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New Enterprise Dominique Kleyn 27 th June 2003

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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New Enterprise Dominique Kleyn 27 th June 2003

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  1. New EnterpriseDominique Kleyn27th June 2003

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. Innovations 1997 to 2002

  8. Innovations approach • Inform & educate • Identify & assess • Protect & publish • Explore & exploit • Develop & maintain

  9. Well trodden path

  10. Proactive support

  11. 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

  12. 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

  13. 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

  14. 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

  15. 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

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