Augusta – For nine Augusta State University (ASU) senior-level business students, spring semester brought an opportunity to experience one of Georgia’s hottest strategic industries – biotechnology.

The students participated in internships focused on combing management skills with biotechnology-specific knowledge sponsored by the Life Sciences Innovation Center (LSIC) at the Medical College of Georgia (MCG) and ASU’s Hull College of Business. The program was funded by a $25,000 Intellectual Capital Partnership Program (ICAPP) which serves as the economic development program for the University System of Georgia.

The LSIC, part of the state’s Centers of Innovation (COI) program which is designed to foster innovative ideas and growth in six strategic areas: agriculture, aerospace, energy, life sciences, logistics and manufacturing, assists existing and start-up bio-tech companies in growing through support services including technology transfer, access to MCG, business development services and fully-equipped business incubators.

“One of the many challenges in running a biotechnology company is in business management and development,” said Jonathan Goolsby, marketing outreach specialist for the LSIC. “The scientists and researchers are creating wonderful new technologies, but often don’t have the time or expertise to devote to the business management side of the company. Individuals with management skills in marketing, finance, accounting among others are needed to develop the executive aspect of the companies.”

The LSIC and ASU developed the bio-tech/business management internship program to expose more students to biotechnology and hopefully recruit them into this booming industry. The one-semester internship consisted of three parts: a business management course, a biology/science course and a six week hands-on internship with a LSIC bio-tech company, the LSIC itself or the Georgia Medical Center Authority incubator.

This semester five students interned with LSIC bio-tech incubator clients, one with the Georgia Medical Center Authority incubator, one with the Georgia Medical Center Authority office and two interns at the LSIC. Goolsby tried to match students according to their interests in finance, marketing, accounting, and other business aspects. For the two marketing majors interning with the LSIC, conducting research has been a significant part of their internship.

Goolsby tasked marketing majors, Ashley Osborne, 22 from Augusta and Gina Woodward, 21 from Alpharetta with researching target markets for a new technology which potentially could lead to treatments for bi-polar disorder, epilepsy and schizophrenia.

“I learned a lot more about research than I thought – how to conduct it and make the most of it,” said Osborne. “We could have conducted research for a year,” commented Osborne, “but time management played an important role during the process.”

From their research, the women created a non-confidential marketing summary for the company and have recently sent it to approximately 20 target companies in the hopes that one might be interested in licensing the technology. Since this process can take months to complete, the girls worked on plan B – using the executive summary to build a company around the technology. This requires searching for investor funding, a location and much more. “We were basically acting as the CEO of the company,” said Woodward.

Both women graduate this year, but are not certain of their plans, however, the bio-tech/business internship has given them one more industry to pursue. Woodward, who decided to take the internship because of its mix of business and science, is definitely looking at this aspect for a career, but is undecided. “It was really worth it for me to have this hands-on experience,” she commented.

Osborne stated, “The internship was a really great experience” and it has made her more marketable.

“The internship program is positive for everyone involved,” stated Goolsby. “The bio-tech companies gain a valuable business plan prepared by professional business students, the students enhance their marketability while exploring an exciting industry which has jobs to offer and ASU continues to build on its strong reputation as one of state’s top business colleges.”

The LSIC and ASU already have plans to extend the program into two-semesters for next year. Funding will be an issue, but Goolsby is very optimistic resources will be found to support the program.

“Hopefully,” he said, “The outstanding success of the pilot program will result in us offering the internship for years to come.”

To learn more about The Life Sciences Innovation Center visit lifesecienes.georgiainnovation.org.