1 / 11

Gap Funding and Ways to Mature Your Technologies

Gap Funding and Ways to Mature Your Technologies. AUTM 2005 Annual Meeting Educational Track Session ED9 Thursday Feb. 3, 2005 1 to 3p Grand Canyon Ballroom 1-2. Panel Participants. David N. Allen, Associate VP for Technology Transfer, University of Colorado System

candra
Download Presentation

Gap Funding and Ways to Mature Your Technologies

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Gap Funding and Ways to Mature Your Technologies AUTM 2005 Annual Meeting Educational Track Session ED9 Thursday Feb. 3, 2005 1 to 3p Grand Canyon Ballroom 1-2 AUTM 2005

  2. Panel Participants • David N. Allen, Associate VP for Technology Transfer, University of Colorado System • Matthew Mc Cooe, Director, New Ventures, Columbia University Science and Technology Ventures • Wendy B. Fernie,Technology Collaboration, Competitive Business and Clusters, Scottish Enterprise AUTM 2005

  3. What is Technology Maturation? • Basic Concept – at best, its adding significant value by reducing major risks; at worst, its not screwing it up so much that a licensee doesn't have a chance. • Adding value to what end? Preparing the technology to be suitably transferred to the next participant in the value chain (seldom the seller or end user). • Primary focus of this presentation is on platform technologies. • What are the dimensions of value to be added or risks to be reduced? AUTM 2005

  4. Value Added Dimensions • Some obvious risks to be reduced: • Unknown commercial strategy or plan • Little know about competition • Unknown market and value proposition • Unknown technology and/or product configuration • Little or no entrepreneurial management • Little or no capital to execute plan • Outcome of Intellectual Property (patent) prosecution unknown AUTM 2005

  5. Value Added Dimensions cont’d • Some less obvious risks to be reduced: • Inventor and stakeholder expectations • Conflicts of interest • Maintaining excitement for the technology and not “overshopping” the deal to investors • All of this and more within an environment of abundant invention opportunities and scarce resources (people, time and money). AUTM 2005

  6. Background on the University of Colorado (CU) • Three campuses: Boulder, Denver/Health Sciences Center and Colorado Springs • System level TTO provides services to all three campuses. • CU’s total enrollment is 52,351 (of which 13,800 grad). • In FY 2004, CU garnered $588.4 M in research awards, 85% from federal sources with $266.3M awarded by the Department of Health and Human Services. • In FY 2002, NSF ranked CU sixth among all public universities in the U.S. in federal research expenditures. • New Health Sciences Center campus and research park • 18 start-ups in past 3 years, targeting 12 this year. AUTM 2005

  7. General Perspectives on Technology Maturation Strategies • What reduces risk?  Reliable Information • Creation of a commercialization or business plan • Who does the business plan? • At CU a combination of students, interns, domain • experts, serial entrepreneurs, VCs and TTO staff • Intensive patentability and freedom to operate analysis • Patent attorneys are increasingly willing to participate pro bono in “kitchen cabinets” in order to secure new engagements. • Build relationships with Business School, partners in IP law firms, business incubators and entrepreneurial business community, but run your own program! AUTM 2005

  8. General Perspectives on Technology Maturation Strategies • What reduces risk?  Relevant Expertise • Involve those most interested at earliest stage possible • - Pre-disclosure research group meetings, invention analysis, commercial feasibility and business plan creation  “get on board early so you don’t miss the boat” • - The more knowledgeable the entrepreneurs are about your technology transfer operation, the more likely they are to pursue reasoned negotiations. • Build relationships with entrepreneurial business community to brand your office as a “technology start-up opportunity platform”. AUTM 2005

  9. General Perspectives on Technology Maturation Strategies • What reduces risk?  Patient Risk Capital • Involve capital resources for clearly defined reasons and understand their investment objectives. • Look for opportunities to leverage your investment. • Avoid pricing until professional investors are involved. • Avoid overshopping a deal. • Work with SBIR/STTR service groups to assess program solicitation opportunities. • Look for opportunities to work with your Foundation and its Investment Committee. • Regular communication with capital sources builds confidence and reduces barriers to participation. AUTM 2005

  10. Dimensions of CU’s POC Program • Primary purpose is to provide funds to build prototypes and/or conduct commercial studies to establish technical and commercial viability for promising CU start-up companies. • Internally funded from TTO endowment and royalty revenue. • $50K-$100K convertible debt investments per start-up. • Applications reviewed by two panels of VCs. • 2 application rounds: Fall 2004 and Spring 2005 • 15 applicants for Fall ’04 round – 2 awards • 3 awards expected in Spring ‘05 AUTM 2005

  11. Thank you for listening For additional information see www.cu.edu/techtransfer AUTM 2005

More Related