Entrepreneurial Opportunities and Innovation Thanks to the National Science Foundation (NSF)

Robert Shiller, the Sterling Professor of Economics at Yale University, wrote a wonderful OpEd in last Sunday's New York Times: "Why Innovation is Still Capitalism's Star," in which he spoke about the company he founded with Karl Case of Wellesley College (I used to attend seminars at Harvard when I was a Visiting Scholar and Associate Professor at the Sloan School and School of Engineering, respectively, at MIT, at which Karl would be present). The company was sold but its "products," now known as the S&P/Case-Shiller Home Price Indices, are very often used and referred to.

In the OpEd, Shiller writes that his business made its mark without any help from the government but then writes the following:

Long before I started any commercial ventures of my own, I received some federal government support — in the form of National Science Foundation research grants, awarded to me decades ago as a young professor. They allowed me to do research, and though it was not directly related to my later business endeavors, the process developed my expertise and reinforced a sense of entrepreneurial opportunity.

These grants were awarded competitively, based on the quality of the proposals, and gave me experience with a system focused on creating opportunities for those who try hard. Later, from 1983 to 1985, I evaluated others’ proposals when I served on the foundation’s panel for economics. Observing the process from the government side convinced me that the foundation really works. Maybe it’s because the panelists are chosen from successful scientists, who serve anonymously out of public spirit.


The first year that I was at MIT, 1989-1990, I was funded by the National Science Foundation's Visiting Professorship for Women, and was based at the Center for Transportation in the Department of Civil Engineering (Building 1 for those of you familiar with MIT).  Besides teaching a course there and doing a lot of research, I also organized a Women in Operations Research (OR) Speaker Series, which took place at MIT's Operations Research Center, located on Amherst Street (which made me feel at home). I was following in the footsteps of my dissertation advisor at Brown University, Professor Stella Dafermos, who had also had an NSF Visiting Professorship at MIT,  a few years prior to me. My readers know that she was the second female in the world to received a PhD in OR!


The receipt of  that NSF grant, plus 3 more, early in the new millennium, including a large one with two females: professors,  June Dong and Patricia Mokhtarian, gave me the confidence needed to take risks with my research, and engendered an entrepreneurial spirit.

That large NSF grant, Decentralized Decision-Making in Complex Network Systems, along with two AT&T Industrial Ecology Fellowships, enabled me to establish the Virtual Center for Supernetworks at the Isenberg School of Management in 2001.

An additional stimulus behind the Supernetworks Center was the publication of  my book, with June Dong, Supernetworks: Decision-Making for the Information Age.

In 2003, under the leadership of our great Dean at that time, Dr. Tom O'Brien (with whom I had such a nice conversation the other day), I was given lovely space to create the Supernetworks Laboratory for Computation and Visualization. Our new Dean, Dr. Mark Fuller, now holds a Chaired Professorship in Tom's name.


And, just this past week, I received the letter from our Provost, James Staros, and our Vice Chancellor for research and Engagement, Mike Malone, that the UMass Amherst Evaluation Committee for Centers & Institutes has recommended the continuation of the Virtual Center for Supernetworks for another 5 years. The evaluation cited many of the activities of the Center and its Associates, which have even included undergraduates conducting research under NSF's Research Experiences for Undergraduates (REU) program.


As I have written before, in the context of Steve Jobs, risk-taking is essential to innovation, and support, such as that provided by NSF, gives females concrete evidence and financing that they can lead and even establish a center. And, now, we are involved in another truly thrilling NSF research project, Network Innovation Through Choice.

Thank you, NSF, for supporting scientific research without boundaries and for recognizing also the contributions of females to scientific innovation and discoveries!

Risk-Taking, Innovation, and Steve Jobs

The sun has not yet risen, the power has not failed, and we are awaiting Hurricane Irene, which is to hit landfall in our part of the Northeast sometime today. Hurricane Irene and emergency preparedness have been the center of attention with mass transit shutdowns in Philadelphia, NYC, New Jersey, and Boston, and thousands of flights cancelled and even airports closed as the hurricane barrels up the northeast corridor. Manhattan was eerily quiet yesterday as my uncle, who is in his 90s, related to us, after his walk to Lincoln Center and back to his apartment.

During this period of preparing for Hurricane Irene, and, unlike when the tornadoes hit Massachusetts on Jun 1, 2011, there was sufficient warning, the announcement was made, in case you missed it, that Steve Jobs, the CEO of Apple Inc. had stepped down, but had asked to remain on the Apple board as its chairman. He had been fighting pancreatic cancer for two years and had had a liver transplant and the best wishes and accolades streamed from around the globe from leaders, executives, and consumers of Apple's products from the iPod to the iPhone and iPad. Jobs' attention to detail and sense of aesthetics are legendary. He is also the holder of 313 patents according to The New York Times.

Jobs is the consummate innovator and innovation is an elusive talent and quality that has generated much interest in both industry and academia and is essential for economic growth and prosperity. In fact, presently, we at the Isenberg School, are looking to fill a chaired faculty position as the Isenberg Professor, who is to focus on innovation. Innovation has even attracted the attention of nations and, according to John Kao, an innovation expert, and as reported in The Times, the raw materials for innovation, which other nations may be surpassing the US in, include:

• government financing for scientific research,
• national policies to support emerging industries,
• educational achievement, engineers and scientists graduated, and
• even the speeds of Internet broadband service.

What the US does have, however, and what other countries may lack, and which is essential for a climate for innovation, Mr. Kao notes, is a social environment that encourages diversity, experimentation, risk-taking, and combining skills from many fields into products that he calls “recombinant mash-ups,” like the iPhone, which redefined the smartphone category.

To learn how to become a great innovator, we need look no further than Steve Jobs and, as academics have pointed out: the five traits that are common to the disruptive innovators or what makes up The Innovator's DNA: questioning, experimenting, observing, associating, and networking to search for new ideas. Ceaseless curiosity and willingness to take risks make up their genetic code.

Thank you, Steve Jobs, for showing us how it should be done -- even after your firing from Apple, you rose to lead the company to new heights.