Lecture

Funding an Idea: Sources and Steps

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MSE-213: Probability and statistics for materials science

The course establishes the concepts of statistical analysis, probability theory, and data analysis. This includes standard statistical tests, correlation analysis and experimental design. It introduces computational statistical methods to analyse large dat ...

Description

This lecture covers the life cycle of funding an idea, starting with grants and moving through research, friends, family, seed funding, angels, and early stage venture capital. It also explores the process of transforming an idea into a profitable business, emphasizing the importance of a solid plan, sales strategy, and team. Additionally, it delves into the concept of big data analysis, using examples from the ESA Planck mission and the discovery of the Higgs Boson. The lecture further introduces the basics of statistics, focusing on population and sample, frequency, and measures of central tendency. The instructor provides valuable insights on avoiding common pitfalls in statistical analysis and emphasizes critical thinking and understanding over blindly following formulas.

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Related concepts (30)

Summary statistics

In descriptive statistics, summary statistics are used to summarize a set of observations, in order to communicate the largest amount of information as simply as possible. Statisticians commonly try to describe the observations in a measure of location, or central tendency, such as the arithmetic mean a measure of statistical dispersion like the standard mean absolute deviation a measure of the shape of the distribution like skewness or kurtosis if more than one variable is measured, a measure of statistical dependence such as a correlation coefficient A common collection of order statistics used as summary statistics are the five-number summary, sometimes extended to a seven-number summary, and the associated box plot.

Higgs boson

The Higgs boson, sometimes called the Higgs particle, is an elementary particle in the Standard Model of particle physics produced by the quantum excitation of the Higgs field, one of the fields in particle physics theory. In the Standard Model, the Higgs particle is a massive scalar boson with zero spin, even (positive) parity, no electric charge, and no colour charge that couples to (interacts with) mass. It is also very unstable, decaying into other particles almost immediately upon generation.

Central tendency

In statistics, a central tendency (or measure of central tendency) is a central or typical value for a probability distribution. Colloquially, measures of central tendency are often called averages. The term central tendency dates from the late 1920s. The most common measures of central tendency are the arithmetic mean, the median, and the mode. A middle tendency can be calculated for either a finite set of values or for a theoretical distribution, such as the normal distribution.

Sampling (statistics)

In statistics, quality assurance, and survey methodology, sampling is the selection of a subset or a statistical sample (termed sample for short) of individuals from within a statistical population to estimate characteristics of the whole population. Statisticians attempt to collect samples that are representative of the population. Sampling has lower costs and faster data collection compared to recording data from the entire population, and thus, it can provide insights in cases where it is infeasible to measure an entire population.

Gauge boson

In particle physics, a gauge boson is a bosonic elementary particle that acts as the force carrier for elementary fermions. Elementary particles, whose interactions are described by a gauge theory, interact with each other by the exchange of gauge bosons, usually as virtual particles. Photons, W and Z bosons, and gluons are gauge bosons. All known gauge bosons have a spin of 1; for comparison, the Higgs boson has spin zero and the hypothetical graviton has a spin of 2. Therefore, all known gauge bosons are vector bosons.

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