At least 35 of America’s billionaires are PhDs. As academic jobs become scarce, doctorates should get down to business

Samantha Dewalt is managing director of the Lehigh@NasdaqCenter, an exclusive education-industry partnership between Lehigh University in Pennsylvania and the Nasdaq Entrepreneurial Center in San Francisco.Traditionally, a doctoral degree is regarded almost exclusively as a passport to scholarly distinction and academic tenure. Any person who committed the time, energy, and expense to attain a PhD appeared inevitably destined for the academy, free to pursue knowledge without commercial intent.So goes the standard rationale—and training—for a doctorate. Candidates are groomed for careers in academia, where they will research, teach, and publish. That tradition, though well-intentioned, is overdue for a drastic expansion.Saving research from ‘the valley of death’Such an expansion has already begun. In December, the National Science Foundation awarded $100 million to 18 academic institutions all across the U.S. to “speed and scale research into products and services that benefit the natio...