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Entrepreneurship from Troy to Tunis

Dining over stewed octopus in the city of Tunis in Tunisia, Africa, Rensselaer Polytechnic Professor Emeritus and Nobel Laureate, Ivar Giaever, Ph.D., was talking about how his Troy, New York Company is helping researchers unravel the mystery of cancer cells spreading. He was in Africa to share his insights and experience in starting a high technology company. The audience, Africa's most select business students from The Institute of Advanced Business Studies in Tunisia, were interested in the elements of a successful United States technology company. Dr Giaever was asked to speak about Applied BioPhysics, a company he and Charles Keese, Ph.D, founded in the Rensselaer Incubator Center after leaving General Electric Research and Development. Applied BioPhysics manufactures electronic instrumentation and sensors used for monitoring living cell activity. The technology is used in cancer research, drug development, biological threat detection, and toxicology testing (as an alternative to using animals).

In the last year, Dr Giaever has brought his story about building a successful high technology firm to business leaders and students in Norway, the United Arab Emirates, Thailand, and xxx. Co-founder, Dr. Charles Keese, said it appears Ivar has become a diplomat, probably the first Rensselaer professor to combine science and diplomacy so successfully." Giaever, known for his ability to reduce even the most complex concepts into easily understandable ideas, simply calls the Applied BioPhysics technology an electronic petri dish that, "Eavesdrops on the cells automatically without affecting them in any way."

The audience in Tunisia questioned Dr Giaever on what the key ingredients were to his company’s success. Giaever surprised many of the business students with his emphasis on people, rather than just the technology. "It is true, customers will not miraculously emerge to beat a path to your door for your new idea. It takes a variety of skills and talents to build a successful company." He personally fosters an academic style that encourages spirited discussion and debate in searching for new ideas.

Applied BioPhysics has doubled the number of employees over the last 3 years requiring a move to the Rensselaer Technology Park in East Greenbush. Applied BioPhysics systems are currently being used in research at Harvard University, Johns Hopkins University, and at many other leading universities and pharmaceutical companies around the world.