new enterprise dominique kleyn 27 th june 2003 n.
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New Enterprise Dominique Kleyn 27 th June 2003. Overview of Innovations. Technology transfer arm of Imperial Aim to maximise the value returned to Imperial from the commercialisation of intellectual assets and to support the attraction and retention of quality academic staff

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overview of innovations
Overview of Innovations
  • Technology transfer arm of Imperial
  • Aim to maximise the value returned to Imperial from the commercialisation of intellectual assets and to support the attraction and retention of quality academic staff
  • Transparent and equitable process to make money for the College and reward inventors
experience diversity
Experience & Diversity
  • Working with 150 inventions per year
  • Filing 1 new patent per week
  • Extensive industrial experience
  • Established licensing and spin-out processes
  • Interdisciplinary working
successes at imperial
Successes at Imperial
  • Drug development eg Remicade, Temezolamide, Malavone
  • Spin-out listing eg Turbogenset
  • Portfolio sale eg Fleming
  • Seed funding eg University Challenge
  • Co-investment eg Nikko
early years
Early years
  • DTI headcount support (£750k)
    • Create Company Maker, establish spin-out process, build support networks
  • University Challenge Seed Fund (£4m)
    • 2 tier investments, external advisory committee, rigorous assessment process
  • Science Enterprise Challenge (£2m)
    • Entrepreneurship Centre established, entrepreneurs programme introduced
period of growth
Period of growth
  • Rapid formation of spin-outs
  • Rapid growth of Innovations team
    • increases from 5 to 25 FTE
  • New finance initiatives
    • NIKKO – extending UCSF
    • Fleming – realising equity
    • Paul Capital - royalty sale
innovations approach
Innovations approach
  • Inform & educate
  • Identify & assess
  • Protect & publish
  • Explore & exploit
  • Develop & maintain
finding the right finance
Finding the right finance
  • Lumpy process for early stage technologies
  • Gap at proof of concept stage < £3m
  • Unfavourable terms at development stage - typically 5-10 yrs research before commercialisation
  • Lack of exit opportunities even at commercialisation stage
overseas alliances
Overseas Alliances
  • Exploit Technologies Singapore and University of Columbia New York
  • Leverage opportunities for international development of spin-outs
  • Access to international networks of investors and industrial partners
  • Technology exchange and joint commercialisation
  • Further understanding of commercial needs
investor network
Investor network
  • NIKKO £20m co-investors
  • Imperial FF&P Gordon House LLP
  • Corporate finance groups
  • Access private money
  • BML Medical & Life Sciences Fund
    • £250k to £3m
    • Co-invest with other external investors
funding for innovations
Funding for Innovations
  • Service fees from College and industry
  • Balance of spin-outs and licences
    • Limited ability to fund technology development before licensing
    • Equity squeeze for those unable to follow on
    • Diminished returns to universities
  • Development fund management fees
  • Commercialise industry’s unexploited IP
conclusions
Conclusions
  • Technology transfer has been transformed by spin-out activity
  • Imperial has developed a supportive environment for commercialisation
  • Access to funding and management expertise is key
  • A critical mass of activity has been achieved