If you’re plugged into the local and even national startup scene, you’re probably familiar with Tech’s long-standing business incubator, the Advanced Technology Development Center (ATDC). You may also know about Tech’s overarching business outreach organization, the Enterprise Innovation Institute (EI2). At the helm of both these organizations is Stephen Fleming, Phys 83, an alumnus with vast experience in entrepreneurship, venture capital, angel investing and innovation. Fleming took time out of his busy schedule to tell the Alumni Magazine why he is so passionate about fostering Tech’s business community.
You’ve had a pretty wide variety of experiences. Talk a little bit about your career path.
I graduated in 1983 and spent about a decade in the telecommunication industry. I worked my way up from engineering to management. I worked for big companies and startups, and found I liked the startups. I’d left Atlanta at that time and was able to come back and put together a venture capital firm. I spent about a decade doing that. I looked at tech companies in the Southeast, a lot from Georgia Tech, as well as North Carolina, Florida and others. That gave me a really good background in the right ways and sometimes the wrong ways to do technology-based startup companies.
What led you to venture capital?
I worked in a couple of venture-backed startups and liked the process a great deal. I realized the venture investors were typically people just like me, and I thought I would fit well in that role. I didn’t have a formal finance background, but I learned it later.
What brought you back to work at Tech?
I was engaged as an alumnus, served on committees and endowed a professorship.Using that status, I was criticizing some things Georgia Tech was doing 12 years ago. I kept saying, “You can do better.” So the provost at the time said, “Stephen, why don’t you come fix it?” I planned to do this for about two years. It has now been 10 years and I’m still here. I never planned to do this for a living, but I fell in love with this place. Every university claims it’s special, but this one really is. It’s just a wonderful place to spend every day.
You are still an active angel investor. Talk about what kinds of companies interest you.
The space industry is emerging as something that’s a potentially huge part of the economy of the U.S. and world in the next century. I’m of the generation that grew up watching the Apollo missions. I thought we’d all be living on the moon by now. It didn’t work out that way, but I still really care about that stuff. We’re doing now what should have been done in 1974: Building the vehicles, companies, commercial relationships and all the things you need to have an actual, effective industry. The private sector exploited cars, airplanes and railroads, but that didn’t happen with space. That’s finally changing for a lot of reasons and it’s really exciting. To be a good angel investor is a big commitment. I just got specialized because I don’t have a whole lot of time for it. Some guys play golf. I invest in rocket ship companies.
Why do you believe so strongly in what Georgia Tech is doing to encourage entrepreneurship and partnership with the private sector?
We have both a mission and an obligation to the economy of Georgia by making these economic development activities happen. We’ve taken that role very seriously. Tech, unlike almost any university in the U.S., was created for economic development. We are very unusual. This is just a different way of doing economic development—130 years ago it was textile mills and coal mines. Now it’s creating infrastructure behind innovation neighborhoods like Tech Square. It’s this new economic development model based on brainpower.
We are seeing a lot of growth and investment from the private sector around Tech Square. What do you attribute that momentum to?
This is kind of like the country band that makes it big and people say it’s an overnight success. This really started 15 years ago. It’s taken a lot of work and a lot of effort to make this stuff happen. I do think a lot of people just started to notice. Announcements were made around 1999 and 2000 about Tech Square, and we’re doing a lot of the things Georgia Tech leadership said we were going to do. I don’t know of another place like this in the country. It’s an absolutely unique asset. We’re the first to get an innovation neighborhood right.
Why do you believe Georgia Tech’s location in Atlanta is an asset?
The advantage Georgia Tech has is that we’re a major research university in a major city. That makes a lot of people want to be right here next to Georgia Tech. That makes it an exciting place for our students. They love the idea that they can get a great job and still stay close to campus. Most schools can’t offer that.
You grew up in Atlanta. What has it been like watching the city grow and change?
It’s been really kind of remarkable. There was a period where everyone was leaving the city and the suburbs were where all growth and activity were going to be. Atlanta was in danger of becoming a Detroit where everything is shaped like a donut. Fifteen years ago, this area [around Tech] emptied out at the end of the day and no one wanted to live here. Now, it’s a walkable, bikeable neighborhood. Tech Square is the sort of neighborhood where you can get to work early, stay for dinner and feel like you’re in a nice neighborhood, not an office building where they turn lights off at 5 o’clock.
Were you interested in entrepreneurship as a student at Tech? Or is that something you developed later in life?
If there was a class on entrepreneurship in 1983, I didn’t take it. Back then, you didn’t use the word entrepreneur. And if you did, it meant you couldn’t get a job at AT&T. That was the goal back then—you wanted to work for a big company for 40 years.
Talk about Tech’s shift toward hands on, real world experiences.
That’s been a student-driven change. I’m proud of the students for doing that.Their generation’s goal is to create jobs. Not just for themselves, but for a lot of people. These kids are really, truly inspiring with what they want to go off and do, so we’re trying to keep up with them. These resources for entrepreneurial students at Tech are just amazing. In most cases, they’re there because students say, “We want this and we need this, Georgia Tech. What are you going to do about it?” And we’re scrambling to keep up.
Twitter