ROCKY MOUNTAIN SECTION OPTICAL SOCIETY OF AMERICA
                              &
           IEEE LASERS AND ELECTROOPTICS SOCIETY


             Dec. Meeting and Christmas Party

Date:  Thursday, 19 Dec. 2002
Time:  6:30 PM refreshments, 7:30 PM talk
Place: National Center for Atmospheric Research
       Mesa Lab
       1850 Table Mesa Drive, Boulder, CO
       Cafeteria


Title: Towards Business

       Dr. Milton Chang
       Incubic
       855 Maude Ave.
       Mountain View, CA 94043


Abstract:

In this presentation, I will describe briefly the investment 
approach and the business model used to start photonics 
companies during the recent "bubble" to help us understand to 
improve, and propose ways to better cope with the down cycle 
we are in. I will also describe the current back-to-basics 
trend which is to use conservative business models that have 
proven to work over time. Along the way, I will share some 
insights I have gained over the last thirty-some years on how 
to minimize risks incubating companies. I will also share 
some thoughts on career and jobs since these are timely 
subjects.


Biography:

Milton Chang is Managing Director of Incubic, and is the 
Chairman of Arcturus Engineering and OEpic. He also sits on 
the Boards of Lightwave Electronics, OpVista, Rockwell 
Scientific, and YesVideo. He earned a BS with Highest Honors 
from the University of Illinois, and MS and Ph.D. from the 
California Institute of Technology all in Electrical 
Engineering. Milton worked briefly as a research engineer 
before joining Newport, then a startup company. He was with 
the company for seventeen years, became its president and CEO 
and took the company public. After being an angel investor 
for two years he co-founded New Focus and is now retired from 
the company. He has incubated more than a dozen companies 
without a single failure and this effort continues at 
Incubic, "to help technical entrepreneurs build great 
companies."

He is a Fellow of the Optical Society of America and the 
Laser Institute of America, and is currently the President of 
the IEEE Laser Electro-Optical Society. He writes monthly 
business columns for the Laser Focus World and the Photonics 
Spectra to share his entrepreneurial business experience.