Office of Innovation and Entrepreneurship Celebrates Impact and Looks to the Future

July 16, 2024

Authored by:

Nick Erickson

When Jim Chung was appointed director of the newly formed Office of Innovation and Entrepreneurship (OIE) in 2010, he had a simple yet lofty vision to build a "hotbed of entrepreneurship" at the George Washington University.

He hands the baton off 14 years later after establishing exactly that in making GW a pre-eminent place for scholars, researchers and students to problem solve and create change through innovation.

Chung is stepping down as the associate vice provost for research, innovation and entrepreneurship on July 19 as he will serve as a visiting scholar at Hong Kong University of Science and Technology for the summer before exploring other interests and opportunities. Bob Smith, current director of I-Corps at GW, will take over leadership of OIE.

Capitalizing on GW's proximity in the nation's capital, the office has engaged all 10 colleges as students and faculty who have participated in OIE programming have launched over 350 startups and raised more than $1.8 billion in follow-up funding.

Jim Chung, who departs GW on July 19 after 14 years building OIE, has made it a priority to work with all 10 schools to make give the office an interdisciplinary appeal. (William Atkins/GW Today)

"GW attracts students and researchers who want to be in Washington, D.C., and want to change the world, and the office has created a new channel for them to have greater impact," said Chung, who credits scores of deans, professors, alumni volunteers, sponsors and his team for helping him build the office over the years.

"What we've been able to do is capitalize on the strengths of GW and provide resources that's helped propel GW into one of the top universities for innovation and entrepreneurship in the world."

The office has achieved a lengthy list of accomplishments and honors to stand on that claim. The New Venture Competition, which started within the School of Business, has blossomed into a university-wide, cross-school competition sponsored by all 10 school deans that in 2021 earned the Times of Entrepreneurship's top ranking for university entrepreneurship competitions.

OIE has also been a leader within the National Science Foundation's I-Corps program, which teaches entrepreneurial researchers and students how to find markets and broader impacts for their innovations. GW earned an I-Corps Node Award in 2013, became an I-Corps site in 2016 and then an I-Corps Hub in 2021.

The growth of both the NVC and I-Corps programming can be partly attributed to the office's larger mission of broadening participation-not just from the disciplines synonymous with entrepreneurship such as business and engineering, but also healthcare, arts, humanities, law, policy and the sciences.

"We really try to make it applicable to anybody, whether you are an art student, an engineer, a doctor, or you just know you want to have a social impact," Chung said. "I think that an interdisciplinary approach has been one of the most important secrets of our success."

OIE has also established a presence in classrooms through partnerships with GW faculty. Last spring semester alone, OIE conducted 10 classroom modules, including in the School of Medicine and Health Sciences (SMHS), School of Engineering and Applied Science and the School of Business.

The office also suggests guest speakers and provides training to classes, and some of its programming is incorporated into curriculums.

"Through its programs, the Office of Innovation and Entrepreneurship has spurred discovery by integrating entrepreneurial thinking into the lab and the classroom and has helped an untold number of faculty and students bring new ideas and new ventures to the marketplace," said Vice Provost for Research Pamela Norris. "Jim has done a tremendous job building this office from the ground up and has positioned GW as a leader in entrepreneurship training."

The overall research pursuit at the university and OIE have complemented one another's efforts because of a joint mission to provide GW students the tools for innovation, Chung said.

"Whether it is launching a company, a political campaign, a new product or service out of an existing company, starting a nonprofit, these are all common innovation skills that they're learning through this process that can be applied in any area," Chung said.

Having OIE, and its mentorship and Mentors-In-Residence programs, as a resource on campus has allowed hundreds of students to turn their ideas into concrete action, no matter their field of study or societal interest. GW Law alumnus Sonia Schmidt, J.D. '24, for instance, long sought ways to build some sort of platform to preserve family cultures, an idea her Ukrainian heritage inspired.

With a legal background and no previous endeavors into the entrepreneurship space, Schmidt leaned on OIE's help to create a social media platform-called Immorta-where users can upload, store and share multiple types of media such as photos, videos, audio recordings, stories, recipes and more. She couldn't have been more pleased with the guidance she received from the office, and she even won the Consumer Goods and Service Track as well as the Best Storytelling at the 2023 NVC.

"I had vague knowledge of Shark Tank, but that's sort of where my entrepreneurial knowledge ended," Schmidt said. "They were so willing to explain the basics, and they were just really kind. It was very much a 'we'll meet you where you're at' approach."

GW has also been recognized as one of the top universities in the world for unicorn founders and venture-backed startups by graduate alumni, many of whom got a boost from OIE.

While an SMHS student, Junaid Shams, B.P.H. '08, M.D. '12, co-founded a telecom e-commerce company that eventually had $100 million in sales, earning him recognition as a BusinessWeek top 25 entrepreneur under 25. He currently is the CEO and co-founder of the contactless platform Rooam, which he recently sold to American Express. Also named a top 30 most influential entrepreneur under 30, Shams is grateful for the innovative foundation he built at GW.

"[OIE], specifically Jim, was critical in my growth as a budding entrepreneur," Shams said. "In the early years of an entrepreneurial journey, you are filled with doubts and wonder where you can go for help. Jim and OIE provided resources and introductions that were critical for my growth. These connections and relationships have been a part of my entrepreneurial journey to today."

While OIE has helped launch many students on their ventures and introduce countless others to the startup culture, it has also been a partner to D.C., the Mid-Atlantic region and society at large.

This spring, OIE announced the GW x Penn West Global Build Fellowship that will provide H1B visa solutions to foreign startup founders in D.C. through a partnership with the Open Avenues Foundation. The office has also worked closely with the Golden Triangle BID, Deputy Mayor for Planning and Innovation and Economic Development and the Washington, D.C., Economic Partnership to expand the impact of its activities to economic development in the District and to serve underrepresented communities.

Bob Smith, director of I-Corps at GW since 2020, will take over as OIE executive director and looks forward to developing new partnerships and taking the mentorship program to a next level. (William Atkins/GW Today)

The office has also encompassed GW's global mission and presence as it has international and global programs with over 22 countries and international organizations, which is something Smith hopes to expand on by marrying OIE's international efforts with others at the university.

Smith, who has been the director of I-Corps at GW since 2020, looks forward to continued growth as the office helps students, faculty, alumni and partners solve global challenges. Some of his early visions include working with GW schools to open the window for new grants, taking the mentorship program to the next level by making it available to alumni, setting up industry advisory panels and delving more into new fields such as the sustainability space.

Overall, Smith wants the GW community to know that OIE is a university-wide resource to assist innovators who want to go the next level with their ideas, no matter what that level is.

He is grateful to Chung for the 14-year foundation set and eagerly embraces the task of carrying on its mission and legacy.

"He [Chung] built one of the best entrepreneurship programs in the country," Smith said. "It is globally recognized as a great program, and Jim should get all the credit he can possibly be given."