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Academic Entrepreneurship An Array of
Possibilities David R. Walt Tufts University
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The Early Years
Tufts University Will Hicks
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Optical Imaging Fiber Before and After Tapering
Individual Core Diameter 2.6 ?m
Individual Core Diameter 0.85 ?m
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The Early Years
Tufts University Serendipity
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SEM of a Chemically-Etched 1000-?m Diameter
Imaging Fiber
Pantano, P. Walt, D.R. Chem. Mater. 1996, 8,
2832-2835
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SEM of a Chemically-Etched Imaging Fiber
Pantano, P. Walt, D.R. Rev. Sci. Instrum., 1997,
68, 1357-1359
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The Early Years
Need led to Inspiration and Invention
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Michael, K. L. Taylor, L. C. Schultz, S. L.
Walt, D. R. Anal. Chem. 1998.
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The Early Years
Tufts University 10 Patents IP Office The
Introduction
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The Early Years
Venture Groups CW Group ARCH Venture
Partners Venrock
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The Early Years
People Location
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Building IlluminaCritical Challenges

• Identifying an Opportunity
• Obtaining an Initial Competitive Advantage
• Defining the Business Model and Product Strategy
• Acquiring the Necessary Resources

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Huge Market Need Enabling the Emerging Field of
Personalized Medicine
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Complexity of BiologyLarge Market Opportunity
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Building IlluminaCritical Challenges

• Identifying an Opportunity
• Obtaining an Initial Competitive Advantage
• Defining the Business Model and Product Strategy
• Acquiring the Necessary Resources

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Illuminas Revolutionary TechnologyBringing
Fiber Optics to Biology

• High Throughput
• Cost-Effective
• Accurate
• Flexible

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Optically Wired Beads in Wells
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Illumina BeadArrayTM

• 3 micron beads
• 5 micron spacing
• gt50,000 beads on 1.4 mm fiber bundle

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Higher Throughput, More Information
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Competitive Analysis
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Building IlluminaCritical Challenges

• Identifying an Opportunity
• Obtaining an Initial Competitive Advantage
• Defining the Business Model and Product Strategy
• Acquiring the Necessary Resources

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Defining a Business Model

• Biotech Business Models
• Product Strategy
• Platform Strategy
• Illuminas Business Model
• Platform-based
• Providing both tools and services

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Sentrix Platform

• Sentrix 96 Multi-array Matrix matches standard
  microtiter plates
• Up to 150,000 assays per matrix

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Bead Station Scanner

• High-resolution confocal laser scanner
• Genotyping, Expression and Proteomic
  applications
• Highly quantitative

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Oligonucleotides

• Oligonucleotides crucial to success of business
• Need for
• Higher throughput
• Lower costs
• Backward Integration
• Spyder Instruments acquisition

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Oligator Farm
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Building IlluminaCritical Challenges

• Identifying an Opportunity
• Obtaining an Initial Competitive Advantage
• Defining the Business Model and Product Strategy
• Acquiring the Necessary Resources

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Identifying Resource Requirements

• Human
• Scientists and Engineers
• Managers
• Infrastructure
• Financial

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Employee GrowthAt Illumina
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The IPO
Hires Road Show The Big Day
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Financial Resources

• Raised 140 Million Total in Seed, 1st Round, 2nd
  Round and IPO

• Major Investors Venrock, CW Group, ARCH,
  Lombard Odier, State Farm, Applied Biosystems,
  Dow Chemical, Chevron

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The Public Years
0 1.5B 100M Low correlation to anything
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The Public Years
Public companies are required to do things
differently-disclosure.
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Illuminas BeadArrayTM Technology
Array Matrix
BeadChip
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Infinium II Assay BeadChip Architecture
Enables Custom SNP Multi-Sample Offerings
iSelect 12 Samples 60,800 CustomSNPs per Sample
Hap550 Duo 2 Samples 550k SNPs
Human 1M 1 Samplegt1M SNPs
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Oligator Core Technology
Low Cost, High Quality Throughput Oligo
Manufacturing

• Proprietary technology
• Capacity equal to 2x worlds demand for oligos
• Rapid new product development and customization ?
  innovation

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Innovating to Drive Down Costs
SNP Genotyping is a Highly Elastic Market
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Comprehensive Integrated PlatformHigh Quality,
Flexible, Scalable, and Cost Effective System
Solution
SEQUENCING WITH THE ILLUMINA GENOME ANALYZER
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From Discovery to Diagnostics
Broad Product Portfolio to Address the Breadth of
Our Customers Needs
Discovery
Focused Research Validation
Molecular Dx
Whole Genome
Single Marker
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Corporate Summary

• Founded May 1998
• IPO July 2000
• Headquarters San Diego, CA
• Employees gt1200

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Service and Support
Shanghai

• PARTNERS
• GeneWorks Pty. Ltd. (Australia/NewZealand)
• Jinan Scince Science Technology Co., Ltd
  (China-Jinan)
• Chengdu Baile Ltd (China-Chengdu)
• Shanghai Anxing Scientific Instrument Materials
  Import Export Co., Ltd (China-Shanghai)
• Premas Biotech Pvt. Ltd. (India)
• BMS (Korea)
• Chemoscience (Malaysia and Vietnam)
• PanTech (Taiwan)
• BioActive (Thailand)

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Historical Revenue, Market Cap Employees
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Revenue, Capitalization, Headcount1999 through
2007
Density
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Lessons

• Do it when ready
• Must be willing to give up some research funding
• and opportunities
• Dont start for ego, employees lives involved
• Decisions must be based on what is best
• for the business
• If successful, you will not be recognized
• Dont persist in defending your technology
• as advances/changes occur
• Look for VCs added value
• Product is a system