Washington University in St. Louis enjoys a global reputation for innovation and entrepreneurship. In the 1970s, it developed the world’s first PET (positron emission tomography) scanners to diagnose and assess conditions in the brain and heart. The university proudly notes that 24 Nobel Prize winners have been affiliated with the campus, including W. E. Moerner, the 2014 Nobel laureate in chemistry.

Shanghai Daily recently sat down with Washington University Chancellor Mark S. Wrighton, to discuss Shanghai’s ambition to become a global science and innovation center and China’s drive to encourage entrepreneurship.

Q: How does Washington University manage to excel in pursuit of innovation and entrepreneurship?

A: We have a long history of involvement in innovative education and research. There is an area in St. Louis called the Cortex Innovation Community, where over 50 life sciences companies are being developed. We have established an ecosystem for innovation and entrepreneurship that helps us take important results from research to development and commercialization.

We are working with professionals in our community to realize the potential applications from research. Great ideas for development and commercialization are essential, but a strong ecosystem for innovation and entrepreneurship also contributes to success. If you are going to develop a new pharmaceutical, you have to have access to substantial financial resources to support the work. But money is not the only required resource. Every new enterprise needs business leaders and access to lawyers who can assure legal protection of intellectual property.

Researchers at universities need to work collaboratively with those who understand the potential market for new inventions and understand how to realize commercial opportunities.

Q: Are there shortcuts to fast commercialization of a research? What’s your university’s experience in that aspect?

A: Application is not always obvious at the beginning. Indeed, most basic scientific research does not lead to immediate applications. Therefore, researchers and those who provide support for research need to be patient. Sustained, significant funding for important research is essential to realize the economic benefits of research. Much of the success in the United States can be attributed to funding the best researchers through a competitive process using peer review to assure that the very best people with the best ideas receive research funding.

In some cases, research results can lead almost immediately to applications. For example, Professor Jack Ladenson of our School of Medicine did research that led to an enzyme assay to determine whether an individual with chest pains is having a heart attack. This clinical diagnostic procedure is being widely used and has resulted in significant financial success.

Q: How do you assess Chinese universities when it comes to nurturing innovation?

A: Chinese universities are contributing significantly to the current and future success of China in building new enterprises and spawning new products and services to meet the needs of society and to insure continuing economic success. Leadership in innovation and entrepreneurship requires programs in business, law, science and engineering. In research, the Chinese government is expanding its investment to support talented researchers at universities. I first visited Shanghai in 1985. Enormous progress at universities has been made in the last 30 years, and there is much promise for great impact in China and all around the world.

Q: Shanghai says it wants to become a global science and innovation center by 2020. Do you have any recommendations for that process? What should be the role of government?

A: The government should continue to expand funding for universities and build the infrastructure needed for a strong research environment. Funding should be provided to the very best researchers in a competitive program. A strong research infrastructure is important, including laboratories, advanced instrumentation and computational resources. The city should also work to develop an ecosystem of business leaders, legal professionals and investors who can step forward when research results of significance emerge.

Q: China is vigorously promoting entrepreneurship by encouraging college faculties and students to get involved in starting innovative businesses. Faculty and students can now suspend work and study to run companies. What’s your opinion on that?

A: There are a few examples of very successful innovators and entrepreneurs in the US who did not complete their college degrees, including Bill Gates of Microsoft. But the vast majority of successful innovators and entrepreneurs today do complete their college degrees, and that is very important because education prepares people not only for their first job but also for career changes throughout life.

Many universities in the US, including Washington University, do allow faculty members to take leaves of absence to start a company. Most of those faculty members who take leaves of absence of two years return to their universities and continue to make important contributions to education and research. They may even go on to create new companies after the first one.

I would encourage Chinese universities to develop policies that permit leaves of absence for defined periods to develop new companies. I would not encourage full-time faculty to be involved in management of companies, but rather allow faculty to serve as consultants with companies up to one day a week.

Q: Does your university have any collaboration with China?

A: We’ve been working for almost 20 years to develop significant relationships in China, including our partnerships with Fudan University, Peking University, Tsinghua University and China Agricultural University. We have a significant number of alumni in China, including 800 here in Shanghai. Last month, we launched a new office in Shanghai. Its first event was a workshop on innovation and entrepreneurship, led by Emre Toker, who is the leader of our Skandalaris Center for Innovation and Entrepreneurship. He has developed new medical device companies and realized commercial success.

We also have a program called the McDonnell International Scholars Academy, which encourages talented students from around the world to come to St. Louis. We now have 55 McDonnell scholars at our university, and about 25 of them are from China. Our model of engagement with China is a model of partnership in both education and research that will contribute to tackling with world issues like clean energy, public health, clean water, food production and the aging population.