Advice from Student Entrepreneurs: “Embrace your Chutzpah”
Reposted from The White House’s Office of Science and Technology Policy blog.
By Douglas Herrin
When they founded their biotechnology company, Micromidas, Ryan Smith was 30, Casey McGrath was 24, and John Bissell was 23—and all were recently graduated students at University of California, Davis (UC Davis). Together, they have developed innovative processes for converting sewage into biodegradable plastics—which won them the 2008 U.S. Environmental Protection Agency (EPA) People, Prosperity, and the Planet (P3)competition for sustainability—and cellulosic wastes into para-xylene.
I spoke with John Bissell to find out how he turned his lab research into a growing company. To date, Micromidas has built a pilot plant and raised more than $20 million in venture capital.
What was your journey to becoming an entrepreneur?
We were encouraged by UC Davis Professor Frank Loge to submit an interesting research project for evaluation. We started out as a team of engineers (I am a chemical engineer), and expanded the team to include a microbiologist. We ended up at the EPA P3 event in Washington, DC, as college seniors. At the time, we were converting sewer water into biodegradable plastics through microbial fermentation. After we won the competition, we sat at the Metro Center subway stop thinking the same thing: “Are we going to do more?”
After returning home to UC Davis, Professor Andrew Hargadon welcomed us to an entrepreneurship boot camp called the Green Technology Entrepreneurship Academy. Its aim was to help scientists and engineers become entrepreneurs. We were some of the only undergraduates at the camp. We wanted to know what it looks like to start a company. By the end of 2008, we had formed Micromidas and an angel investor had provided $200,000 in seed funding.
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