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Papers, Patents and …. Products. Jack Brittain, PhD Pierre Lassonde Presidential Chair Vice President, Technology Ventures University of Utah http://www.techventures.utah.edu/. Utah Transformed Operation. 4 Years Later. 2004 “Technology Prevention Organization”

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Papers patents and

Papers, Patents and …

Products

Jack Brittain, PhD

Pierre Lassonde Presidential Chair

Vice President, Technology Ventures

University of Utah

http://www.techventures.utah.edu/


Utah transformed operation
Utah Transformed Operation

4 Years Later

  • 2004 “Technology Prevention Organization”

  • Throwing technologies over the wall “hoping the coyotes will raise them”

  • Bottom half of TTOs, ranked 96th

2008 Sugar Bowl Trophy

  • 2008 Tied MIT #1 (2009 #1) in number of spinoffs based on University technology

  • Top 10 ranked office NSF study

  • FY 2006 to present:

    • 1,117 disclosures

    • 306 new inventors

    • 207 issued patents

    • 376 executed agreements

    • 124 start-up companies

    • over $170 million licensing and royalty revenues

    • over $250 million commercial-sponsored research

Fortress Ruins


Economic significance
Economic Significance

“The economic significance of the research university goes far beyond its role of education and training. For several decades, university research has increasingly formed the foundation of significant technological advancements. These technologies enter the marketplace through research collaborations with industry, licenses, and to an increasing extent, university-driven efforts to turn new ideas into start-up companies.”

Jan Crispin, Senior Research Economist.

The Economic Impact of Startup Companies and Invention Licensees Originating from Research at the University of Utah.Bureau of Economic and Business Research, 2011.


Technology Value Curve

Spinoff ValueGeneration

Services

  • Prototype

  • Incorporation

  • Logo/website

  • Corporate Secretary

  • CFO Solutions

  • Umbrella Insurance

  • Market research

  • Grants programs

Where Universities Traditionally Add Value

IDEA

PROOF OF

CONCEPT

PROTOTYPE

COMMERCIAL

LAUNCH

MARKET

EXPANSION

Commercialization Stage


Utah Spinoff Development

31Technologiesin Pipeline(0 counted startups)

162Operating Companies7,186 Utah Employees

Over $39 million Commercialization Grants (2005-11)over $300 million Start-up Investments (2005-11)(203 Start-ups 1970-2011)

SpinoffValueGeneration

IDEA

PROOF OF

CONCEPT

PROTOTYPE

COMMERCIAL

LAUNCH

MARKET

EXPANSION

Commercialization Stage


Spinoff Development

Spinoff Value Generation

  • Phase 1Formation

  • Legal Formation

  • Technology License

  • Product Development

  • Logo, web

  • Product development grants

  • Phase 2Business

  • Business Plan

  • Product Validation

  • Product development grants

  • Angel & Seed Investors

  • Phase 3Operating

  • Customers Testing Product

  • Investors

  • Key Managers

  • Board of Directors

  • Bank Credit

  • Phase 4MarketEntry

  • Marketing/Sales

  • StrategicPartnerships

  • New Products &IP in development

Phase 5Long TermGrowth

COMMERCIAL

LAUNCH

MARKET

EXPANSION

PROTOTYPE

Commercialization Stage


Spinoff Results 2011

Spinoff Value Generation

Phase 1Formation

27Companies

$755,000Grants

$800,000 Investments17Employees

Phase 2Business

23Companies

$4,430,000Grants

$5,480,000 Investments51Employees

Phase 3Operating

22Companies

$12,832,000Grants

$78,015,000 Investments153Employees

Phase 4MarketEntry

18Companies

$8,137,000Grants

$11,920,000 Investments131Employees

Phase 5Long TermGrowth

72Companies

$13,200,000Grants

$185,307,000 Investments6,4150Employees

COMMERCIAL

LAUNCH

MARKET

EXPANSION

PROTOTYPE

Commercialization Stage


Spinoff Partnerships

Spinoff Value Generation

Phase 1Formation

27Companies

$755,000Grants

$800,000 Investments17Employees

Phase 2Business

23Companies

$4,430,000Grants

$5,480,000 Investments51Employees

  • USTAR Medical Devices Accelerator

  • Venture Bench Accelerator

  • Software Development Center Accelerator

  • DOE Renewable Energy Commercialization Center

Phase 3Operating

22Companies

$12,832,000Grants

$78,015,000 Investments153Employees

Phase 4MarketEntry

18Companies

$8,137,000Grants

$11,920,000 Investments131Employees

Phase 5Long TermGrowth

72Companies

$13,200,000Grants

$185,307,000 Investments6,4150 Employees

UURFIncubator

COMMERCIAL

LAUNCH

MARKET

EXPANSION

PROTOTYPE

Commercialization Stage


Accelerators

  • Spanning Valley of Death

    • The Gully of Inconvenience

  • Leverages investor dollars

  • Community engagement

    • Student Opportunities: Pole Vault Media

    • Entrepreneurs In Residence

    • Commercialization Advisory Board/Company Collaborations


Tech Ventures Team

>$100 million

  • Seed Funds

  • KickStart

  • UpStart

  • Lineagen

  • Vendice

  • Navigen

  • 7 Revs

  • UVF

Glenn PrestwichPresidential ProfessorPresidential Special Assistant

Entrepreneurial Faculty Assoc

Community of Faculty Entrepreneurs

Ron Weiss, MDretired ARUP CEO

Faculty Outreach

5-8 faculty case load

280 faculty10% total faculty

Doug Lloyd/David Dolan

Serial Entrepreneurs

Entrepreneur in Residence

Troy D’AmbrosioSeasoned Entrepreneur

Raised Capital

Director of Education Programs

> 100 business people

> 1700 students

Zach Miles, Interim Director and Associate Director

25 fulltime professionals + 30 student interns

Technology Commercialization/Commercial Research

Research

$250 millionfederal research

250 “Inventions”

70 Potential Licenses30 Potential Companies

Commercialization

Company


Disclosures
Disclosures

CalTech

MIT

Number of Disclosures

Millions of Federal Research Dollars



Changes
Changes

Changed from cost recovery to investment model

Cost recovery is inevitably a failure

Investment logic produced tangible economic impact

Changed the nature of our work to the positive

Total Mission Integration

Integrated student programs enhance University, engage faculty

Commercial sponsored research gave us a sustainable business model

Programs mitigate early stage risk

Provide leverage for investors

Encouraged capital formation




Universities and the innovation ecosystem
Universities and theInnovation Ecosystem

“Universities do not get enough credit for the fact that as players in our innovation ecosystem, they’re willing to gamble on cash-strapped startups. At the end of the day, who else is offering to pick up the tab? … Warts and all, universities remain willing to pay patent costs to support expensive and increasingly sophisticated IP strategies for startups who will likely never be able to pay them back.”

- Melba Kurman, Triple Helix Blog, 25 Feb 2011



Research and innovation
Research and Innovation

Dr. Geoffrey Nicholsoninventor of the Post-It™:

“Research is the transformation of money into knowledge.

Innovation is the transformation of knowledge

into money.”

As innovators, universities are unique in their dedication to reinvesting innovation returns in knowledge creation.


Total Mission Integration

  • Educational programs > 1700 students

    • Defining educational experience

    • Huge positive for faculty

  • Donor gifts over $25 million

    • LassondeCenter

    • Sorenson Discovery Center

    • Annual sponsorships over $1 million

  • University Venture Fund

    • manages $18.5 million in Fund I

    • Fund II target is $50 million



Enriches Research

  • Translation processgenerates questions

  • Creates new fundingopportunities

    • Commercial sponsors tendto be repeat customers

    • Less grant writing is more timefor research

  • Work with faculty whowant to be involved

    • Does not matter if faculty opt out

    • Faculty success generates interest


University Startups, Revenue and Equity

Revenues

Foundation Equity

Start-ups


Utah Economic Impact ofUniversity of Utah Research

[1] Bureau of Economic and Business Research, 2010 and 2011. Includes direct, indirect, and induced employment.

[2] State and local taxes.


Western innovation network
Western InnovationNetwork

Full Network

Founding Members


Win is about collaboration
WIN is about collaboration

NSF funded Partnership for Innovation (PFI) grant to explore universities collaboration model to enhance commercialization

University research yields 1 start-up per $93 million in funding

U.S. spent nearly $60 billion

644 new companies

Can we do better?

Energy CommercializationCenter (ECC) is related

DOE grant

Includes National Labs


What if u s was doing as well
What if U.S. was doing as well?

Utah:

  • 1 Spinoff per $12 million in federal research

U.S. potential results:

  • 1 spinoff per $25 million in federal research= 1,800 spinoffs

  • $18 billion other federal research programs= 1,120 spinoffs

  • 2 spinoffs for 3,600 non-research institutions= 7,200 spinoffs

  • Over 10,000 spinoffs per year

  • After 5 years, over 5 million jobs


Win programs
WIN Programs

Shared researchresources

improve utilization

support commercialresearch

Commercialization bestpractices

Pooled IP assets

Commercialization service for non-research colleges

Regionalize deal flow

Connect start-ups & seed capital funds

Improve matching with human capital


Western innovation network1
Western InnovationNetwork

Full Network


Done right commercialization program
Done right,commercialization program …

Enhances faculty research

Defining educational opportunities for students

Positive community contributions and partnerships

Winning Together, Oklahoma Marathon


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