James Thompson, a distinguished leader in both business and academia, recently visited Universidad del Valle de Guatemala (UVG). Thompson currently serves as the President of Data Connector, a company focused on facilitating data transfer, and as the Executive Director of University Relations at Furinkazan Venture Company. He also holds influential positions on the boards of directors of prominent companies such as Pahtia, Importin Joe’s Ethiopian Coffee, and Remote Health Systems.

Thompson made significant contributions as the Associate Vice President of Innovation at the IDEA Center at the University of Notre Dame and interim Executive Director of the University of Utah’s Technology Commercialization Office. During this time, he played a central role in developing and implementing the Marketing Engine, an innovative process designed to promote the successful commercialization of university technologies. This process has significantly improved technology commercialization developed by students and university staff, creating new companies that have attracted interest from potential investors.

He is the President of Data Connector, a company designed to facilitate data transfer, and the Executive Director of University Relations at Furinkazan Venture Company. Additionally, he has influenced various industries as a member of the board of directors of prominent companies such as Pahtia, Importin Joe’s Ethiopian Coffee, and Remote Health Systems.

Additionally, Thompson has left a significant mark as Associate Vice President of Innovation at the IDEA Center at the University of Notre Dame and interim Executive Director of the University of Utah’s Technology Commercialization Office. He played a central role in developing and implementing the Marketing Engine, an innovative process to promote the successful commercialization of university technologies. This process has greatly improved the commercialization of technologies developed by students and university staff, leading to the creation of new companies that have attracted interest from investors supporting new ventures.

Visit to UVG

Thompson visited UVG from March 11 to 24, 2024, to share his experiences and knowledge with students, researchers, and entrepreneurs. During his visit, he provided advice on implementing the D-Risking program of the UVG Technology Transfer Office using its innovative Marketing Engine. This program aims to facilitate the transformation of ideas and prototypes into new viable companies.

James Thompson providing feedback to entrepreneurs. Photo: ASPIRE

On the first day, Thompson attended the Pitches activity, where the main goal was to learn about some of the projects and ventures of UVG students and researchers. During this session, each participant presented their project and its objectives, and Thompson provided guidance and feedback based on his experience. He also shared examples of successful strategies from other countries, such as the United States.
James Thompson proporcionando retroalimentación a emprendedores. Fotografía: ASPIRE

Power Hour Talk

Afterward, at separate Power Hour sessions for UVG students and staff, the question of how a thesis or class project can be turned into a business venture was addressed. Thompson talked about his professional journey and how he established his own business, Data Connector. He also gave examples of ventures created by US university students to meet personal, friends’, or community needs, highlighting the initial challenges and the strategies used to overcome them.

It was emphasized that every venture starts with identifying a problem and determining whether people are willing to pay for the solution. Thompson stressed that “as an entrepreneur, seeking to solve a problem to satisfy a need is essential. Customers look for solutions to solve their problems; they don’t buy products, they buy solutions.”
Después, se llevó a cabo la charla Power Hour, donde se respondió la pregunta: ¿cómo una tesis o proyecto de clase puede transformarse en un emprendimiento? Durante este encuentro, Thompson presentó sobre su evolución profesional y destacó cómo logró establecer su propio emprendimiento; Data Connector.

He also emphasized the importance of taking risks when starting a venture. Thompson advised adopting a systematic approach, beginning with evaluating the opportunity and getting market exposure to understand the consumer response to the product, as well as protecting intellectual property.

Building a complete team that can handle all aspects of the project is essential, including shareholders, board of directors, managers, and vice presidents. Thompson noted the need for a marketing expert and graphic designer at the start of a venture to develop an advertising campaign targeting the right audience and promoting the product or service.

Students participating in the Power Hour talk. Photo: ASPIRE

Interview with the OTT

After the visit, Lourdes Figueroa, project manager at the Technology Transfer Office (TTO), interviewed Thompson. They discussed Thompson’s professional career and entrepreneurial experiences, and he offered advice for others just starting their entrepreneurial journey. Thompson emphasized the importance of creating innovative new companies rather than obtaining patents to sell to big companies. He stressed the significance of promoting business growth and innovation, generating local employment, and stimulating economic and community development.

Thompson highlighted the significance of researching local social problems to guide entrepreneurship and underscored the significant gap between ideas and the market. Unfortunately, he said, this gap is common in higher education institutions: “At universities like Notre Dame and Utah, we created a process to assess, demystify, and market innovations. UVG’s OTT is adapting this process for the local context to serve the entrepreneurs of the UVG community and support them in their projects’ risk reduction so that they are attractive to investors.”

He noted that large companies refrain from investing in technologies in their initial stages or patents since these do not usually generate the desired return on investment. Therefore, it is crucial to validate commercial viability before seeking investors.

Looking forward

James Thompson shared his plans for the future, expressing his desire to continue supporting the realization of new entrepreneurial ideas. He intends to continue supporting students, collaborators, and researchers at Universidad del Valle de Guatemala to help their entrepreneurial ideas come to fruition.

Technology Transfer Office

The Technology Transfer Office (OTT) is a UVG service that assists external partners, startups, and spin-offs through training programs, communication, support, connection, and innovation projects.

About ASPIRE

The Achieving Sustainable Partnerships for Innovation, research and Entrepreneurship (ASPIRE) Project is a five-year, $15 million project funded by USAID and implemented by the Massachusetts Institute of Technology (MIT), Universidad del Valle de Guatemala (UVG), and the Guatemalan Exporters Association (AGEXPORT), with the goal of creating a world-class replicable model for how universities, in collaboration with the private sector, government, and local communities, can respond to local and regional development needs. The project implements a collaborative approach, based on MIT’s experience in the innovation ecosystem.