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Entrepreneurship & spin-off development in FORTH

Entrepreneurship & spin-off development in FORTH. Prof. A. C. Payatakes, Chairman, Foundation for Research & Technology Hellas 28 June 2006. The socio-economic dimension - basic assumptions. Research and technological innovation bring growth and welfare

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Entrepreneurship & spin-off development in FORTH

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  1. Entrepreneurship & spin-off development in FORTH Prof. A. C. Payatakes, Chairman, Foundation for Research & Technology Hellas 28June 2006

  2. The socio-economic dimension- basic assumptions • Research and technological innovation bring growth and welfare • Exploitation of research results (spin-offs, licensing agreements, industrial RTD contracts, patents, new products) is an indication of the effectiveness of a society’s investment in knowledge. • Critical mass is needed to achieve socio-economic impact (expressed in % of GDP spent in RTD, nr of patents, VC invested in high tech, etc)

  3. The contribution of high tech spin-offsto the national economy • Infusion of new blood in the Greek industrial structure that lags behind in innovation and high added value manufacturing • Introduction of highly educated staff in productive positions utilising their dexterities and capabilities • Development of extrovert companies in the economy which needs to go global • Enhancement of national RTD activities • Enrichment of the national innovation “ecosystem”

  4. Does the creation of spin-offs bring value to Research Institutes? • It accomplishes one of the main missions of several Research Centres (including FORTH) • It contributes to the creation of a market that needs science and technology • It brings income (if successful) • It creates jobs for highly trained individuals, who cannot otherwise be absorbed • It helps Research Centres to obtain up to date knowledge on market needs

  5. How researchers perceive the exploitation of their results • Even when they care about the exploitation of their own research results, they do not feel that it is their business to bring them to the market • If they are successful in fund raising and producing good science, they usually lack personal interest • They expect that the main effort of the commercialisation will be done by others (supporting mechanisms, mediators, investors) • Their careers do not depend on the commercial exploitation of their results • Past negative experience may lead to prejudice

  6. The experience of FORTH(Ίδρυμα Τεχνολογίας & Έρευνας) • Unique experience in Greece in creating spin-off companies (with share capital participation) • 10 technology spin-off companies created • 8 are still alive (3 of them recently created) • 1 big success story (FORTHNET)

  7. FORTH at a glance • One of the largest Research Centres of Greece • It reports to the General Secretariat for Research & Technology of the Ministry of Development • 7 Research Institutes located throughout Greece: Heraklion, Rethymnon, Patras, Ioannina • Institute of Computer Science - ICS • Biomedical Research Institute - BRI • Institute of Mediterranean Studies - IMS • Institute of Electronic Structure & Laser – IESL • Institute of Molecular Biology and Biotechnology – IMBB • Institute of Applied and Computational Mathematics - IACM • Institute of Chemical Engineering and High Temperature Chemical Processes - ICE-HT

  8. FORTH’s commitment to excellence • 2,3 publications per researcher per year • 30 citations per researcher per year • More than 400 post graduate scholarships per year • 253 PhD theses under preparation • 300 funded projects (in 2005) with a total budget of 88m€ • Has cooperated with more than 300 industrial companies in Greece and abroad • Several world class scientific awards • Ranked first in the recent evaluation of Research Centres by international experts (organised by GSRT)

  9. FORTH’s commitment to promote exploitation of research output • Created and operates the Network ΠΡΑΞΗ (HELP-FORWARD) in cooperation with the Federation of Greek Industries and the Federation of Industries of Northern Greece to promote linkage between research and industry and technology transfer • Initiated the creation of 3 technology parks (Crete, Patras, Thessaloniki) • 10 spin-off companies and 300 cooperations with industries in Greece and abroad • 29 patents (of which 14 national) • Joint programme of MBA grants with ALBA for training young FORTH researchers who wish to create spin-off firms

  10. FORTH spin-offs (1) • FORTHNET (Greece), telecommunications & internet services, created 1995, FORTH’s share 11,7%, current FORTH value about 31.000.000 Euros • ART INNOVATION BV (Netherlands), sales of diagnostic equipment for art works inspection, created 1997, FORTH share 13,82% • MINOS BIOSYSTEMS Ltd (UK), commercialisation of gene transfer techniques (using the transposable element MINOS) through the development of a patent portfolio, created 2000, FORTH share 30,67% • IMPERMEABLE AS (Norway), commercialisation of ground stabilisation techniques with applications in the oil drilling industry, created 2000, FORTH share 10%

  11. FORTH spin-offs (2) • FORTH PHOTONICS Ltd (UK), development of imaging technologies for non invasive diagnosis and screening of cancer, created 2002, FORTH share 18% • COMPITENT SA (Greece), development of laser equipment for materials processing, created 2002, FORTH share 15% • NANOTHINX SA (Greece), high-yield and low-cost production of carbon nanotubes, created 2005, FORTH share 15% • ADVENT SA (Greece), new materials and systems for renewable energy sources such as fuel cells and photovoltaic systems, created 2005, FORTH share 10%

  12. Any trends emerging from thesespin-offs? • 10 spin-offs are too few for drawing conclusions. • Only FORTH Photonics and ADVENT have received VC financing • The most recent spin-offs have a long way ahead • Only FORTHNET can be considered as big success story

  13. Our experience from contacting VCs in Greece • Too reluctant to take risks (our big success story was not financed by Greek VCs) • Lack of experience, lack of in-depth knowledge about international technology markets. • Very few are truly interested in high tech ventures • Most believe (unjustifiably) that the researchers involved in the creation of spin-off companies should leave their Institute. Younger staff can do that… • However, willingness to explore opportunities and discuss further

  14. What we expect from the VCs • Risk taking • Knowledge and understanding of the market • Provision of business models (we know the technology but we need substantial help to bring it to the market) • Assistance in building the management team • Innovation!

  15. Is there sufficient technology being penetrated in Greece ? • Not really…(1)

  16. Is there sufficient technology being penetrated in Greece ? • Not really…(2)

  17. Is there sufficient scientific work being produced in Greece? (1)

  18. Is there sufficient scientific work being produced in Greece? (2) Scientific articles per million population, 2001 OECD Science, Technology and Industry Scoreboard 2005 Greece

  19. Is there sufficient scientific work being produced in Greece? (3) Relative prominence of cited scientific literature, 2001 OECD Science, Technology and Industry Scoreboard 2005 Greece

  20. The way forward and first ideas • Reliable mechanisms of technology transfer because researchers are not supposed to know how to transfer their technologies to the market. Improvement of the entire innovation system (reliable consultants, legal advisors, incubators, technology parks, etc) • Establishment of patent strategies in the Institutes & Universities • Strengthening of the University and Research Centre Industrial Liaison Offices (professional know-how, experience and critical size are needed) • Public incentives for seed funding • Permanent linkage of Greek VCs to foreign VCs in order to acquire access to market knowledge and business model know-how) • Emphasis on high deal flow (rather than looking for THE BIG DEAL) • However, development of spin-off companies is just one of the modes of exploiting research results. Licensing agreements should be further promoted by Universities and Research Centres.

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