Research, Innovation, Entrepreneurship: The Necessary Chain for Sustained Economic Growth

7/26/2019 Research, Innovation, Entrepreneurship: The Necessary Chain for Sustained Economic Growth

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Alberto Sangiovanni-VincentelliStart-ups (about 7 co-founded):

Co-Founder, Member of the Board, Cadence Design Systems

Co-founder Synopsys

Industry (strategy, organization and technology consulting):

Science and Technology Advisory Board, General Motors

Technology Advisory Council, United Technologies....

Private Equity and VC

President, Strategy Committee, Italian Strategic Fund (8 Billion)

Advisory Board (Walden International, Sofinnova, Innogest, Xseed)

Investment Committee (Fondo Atlante, Fondo Next)

RESEARCH, INNOVATION, ENTREPRENEURTHE NECESSARY CHAIN FOR SUSTAINED

ECONOMIC GROWTH


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Or... A View from a Researcher to a CasuEntrepreneur

Innovation in Action The Economic Engine and Research

Some Disruptive Research


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Innovation

Innovation is not an option: every job created inof excellence in innovation generates at least fiv

jobs in other domains (services, traditional indusentertainment) and these jobs are paid way bettin other places (E. Moretti, Berkeley)

There is not a single way of innovatingo not coninvention with innovation

Leveraging research for innovation in:

Established companies

Start-ups


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McKinseys Disruptive Technologies


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Economic Potential


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Gartner Hype Cycle 2014

http://www.gartner.com/technology/research/hype-cycles/

Inter


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Google Strategy

Google's robotic cars have about $15

equipment including a $70,000 LIDARsystem. The range finder mounted ona Velodyne64-beam laser. This laser to generate a detailed 3D map of its eThe car then takes these generated mcombines them with high-resolution

world, producing different types of daallow it to drive itself.
http://en.wikipedia.org/wiki/LIDARhttp://en.wikipedia.org/wiki/Velodynehttp://en.wikipedia.org/wiki/Velodynehttp://en.wikipedia.org/wiki/LIDAR


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Google and FacebookGoogle acquired Titan Aerospac

startup that makes high-flying rob

previously scoped by Facebook

acquisition target, the WSJ repor

The deal comes after Facebook purchase of U.K.-based Ascenta

spanning Internet plans.

Both Ascenta and Titan Aerospa

business of high altitude drones

blanketing the globe in cheap, om

Internet connectivity to help bring

online.

Thats not all the Titan drones ca

with, however. The companys r

take hig h-qual i ty im ages in rea

could help with Maps ini t ia t ive

contribute to things like disas

addressing deforestation,.


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Apple

This week, years after that first sighting, Tesplans for what it calls the Gigafactory, a 10

foot plant for making car batteries. But itsprospect of a gasoline-free future that has sexcitement about the Gigafactory. The sametech that fuels Teslas cars also runs most o

mobile gadgets, large and small. If Tesla reabatteries at the scale its promising, cars cou

one part of what the company does. One da

a company that powers just about everytphone in your pocket to the electrical griEarlier this month, as rumors swirled that Apbuy Tesla, San Francisco ChroniclereportedElon Musk had indeed met with the iPholater confirmedthat Tesla and Apple had

wouldnt say what about.
http://www.teslamotors.com/blog/gigafactoryhttp://www.sfgate.com/news/article/Apple-exploring-cars-medical-devices-to-reignite-5239850.phphttp://www.bloomberg.com/video/musk-a-sale-of-tesla-very-unlikely-Hfh13_sMQCC~x~HzbPKZ4w.htmlhttp://www.bloomberg.com/video/musk-a-sale-of-tesla-very-unlikely-Hfh13_sMQCC~x~HzbPKZ4w.htmlhttp://www.sfgate.com/news/article/Apple-exploring-cars-medical-devices-to-reignite-5239850.phphttp://www.sfgate.com/news/article/Apple-exploring-cars-medical-devices-to-reignite-5239850.phphttp://www.teslamotors.com/blog/gigafactory


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Silicon Valley: The land of Innovation


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Law of Large Numbers

18Companies Funded

1,700+ideas/researcherscanvassed

~950resulting start-upideas analyzed in detail

16

Live

2Shut Down

DigitAB

StemCor

8 companiespast seed

stage

Xseed Early Investement VCs


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Liquidity and Returns: Exit Strategies Exit options

IPO

M&A

Bankruptcy

Chapter 7: basic liquidation; also known as straight ban

Chapter 11: rehabilitation or reorganization, known as cbankruptcy, it typically allows companies to continue twhile they follow debt repayment plans;

Dissolution (Shutdown)

Typical venture portfolio performance:

Out of every 10 investments

Half do not return capital

1 returns >10X

Rest return 1-10X
http://en.wikipedia.org/wiki/Chapter_7,_Title_11,_United_States_Codehttp://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Codehttp://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Codehttp://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Codehttp://en.wikipedia.org/wiki/Chapter_7,_Title_11,_United_States_Code


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What Drives Venture Returns?

Market growth not absolute size

Efficiency of capital deployment Irrational exuberance in exit markets

A handful of big winners

And most of all

Fundamental InnovationThe (Tech) world isnt f

Source: M. Borrus, Xseed


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The (Tech) World Isnt Flat:Distribution of most referenced patents

Source: ATP and George Mason University

Oregon, Washington(Microsoft, IntelU. Wash, Toronto)

Silicon Valley

LA, S. Diego(Qualcomm, Defense

UCLA, UCSD)

Texas(Houston, TI, FreescaleU. Texas)

Michigan

(GM, Ford, Chrysler,U. Michigan)

Illinois(Motorola,U. Illinois)


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Trend in Investment


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38 venture-backed companies raised $2.9 billion through public offeri2014. Number of deals increased by 90%, while capital raised registedecrease from the previous quarter.

The largest IPO of the quarter was Castlight Health Inc. (NYSE: CSLTa $178 million IPO.

1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14

Raised ($B) through IPO $0.77 $1.71 $0.43 $2.37 $1.42 $7.75 $0.81 $1.22 $0.64 $1.80 $2.22 $3.55 $2.94 Number of IP

14 11 10 20 12 10 8 9 20 25 20 38

U.S. VC-backed IPOs (2011-2014)

$5.00

$4.00

$0.00

$1.00

$2.00

$3.00

$6.00

$7.00

$8.00

$9.00

LIQUIDITY


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1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14

Amount Paid ($B) $11.74 $11.79 $13.55 $9.48 $10.46 $12.00 $11.70 $8.82 $5.47 $8.95 $10.74 $12.45 $17.07 Number o

115 146 141 111 121 102 125 97 90 118 122 119

$10.00

$8.00

$0.00

$2.00

$4.00

$6.00

$12.00

$14.00

$16.00

$18.00

119 M&As of venture-backed companies in U.S. garnered $17 billion the highest quarterly figure since 3Q 2000, when $23 billion were rais

In contrast with 4Q 2013, when a total of 122 transactions accumulate

the number of M&As fell by 2%, the amount raised rose by 37%.

The largest M&A of the quarter was Nest Labs Inc., which was acquire(Nasdaq: GOOG) for $3.2 billion.

LIQUIDITY

U.S. VC-backed M&As (2011-2014)


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The SCIENCE-Application Dilemma

Raffaello Sanzio, The Athens Schoo


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Pasteurs Quadrant

NO YES

Considerations of Use?

Quest forFundamental

Understanding?

NO

YESPure BasicResearch(Bohr)

Pure AppliedResearch(Edison)

Use-Inspire

Basic Researc(Pasteu

D. Stokes


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21

Research Centers-Industry Relationships

Researchers should be rewarded on the basis ofcontributions in all areas, including professional

Reciprocal respect and attention to respective ro

Beware ofpatentitis!!! Speed not patents

Beware ofpaperitis!! More value less numbers Transfer of technology as viral infection!!!

Visiting professionals and industrial leaves

Formation of new companies favored


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The Emerging IT Scene!

Infrascore

Ss

Mobiacces

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The Cloud!

Courtesy: J. Rabaey

C t d bil t di


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Computers and mobiles to disap

The Immersed HumanReal-life interaction between humans and cyberspace, enabled by eand output devices on and in the body and in the surrounding enviro

Courtes : J. Rabae

Predictions: 7 trillions devices servicing 7 billion pe1,000 devices per person by 2025


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25 Courte


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[Illustration art: Subbu Venkatraman] Power budgmWs to 1 m

Moving the state-of-the-artin wireless sensing

LNAelectrodes

Tx

regulator

clock

Towards Integrated Wireless ImplantedInterfaces

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Vision 2025


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Vision 2025- Integrated components will be approaching molecular limi

may cover complete walls

- Every object will be smart

- The Ensemble is the Function!

- Function determined by availability of sensing,actuation, connectivity, computation, storagenergy

- Collaborating to present unifying experiences or to fulfill com

A humongous networked, distributed,

hierarchical hybrid control proble


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The Problem Space (TerraSwarm)


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The Problem Space (TerraSwarm)


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Nano Materials:The Fully Biodegradable Plastic

Fully Biodegradable Vegetable Plastics


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Fully Biodegradable Vegetable Plastics

World production:260 Millions ton of pet

Biodegradation time >

Vegetable waste from

26 Millions tons/year

Biodegradation time:a few years in humid e


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Biodegradable Vegetable Plastics


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The Magic Sponge


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Engineered Sponges

The Magic Sponge

Reversible hydrophobic/hydrophilic behavior by nanopartifunctionalization

Engineered chemical affinity: oleophilic versus hydrophobbehavior


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Titanium Dioxide light-induced hydrophilicity


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UV light

Dark/ vacuum

OHOH

OHOH

OHOH

OHOH

OHOH

OH

OH

hydrophilic

hydrophobic

OH

h

OHOHOH

Oleic acid-capped TiO2nanorods length

20 nm diameter 3 nmPolymers UV laser irra

Spatial control of wetting properties!

S th ti Bi l


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sun s sn.1.a. the combination of separate

elements to form a coherent whole.

Synthetic Biology

Synthetic biology seeks, through understanding,to design biological systems and theircomponents to address a host of problems thatcannot be solved using naturally-occurring

entities Enormous potential benefits to medicine,

environmental remediation and renewableenergy

Microbial Synthesis of Artemisinin


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idi

Microbial Synthesis of Artemisinin

AcCoA

AcAcCoA

HMG-CoA

Mev-P

Mev-PP

IPP

PMK

MPDMK ispA

HMGS

atoB tHMGR

DMAPPMev

FPP

ADS

Artem

Off-the-shelf parts?

BioShack

Courtes : Ja Keaslin

A li ti f S th ti Bi l


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Applications of Synthetic Biology

Energy Crop Water saving No fertilizer Doubled photosynthetic efficiency

Biodiesel and bio-jet fuel

No compromise

Fully compatible with existing infrastr

Natural product drugs

Capture all of the chemistry in

Construct a microbe that canproduce any natural product

Courtes : Ja Keaslin

Fi l W d f Wi d


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Final Words of Wisdom

40


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How About Education?

The Way Forward


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Everythin g is Conn ected:Society, Electronic and System Infacing an array of complex problems from design to manufactuinvolving complexity, power, reliability, re-configurability, integ

Complexity is growing more rapidly than ever seen Interactions among subsystems increasingly more difficult Pre-existing systems put to work to provide new services Need wo rk at al l levels: Methodo log y, Model ing, Tools, Algo

Deep collaboration among

Governments, industry, and research centers Different Disciplines : Control, Communication, Comput

Electrical Engineering , Mechanical Engineering, Civil EChemistry, Biology.....

The Way Forward

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Research, Innovation, Entrepreneurship: The Necessary Chain for Sustained Economic Growth

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