October 1, 2015 Copyright 2002-2005 Deshpande Center for Technological Innovation, Massachusetts...

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Copyright 2002-2005 Deshpande Center for Technological Innovation, Massachusetts Institute of Technology

FROM IDEA TO IMPACTMoving technology and science from Academic lab to Market

2005 FPTT Annual MeetingRichard KivelCatalyst MIT: Deshpande CenterPresident & COO: Physicians Academy


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_____________________________________In the Early stages of an economic system, the rewards go to those individuals who create the NEW, not to those who conserve the old. Entrepreneurship becomes more important than stewardship.

Since the ultimate form of the NEW system remains unknowable, strategic planning has little use. A NEW way of business is required.

Gary Hamel, Author, Leading the Revolution

________________________________________


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1. A few strong, clear Regulations…..

2. ….. Implemented transparently and efficiently.

e.g. Single Window for new Incorporations. Predictable Process: in 20 minutes.

e.g. No taxes until the companies are making money.

e.g. Easy to hire, and fire Paradox: The most jobs are created in places where terminations can be fast and cheap.

e.g. Clear path for intellectual property protection and creation.

Providing a Productive ClimateFor New Business Creation

Role of the Governments:


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1. Understand that vibrant new businesses make the whole sector more competitive.

2. Try hard to buy from startups, so they can grow.

3. Constantly benchmark best practices, and urge host government (s) to do the same.

4. Create corporate venturing units, and invest in the best VCs.

Providing a Productive ClimateFor New Business Creation

Role of the Private Sector:


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PROGRAM OVERVIEW

• Launched 3 years ago

• $20M gift

• Sustainability

MISSION:• Make impact through

technological innovation


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VALIDATED BUSINESS M

ODELMIT ECOSYSTEM

DESHPANDECENTER

MIT ENTERPRISE

FORUM

MIT TLO

ENTREPRENEURSHIPCENTER

MIT VMS

$50K COMPETITION

InnovationIdea for

a companyBusiness

PlanCustomers

FundingGrowth

MIT SLOAN


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Events

VALIDATED BUSINESS M

ODELBRIDGING THE GAP

Catalyst Program

GrantProgram

i-Teams


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GRANT PROGRAM• 238 proposals

totaling $30M• 44 projects• $4.9M in grants

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

Fall2002

Spring2003

Fall2003

Spring2004

Fall2004

Spring2005

Proposal Pressure in Dollars

Innovation

Ignition

Broad Range of Technologies

25%

34%

27%

14%

IT/Communications

Tinytech/Materials

Bio/Medical

Other


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BUSINESSCOMMUNITY

CATALYST PROGRAM: COMMUNITY

VOLUNTEERS

CATALYSTS

Krisztina HollyExecutive Director

Katja WaldProgram Coordinator

Ken Zoloti-Teams Faculty Lead

Maryam KhodadoustOffice Manager

Lauren ClarkInternal Communications

STAFF

Desh DeshpandeFounder, Sycamore

Charles L. CooneyFaculty Director

Alex d‘ArbeloffMIT Honorary Chairman

Tom MagnantiDean of Engineering

Ed AndersonNorth BridgeVenture Partners

Jeff AndrewsJeff FagnanMike FeinsteinRic FulopArt GoldsteinJamie GoldsteinSteve KellyRich KivelDuncan McCallumAmir NashatSung ParkStan Reiss

StudentsEntrepreneursGrant reviewers...and othersSTEERING

COMMITTEE

zholly

SHOULD WE ALSO INTRODUCE STEERING COMMITTEE HERE?


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The Annual IDEASTREAM event

• Showcase (early) MIT technologies

• Connect communities

• Develop Teams


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Changing the Economics of Fuel Cells

• Reduce noble metal = reduce fuel cell costs by 10x


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CASE STUDY: 3-D Imaging Technology

“The Deshpande Center brings together resources and expertise that I could not pull together on my own.”

-Prof Doug Hart

• Project history:» Initial invention developed for very

specialized research application: fluid flow analysis

» D-Center feedback helped refine target market: medical imaging

» D-Center funding enabled technology to be applied to market need

• Deshpande Center also helped linked the team to team members, investors, other resources

• Current Status: Start-up spun out of MIT


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The Industry, Person, Company, Region, Country with the most Knowledge will win!

• Development of • Attraction of • Retention of • Commercialization • Sharing of • Transfer of

KNOWLEDGE


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Case Study:

MIT $50K Entrepreneurship Competition


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MIT $50K Entrepreneurship Competition

Designed to encourage students and researchers in the MIT community to act on their talent, ideas, and energy to produce tomorrow's leading firms.

Business Plans are judged by a panel of experienced entrepreneurs, venture capitalists, and legal professionals.


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Team

MarketSize

Unfair advantageLeverage Point

Customersvalidation

Business Model

Exit

Do you have the Right Ingredients?


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Autumn15.389 Global Entrepreneurship Lab:Simon Johnson, Richard Locke, Ken Morse, Alex (Sandy) PentlandFall H2 - Spring H1. (12 units)

15.390 New Enterprises – 2 Sections:Howard Anderson, Noubar Afeyan (9 units)

15.391 Raising Early Stage Capital:Shari Loessberg (6 units)

15.392 Business Plans that Raise Money:Russ Olive (6 units)

15.393 Technology and Entrepreneurial Strategy: Fiona Murray (9 units)

15.396 Technology Sales and Sales Management: Howard Anderson, Tim Kraskey, Ken Morse (6 units)

15.399 Entrepreneurship Lab: Barbara Bund, Ken Morse, John Preston (12 units)

15.835 Entrepreneurial MarketingJin Gyo Kim (9 units)

15.968 Building a Biomedical BusinessFiona Murray (9 units)

15.836 ProSeminar in New Product and Venture DevelopmentDrazen Prelec (9 units)$50K Autumn$1K Entries due

IAP (January)15.963 Technology and Competitive StrategyJoseph Jacobson, Fiona Murray(Continues through Spring)

15.974 Preliminary Venture Analysis and PersonalEntrepreneurial Career StrategyRuss Olive (3 units)

15.975 Nuts and Bolts of Business PlansJoe Hadzima (3 units)

15.976 Starting and Buildinga Successful High Tech VentureBill Aulet, Mike Grandinetti (3 units)

Marketing: An Introduction forEngineering EntrepreneursBarbara Bund (not for credit)Special Course introduces MIT engineers to marketing strategies and customer needs

Entrepreneurship Development Program (EDP)An intense one-week executive education course for entrepreneurs from around the world.

$50K IAPFebruary$50K Executive Summaries due

Spring15.390 New Enterprises – 2 SectionsHoward Anderson, Noubar Afeyan (9 units)

15.391 Raising Early Stage CapitalShari Loessberg (6 units)

15.392 Business Plans that Raise MoneyRuss Olive (6 UnitsI)

15.393 Technology & Entrepreneurial Strategy Fiona Murray, Joseph Jacobsen (9 units)

15.394 Designing and Leading theEntrepreneurial OrganizationDiane Burton (9 Units)

15.395 Entrepreneurship Without BordersSimon Johnson, Richard Locke (9 units)

15.398 Entrepreneurs in High Technology: IT, Energy, BiotechnologyHoward Anderson, Ellen Roy (9 units)

15.399 Entrepreneurship LabBarbara Bund, Ken Morse, John Preston (12 units)

15.431 Entrepreneurial Finance. 2 SectionsAntoinette Schoar (9 units)

15.660 Strategic Human Resource ManagementDiane Burton (6 units)

15.835 Entrepreneurial MarketingJin Gyo Kim (9 units)

15.968 Building a Biomedical BusinessFiona Murray (9 units)

$50K SpringMay 2005$50K Full Entries due

The MIT$50K Entrepreneurship Competition is synchronized to the rhythm of the Academic Program


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Tomorrow’s Leading Firms

In its fifteen-year history, the MIT $50K has created: 60+ firms and over 1800 jobs $275 Million in Venture Capital invested Aggregate market capitalization has ranged from $5.5 – $40 Billion

Teambuilding + Mentors + Education + Networking + Capital

Entrants include MIT graduate and undergraduate students as well as faculty.

Students from every MIT School and 27 Departments participate (Teams which include Sloan students are consistently the strongest entries….)


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Every MIT School participates in the MIT $50K Competition

Management

EngineeringOutside

Science Architecture

Humanities


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A Few Success Stories…

•Distributed Computing

•2000 MIT $50K Runner up

•Funded by Kleiner Perkings and Common Angels

•Software to improve Internet Searching

•1998 Co-Winner

•$29M Funding

•Sold to AskJeeves for $507 million in 2000

•Devices to transcribe writing to computer

•1997 Runner-Up

•$13M Funding

•Product Launched

•Next generation customer support

software

•1996 Winner

•Acquired by Cisco for $325M in 1999

•New Signal Processing Semiconductors

•1995 Participant

•Over $10M Funding

•Acquired by Broadcom for $1.19B in 2000

•Rapid Internet Content Delivery

•NASDAQ: AKAM

•Market Cap of $3.6B

•Internet business

solutions delivery •NASDAQ: CBIS

m o l e c u l a r w a r e

•Genomic and Proteomic Software

•1999 $50k Winner

•Acquired by Calbatech, Inc June 2003


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MAKING IMPACT

• Economic• Academic• Societal


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ANY QUESTIONS?

Richard P [email protected]

http://web.mit.edu/deshpandecenter

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