Date post: | 22-Nov-2014 |
Category: |
Education |
Upload: | university-economic-development-association |
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Innovation WorksResearch Commercialization Program
Presented by Cole Wolfson
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Innovation Works
• 8th most active early-stage investor in U.S. over the last 8 years• Invested nearly $62M in more than 400 companies since 1999• Companies have raised more than $1.4B in follow-on funding• IW companies:
– Employ more than 18,000 people– Generate more than $3.3B in annual revenues
• Nationally recognized best practice organization– PA Economic Development Assoc. Partner of the Year Award – 2011– EDA Excellence in Regional Economic Development Award – 2008– SSTI Excellence in TBED Award – 2008 & 2009– IEDC Excellence in Economic Development Award – 2008, 2009, 2011, 2012, 2013– Federal Lab Consortium Mid-Atlantic Technology Transfer Award – 2011– National Governor’s Association Featured Best Practice – 2012
• IW is the Ben Franklin Technology Partner of SWPA
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Need Being Addressed
• SWPA is home to universities and research institutions that attract over $1B in federal research dollars annually
• CMU and Univ. of Pitt have been awarded over 17,500 research grants and have registered nearly 1,000 patents in the last 10 years
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• Despite high volume of IP creation, tech transfer offices at universities and research institutions lack the resources required to fully support commercialization efforts
• Systemic factors are primary impediment: federal research dollars fund research, but can’t be used to support commercialization
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Research Commercialization Program
• Provide funding and strategic business support to help determine the commercial potential of university innovations
• Apply innovative business growth strategies to rapidly transform very early-stage startups into revenue-positive companies
• Provide assistance to entrepreneurs working outside of the university setting to help them overcome commercialization challenges
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Activities
• Direct grants from $25,000 to $100,000• Mentorship from Executives-in-Residence
– Complement work of Tech Transfer offices
• Mentorship from business and product mentors• Teach agile innovation methodologies• Technology review• Create a culture of entrepreneurship
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Benefits/Impacts
• Awarded 89 translational research grants totaling over $1.3M
• Provided mentorship and business support to 49 entrepreneurial teams working to commercialize technologies
• Hosted 16 agile innovation workshops
• Formed 17 companies• Created more than 60 jobs• Launched 36 products• Attracted over $110M in follow-on
funding
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CMU - Direct Spin-outs Per Year
After IW Commercialization Program Launched: Avg = 10/yr
Before IW Commercialization Program Launched: Avg = 3.6/yr
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Scalability, Replicability & Sustainability
• Scalable across industries– Energy, robotics, life sciences, IT, advanced
manufacturing, etc.
• Replicable across institutions– From universities to federal labs to private
sector startups
• Sustainability through investment– RCA creates deal flow for IW– Returns on investment fund future program
activities– Consulting agreement with institutions
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Alignment with Regional Economic Strategies
• SPC 2040 Transportation and Development Plan: “The region will proactively support the emerging role of colleges and universities in economic development.”
• Universities have stated that commercializing more technologies is important, but in today’s economic environment finding additional funding dollars for these activities can be difficult
• Regional positioning:– Revitalization after the collapse of heavy
industry– Hub of innovation and entrepreneurship– Diversified economy 900,000
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Lost 100,000 jobs between 1980 and 1983; took 10 years to recover
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Contribution to Higher Education Culture & Economic Wellbeing of Region
• Instill culture of entrepreneurship in higher education
• Partner with region’s universities and labs for programs
• Universities serve as feeder for other IW initiatives
• IW’s economic impact in region is impressive– $1.4B in follow-on funding– 18,000 people and $3.3B in annual revenues– 3.5:1 return on each tax dollar provided