Research, Entrepreneurship and Economic Development Some Examples from the USA

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Research, Entrepreneurship and Economic
Development Some Examples from the USA

• Abigail Barrow, Director
• Massachusetts Technology Transfer Center

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Programs that support the Process

• Commercialization programs within universities
  UCSDs Von Liebig Center, MITs Deshpande Center,
  Coulter Centers, Mass Tech Transfer Center
• New initiatives in technology transfer offices
• Incubators with and without space
• Industry associations

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Three Key Elements of these Programs

• Finding new deals and increasing the number of
  deals
• Supporting the entrepreneurial process
• Secure funding for the start-up

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Growing Importance of Proof of Concept Funds

• Small grants to take invention closer to
  commercialization
• Facilitate commercialization of promising
  technologies
• Excite interest of potential licensees or
  investors
• Encourage researchers to take technology closer
  to market
• Range of sizes from 10,000 to 200,000

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Selection of Projects

• Most frequently external reviewers with
  commercial knowledge and networks
• Independent and objective selection
• Exposes technology to a broader audience
• Enables program and inventor to get multiple view
  points of commercial potential
• Develops a network of people interested in the
  technology

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Typical Uses of Funds

• Proof of Concept
• Hiring of additional staff/grad students for
  specific experiments
• Buying of specific testing equipment
• Pivotal translational proof of concept
  experiments
• Prototype development
• Testing in an industrial setting or by 3rd
  Parties
• Clinical Development
• Marketing and Customer Development
• Developing user friendly interfaces
• Engaging end users to evaluate the technology
• Developing a Business Plan

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Its not just the money!

• Support services to aid start-up
• Von Liebig Center Technology and Business
  Advisors
• Deshpande Center iTeams develop marketing plan
  with mentors
• MTTC coaching and exposure through conferences
  and The Platform
• Help inventor work out their goals and involvement

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Effect of Funding

• Encourages researchers to submit inventions and
  ideas
• Able to show commercial viability of technology
  to investors and industry
• Recruit others onto commercialization team
  especially start-up executives

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Preparation for Company Spin-off Funding

• Development of initial business plan
• Knowledge of funding sources
• Compelling business presentation
• Exposure to business community and input from
  experts

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Sources of Funding

• Federal Grants SBIR and STTR
• Angel Groups
• Venture Capital
• Corporate Funding
• Customers

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Involvement and Support of Students

• Educational programs and courses on
  commercialization
• Inclusion of students in proof of concept
  experiments and in market research
• Specific support for student start-ups
• Business plan compeitions

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Success Stories

• Hepregen artificial liver for drug testing
• Showed proof of concept
• Recruited CEO for new company
• Graduate student joined company as part of
  technology team
• NetSift, Inc - security of high-speed
  communications networks
• Developed business plan
• Found early investor
• Professor took 2 year leave of absence to work at
  start-up

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• Contact details
• Abigail Barrow
• abarrow_at_umassp.edu
• www.mattcenter.org