the Road events are planned for 2006 in Los Angeles, Feb. 24-25; San Francisco, Feb. 26; Louisville, March 8; Denver, March 22; South Bend, Ind., March 29; and St. Louis, April 28.
Writer: Kim Medaris, (765) 494-6998, kmedaris@purdue.edu
Sources: Murray Blackwelder, (765) 496-2144, mblackwelder@purdue.edu
Jerry M. Woodall, (765) 494-3479, woodall@purdue.edu
Marc L. Archambault, senior director of foundation relations and development for Discovery Park, (765) 494-0520, marca@purdue.edu
Purdue News Service: (765) 494-2096; purduenews@purdue.edu
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