Research universities sit behind many of the world’s most transformative technologies—but turning discovery into a scalable company remains one of entrepreneurship’s hardest paths. In this panel, three founders who spun their companies out of the University of Michigan share the real story of navigating IP, early capital, team building, market validation, and the “valley of death.” Moderated by a U-M innovation leader, the conversation explores what support matters most, where universities help or hinder, and lessons for founders, investors, and research institutions alike.