Business Minded Approach to Tech Transfer

8/3/2019 Business Minded Approach to Tech Transfer

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Johns Hopkins TechnologyTransfer

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Achieve Success By Taking a Business Achieve Success By Taking a Business

Approach to Technology Transfer Approach to Technology Transfer

Wesley D. BlakesleeExecutive DirectorJohns Hopkins Technology [email protected]



What Does It Mean – AWhat Does It Mean – A

Business Minded ApproachBusiness Minded Approach Understanding that operating theUnderstanding that operating the

tech transfer office is running atech transfer office is running a

businessbusiness

Adopting the attitudes, systems,Adopting the attitudes, systems,

analyses and practices of successfulanalyses and practices of successful

businessesbusinesses

KNOW THE NUMBERSKNOW THE NUMBERS

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JHTTJHTT

$5.1 Million Operating Budget$5.1 Million Operating Budget

$6.6 Million Patent Spend$6.6 Million Patent Spend

$12.2 Million Earnings$12.2 Million Earnings11

$3.6 Million Patent Reimbursement$3.6 Million Patent Reimbursement

$4.1 Million Net Profit$4.1 Million Net Profit

1. Not including equity sales1. Not including equity sales

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Writing About It IsWriting About It Is NotNot Doing ItDoing It

SWOT analysisSWOT analysis

Business PlanBusiness Plan

Operations ManualOperations Manual

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Doing ItDoing It

Last 3 years created the best andLast 3 years created the best and

most useful data and financialmost useful data and financial

management system anywheremanagement system anywhere

Result: Financial and metricResult: Financial and metric

budgeting and predictions have beenbudgeting and predictions have been

data-based and dead on last 2 yearsdata-based and dead on last 2 years

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Understand Your Business andUnderstand Your Business and

Business FocusBusiness Focus

Is it:Is it:

Faculty ServiceFaculty Service

Revenue ProductionRevenue Production Public Service – AdvancePublic Service – Advance

Technologies For Public BenefitTechnologies For Public Benefit

Service /Accessibility to IndustryService /Accessibility to Industry Economic DevelopmentEconomic Development

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It’s All Of Those And MaybeIt’s All Of Those And Maybe

OthersOthers

The Driving Force: Extraordinary The Driving Force: Extraordinary

Results with Ordinary PeopleResults with Ordinary People Peter SchutzPeter Schutz

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So, What Do Businesses Do,So, What Do Businesses Do,

How Do They Operate?How Do They Operate?

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Common Business FocusCommon Business Focus

Human ResourcesHuman Resources

FinancialsFinancials

Business MetricsBusiness Metrics

Data Mining And AnalysisData Mining And Analysis

Supply ChainSupply Chain BrandingBranding

MarketingMarketing

SalesSales99



Human ResourcesHuman Resources

People – Your Most ImportantPeople – Your Most Important

Asset Asset

Old GE Slogan: "People are ourOld GE Slogan: "People are ourmost important product"most important product"

"Good to Great"; Jim Collins: "The"Good to Great"; Jim Collins: "The

Right Right PeoplePeople" " • Get the right people on the busGet the right people on the bus

• Get the wrong people off the busGet the wrong people off the bus

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Know Your PeopleKnow Your People

Strengths and weaknessesStrengths and weaknesses

Desires, likes and dislikesDesires, likes and dislikes

Source of informationSource of information

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Motivate Your PeopleMotivate Your People

People don't care what you know,People don't care what you know,

they want to know how much youthey want to know how much you

carecare

Can't win with a team "bustingCan't win with a team "busting

rocks" need your team "building arocks" need your team "building a

temple"temple"

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Incentive CompensationIncentive Compensation

Very necessary at JHTTVery necessary at JHTT

Keep the best peopleKeep the best people

Attract new peopleAttract new people

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FinancialsFinancials

IncomeIncome

ExpensesExpenses• Office operating expensesOffice operating expenses

• Patent costsPatent costs

Accounts ReceivableAccounts Receivable Licensee ObligationsLicensee Obligations

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Financials – JHTT specificFinancials – JHTT specific

Patent backlog – 500 cases burning $$,Patent backlog – 500 cases burning $$,

w/o active marketing or salesw/o active marketing or sales

• One effect of continuous understaffingOne effect of continuous understaffing

Patent costs – reduced firms, negotiatedPatent costs – reduced firms, negotiatedsubstantial fee reductions and $$ caps persubstantial fee reductions and $$ caps per

taskstasks

Created first class financial system forCreated first class financial system for

accounts receivable, licensee obligationsaccounts receivable, licensee obligations

duedue

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If you don't track it you can'tIf you don't track it you can't

measure or predict itmeasure or predict it

If you can't measure or predict it youIf you can't measure or predict it you

can't improve itcan't improve it

If you don't track, measure orIf you don't track, measure or

predict it, you can't understand itpredict it, you can't understand it

If you don't understand it you can'tIf you don't understand it you can't

sell itsell it

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Upfront $$$Upfront $$$

Total Contract ValueTotal Contract Value

Age to LicenseAge to License

Conversion %Conversion %

# Licenses/Licensing Associate# Licenses/Licensing Associate



Data Mining and AnalysisData Mining and Analysis

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Upfront $$$ - Predict revenuesUpfront $$$ - Predict revenues

Total Contract Value – demonstrate long termTotal Contract Value – demonstrate long term

value of JHTT; return/$$value of JHTT; return/$$

Age to License – Patent decisionsAge to License – Patent decisions

Conversion % - Potential licensesConversion % - Potential licenses

# Licenses/Licensing Associate – staffing needed# Licenses/Licensing Associate – staffing needed



Supply ChainSupply Chain

Need to increase # of disclosuresNeed to increase # of disclosures

• Metrics predict JHU should be about 1Metrics predict JHU should be about 1

disclosure per $3.25 – 3.5 Million indisclosure per $3.25 – 3.5 Million in

research dollarsresearch dollars

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Supply ChainSupply Chain

Faculty ServiceFaculty Service

• Immediate response to DisclosureImmediate response to Disclosure

• Face to face w/in 4 weeksFace to face w/in 4 weeks

• Online Disclosure submissionOnline Disclosure submission• Faculty portal access to invention-specific infoFaculty portal access to invention-specific info

on lineon line

• Programs, programs, programsPrograms, programs, programs Invention to VentureInvention to Venture Entrepreneur's Boot CampEntrepreneur's Boot Camp Company meetings and eventsCompany meetings and events Vine and Venture seriesVine and Venture series

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BrandingBranding

Before – Internal:Before – Internal:

• Hard to deal withHard to deal with

• Non-communicative/secretiveNon-communicative/secretive

• Couldn't get technology outCouldn't get technology out

• Questionable value addedQuestionable value added

• Process more trouble than it was worthProcess more trouble than it was worth

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BrandingBranding

Before – External:Before – External:

• Arrogant/Hard to deal withArrogant/Hard to deal with

• Non-responsiveNon-responsive

• InflexibleInflexible

• OverpricedOverpriced

• Time to close deal too longTime to close deal too long

• No understanding of business issuesNo understanding of business issues

• Not "in the game"Not "in the game"

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Improving BrandingImproving Branding

UnderstandingUnderstanding

• Honest assessmentHonest assessment• Info from outsidersInfo from outsiders

• Understand the metricsUnderstand the metrics

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EducationEducation

• Internal and externalInternal and external

• Metrics criticalMetrics critical

• Highlight the goodHighlight the good

• Recognize the badRecognize the bad Project the fixProject the fix

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ServicesServices

• All constituent groupsAll constituent groups

DeliveryDelivery

• Walk the walk, not just talk the talkWalk the walk, not just talk the talk

• Face to faceFace to face

• Tackle the specificsTackle the specifics

• PracticePractice

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Improving Branding – JHTTImproving Branding – JHTT

SpecificsSpecifics First 6 months – continuous personalFirst 6 months – continuous personal

presentations topresentations to

faculty/managementfaculty/management

• "JHTT – not as bad as you thought""JHTT – not as bad as you thought"

Increased staffing, re-organizedIncreased staffing, re-organized

Fixed delay problemFixed delay problem

Open books and activitiesOpen books and activities

Sold the sizzleSold the sizzle

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Improving Branding – JHTTImproving Branding – JHTT

SpecificsSpecifics Conference ExhibitsConference Exhibits

• BioBio NCETTNCETT

• AUTMAUTM LESLES

• AACRAACR ASCOASCO

EventsEvents

• Angel/VenturesAngel/Ventures

• Bioinvestors conferenceBioinvestors conference

Public relationsPublic relations• ArticlesArticles

• PublicationsPublications

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Johns Hopkins Technology Transfer Johns Hopkins Technology Transfer

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MarketingMarketing

Don't confuse marketing with sales –Don't confuse marketing with sales –though related they are differentthough related they are different

activities for different purposesactivities for different purposes

Marketing means presenting yourMarketing means presenting yourorganization or a particularorganization or a particular

technology in a favorable light totechnology in a favorable light to

generate interest, increase valuegenerate interest, increase value Branding is the general part of Branding is the general part of

marketingmarketing2929



Marketing – JHTT specificsMarketing – JHTT specifics

Branding correctionBranding correction Website upgradeWebsite upgrade

Marketing summariesMarketing summaries

Searchable and analyzable "technologySearchable and analyzable "technology

available for licensing" spreadsheet –available for licensing" spreadsheet –

created on demand through databasecreated on demand through database

Automated "push" marketingAutomated "push" marketing Technologies visible on numerous servicesTechnologies visible on numerous services

• Ibridge; Spark IP; Tech Transfer Online; othersIbridge; Spark IP; Tech Transfer Online; others

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SalesSales

Great Hairy Myth:Great Hairy Myth:

• You can't sell university technology -You can't sell university technology -

companies buy itcompanies buy it

Like all myths a grain of truthLike all myths a grain of truth

• If you do virtually nothing but be open,If you do virtually nothing but be open,

you will do some businessyou will do some business

• Some folks will find and buy someSome folks will find and buy somethings without initial contact from youthings without initial contact from you

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SalesSales

Truth: "Technology transfer is aTruth: "Technology transfer is acontact sport" Jane Muir, U. FL.contact sport" Jane Muir, U. FL.

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Sales – JHTT SpecificsSales – JHTT Specifics

Work in progress – seeking a salesWork in progress – seeking a sales

directordirector

Sales Pipeline – Report of matters inSales Pipeline – Report of matters in

progress generated by data systemprogress generated by data system Understand customers and customerUnderstand customers and customer

product pipelineproduct pipeline

Company focused meetings and programsCompany focused meetings and programs "Feet on the street""Feet on the street"

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Industry ConnectionsIndustry Connections

Engineering AdvisoryBoard

NanoBioTechnology

Advisory Board

Brain Sciences InstituteAdvisory Board

Carey Business SchoolPartnership Program

Global HealthAdvisory Boards

Medicine ScientificAdvisory Board

Hopkins BioTechNetwork

Institute for PolicyStudies Advisory Board

Brain Science Industry

Advisory Board

Institute for Cell

Engineering



The Art of the Deal:The Art of the Deal:

Myth of Getting Your WayMyth of Getting Your Way Tech Transfer is more than sellingTech Transfer is more than selling

-its deal making-its deal making

One approach – getting what youOne approach – getting what you

wantwant

• "Getting your way is the gateway to"Getting your way is the gateway to

getting what you want"getting what you want"

- Jeffrey Gitomer,- Jeffrey Gitomer, Little GreenLittle GreenBook of Getting Your Way Book of Getting Your Way

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The Art of the Deal: GettingThe Art of the Deal: Getting

What You NeedWhat You Need

You can't always get what you want -You can't always get what you want -

But if you try sometime, yeah,But if you try sometime, yeah,

You just might find you get what youYou just might find you get what you

need!need!-Rolling Stones-Rolling Stones

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The Art of the Deal: Give TheThe Art of the Deal: Give The

Other Side What They NeedOther Side What They Need JHTT view – The Art of the Deal isJHTT view – The Art of the Deal is

learning how to give the other sidelearning how to give the other side

what they needwhat they need

"The more you give value, the more"The more you give value, the more

you will get your way"you will get your way"

Jeffrey Gitomer ,Jeffrey Gitomer , Little GreenLittle Green

Book Book

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The Art of the Deal:The Art of the Deal:

Giving ValueGiving Value Understand their businessUnderstand their business

• Read their materialsRead their materials

• Ask business questionsAsk business questions

• Don't give up on finding a solutionDon't give up on finding a solution

Biggest problem we have in ourBiggest problem we have in our

industry is looking in, not outindustry is looking in, not out

• We understand our business, not theirsWe understand our business, not theirs

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Value PropositionValue Proposition

Secret to sales: Creating the valueSecret to sales: Creating the value

propositionproposition

• We seldom do itWe seldom do it

• Mostly we don't know howMostly we don't know how How it’s done:How it’s done:

• Understand company's businessUnderstand company's business

• Know their product pipelineKnow their product pipeline

• Know their focusKnow their focus

• Show them why they need our productShow them why they need our product

• Demonstrate the value to themDemonstrate the value to them

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So What, Who Cares, Why YouSo What, Who Cares, Why You

- Wendy Kennedy- Wendy Kennedy

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Sales - Creating OpportunitiesSales - Creating OpportunitiesWith Start-upsWith Start-ups

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Ch i M k F U i i



Changing Market For UniversityChanging Market For University

BiotechnologyBiotechnology Big pharma have been reducingBig pharma have been reducing

in-house research programs, closingin-house research programs, closing

labslabs

Big pharma looks to acquire laterBig pharma looks to acquire later

stage technologiesstage technologies

More and more early developmentMore and more early development

being done by start-up and verybeing done by start-up and verysmall biotech companiessmall biotech companies

E h i O St t



Emphasis On Start-upEmphasis On Start-up

CompaniesCompanies

Some universities traditionally moreSome universities traditionally more

inclined to start up companiesinclined to start up companies

• Faculty tend to be interested in creatingFaculty tend to be interested in creatinga company and leaving the universitya company and leaving the university

• Commercialism viewed positively, or atCommercialism viewed positively, or at

least not negativelyleast not negatively

• E.g. Stanford, MITE.g. Stanford, MIT

Of CN I F Of Ch i



Necessary In Face Of ChangingNecessary In Face Of Changing

BiotechBiotech

So, we started a specific program toSo, we started a specific program to

increase start-ups from JHUincrease start-ups from JHU

technologytechnology Always did some – 3 – 4 per yearAlways did some – 3 – 4 per year

but not initiated or by our effortsbut not initiated or by our efforts

FY 08 did 12, last year, FY09 did 10FY 08 did 12, last year, FY09 did 10



Start-ups – JHTT specificStart-ups – JHTT specific

Changed attitudes – programs andChanged attitudes – programs and

publicity regarding benefits andpublicity regarding benefits and

necessitynecessity

Created specific programs to engageCreated specific programs to engage

the angel and venture communitythe angel and venture community

Engaged the entrepreneurEngaged the entrepreneur

communitycommunity

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Start-ups – JHTT specificStart-ups – JHTT specific

Angel pitching eventsAngel pitching events

Investor opportunity programsInvestor opportunity programs

Creating top 100 MarylandCreating top 100 Marylandentrepreneur listentrepreneur list

"Speed dating" event"Speed dating" event

Close cooperation with our regionalClose cooperation with our regionalplayers – universities and stateplayers – universities and state

agenciesagencies

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Key PointsKey Points

Tech Transfer is a businessTech Transfer is a business

• Think like a businessThink like a business

• Know the numbersKnow the numbers

Understand your business –Understand your business –

Understand theirsUnderstand theirs

Brand, Market and SellBrand, Market and Sell


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Johns Hopkins Technology

Transfer

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Johns Hopkins Technology Transfer:Johns Hopkins Technology Transfer:

Building a World Class OfficeBuilding a World Class Office

QUESTIONS?QUESTIONS?

Wesley D. BlakesleeExecutive DirectorJohns Hopkins Technology Transfer410-516-8300

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Business Minded Approach to Tech Transfer

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