Accelerating the Commercialization of Research - Crowell P.P.
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Accelerating the Commercialization Accelerating the Commercialization of Researchof Research
W. Mark CrowellExecutive Director, UVa InnovationAssociate Vice President for Research© Copyright 2013 by UVa Innovation
Idaho Coalition for Innovation
Greetings from Charlottesville / UVaGreetings from Charlottesville / UVa
Innovation is in our DNA: Innovation is in our DNA: ““Whenever an invention proves to be useful, it Whenever an invention proves to be useful, it ought to be tried.” ought to be tried.” (TJ)(TJ)
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Shared heritage between Charlottesville and Idaho – Lewis & Clark Expedition (TJ)
Setting the StageSetting the StageRole of Universities in enhancing innovation-based Role of Universities in enhancing innovation-based economic developmenteconomic development
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Funding, market, political and other Funding, market, political and other realities facing universities and TTOsrealities facing universities and TTOs
~85% of US TTO revenue made by 30 institutions; more than ½ do NOT break even
Rate of growth in federal R&D funding is flattening Faculty / talent recruitment and TTOs Industry and venture capital moving “upstream” (and
not returning); technology gap is widening Universities increasingly being asked to help drive
economy… product developers, economic developers, global health experts, collaboration managers, revenue generators, investors, management recruiters….
University supporters – including donors and elected officials – have innovation at top of their agendas
“Somebody has to do something, and it’s just incredibly pathetic that it has to be us.” (Garcia)
Societal need… or mandateSocietal need… or mandate
“Science serving humanity…” (Jefferson)
“In America, innovation isn’t just how we changeour lives; it’s how we make a living.” (Obama)
The Way We WereThe Way We Were
Patent-Centric Technology LicensingPatent-Centric Technology Licensing
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UVa Tech Transfer – “Before”UVa Tech Transfer – “Before”
Oversimplified illustration of traditional technology transfer model
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Tech Transfer 2.0 at UVaTech Transfer 2.0 at UVaInnovating the Way We Do BusinessInnovating the Way We Do Business
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The catalyst for change: Coulter Translational The catalyst for change: Coulter Translational PartnershipPartnership
BME faculty/clinician pairing required Very active oversight board $1M/year for 5 years; about $100K/project per year U.Va. 1 of 9 universities in 5-year experiment; 1 of 6 to receive
$10M endowment (required 1:1 match) Results:
> 30 projects funded; 5 startups; 11 licenses; > $12 million in venture capital and private investments; > $20 million in federal, state or foundation grants
About half of disclosures licensed within 2 years Externally audited 7:1 ROI for whole portfolio
Top 10% of projects > 40:1 ROI
National Coulter Program Outcomes - @ 5 yearsNational Coulter Program Outcomes - @ 5 years
Number of projects
US$ (in millions)
Funded projects 200 40Projects at animal efficacy or first in human
100+
VC Funding 28 152.9
Industry Licenses 24
Start-ups in Formation 17 5+
Governmental Project Specific Funding
150+
Total Commercial Relevance Events
69 308+
Follow-on Investment = $308M / $40M > 7x
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U.Va.’s translational / proof-of-concept programsU.Va.’s translational / proof-of-concept programs ~$5M/year into translational work Sourced from a variety of partners (Corporate, Foundation,
Individual Donors) Coulter Foundation Translational Partnership LaunchPad Fund in Diabetes Biomedical Innovation Cardiovascular/AstraZeneca Collaboration Ivy Foundation/Johnson & Johnson – COSAT i6 / Department of Commerce / Virginia Innovation Partnership Partnering with venture philanthropy organizations
Enhanced disclosure, patent, and deal flow Established administrative frame-work/best-practices
Plug-and-play in disease settings Robust faculty engagement in culture of translational research
and innovation
A new innovation agenda at UVaA new innovation agenda at UVa New position – Chief Innovation Officer (UVa Innovation) –
signals commitment of UVa to accelerate translation of innovation for economic and social benefit
Dissatisfaction with prior focus on patenting; protecting; driving revenue; misalignment w/ research agenda
Serve as UVa’s “front door” for innovation, commercial & investment partners, and for economic development
Promote culture change within the institution – innovation / commercialization valued more highly, taught more widely, practiced more robustly
Grow UVa’s innovation ecosystem (entrepreneurship, accelerator, seed funding, mentors, awards, etc.) – internally and externally
Raise the institution’s “partnering IQ”
Renewed emphasis on proof-of-concept, market-facing research
Moving from culture of invention to culture of innovation (from technology push to market pull)
Addressing risk, adding value, creating impact – translating good ideas into enterprise
Connecting and partnering across silos, disciplines, campuses, regions, and the world (authentic partnering)
Announcing that we’re “open for business” Leveraging intellectual assets university-wide to
create/deliver value – and to solve real problems University backed the budget!!!
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Adopting a Culture of InnovationAdopting a Culture of Innovation
Rebranded UVa Patent Foundation to UVa Licensing and Ventures Group (LVG)
Revise business and revenue sharing models Shift focus from patents to deals/partnerships
– from technology push to market pull Connect UVa Innovation across Va., US, world Establish UVa Innovation brand – tie together
tech transfer, entrepreneurship, innovation, corporate partnering across Grounds
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11stst 18 months – Build the platform: 18 months – Build the platform:
Executive Director, UVa Innovation
EntrepreneurialNetworks Group
Licensing and Ventures Group
Strategic Partnerships
Group
Communications Group
UVa-wide Innovation Initiatives
Translational Research Initiatives
UVa Venture Summit
Vice President for Research
Accelerator and Seed Fund Initiatives
UVa E*Cup and Business Plan Competitions
Innovation Education
UVa Innovation Platform / “O” Chart
Formerly the U.Va. Patent Foundation Name change reflects shifting emphasis from IP to
commercialization pathways Goals
Dissemination of U.Va. knowledge/assets Value-added business development activity High levels of customer service Quality transactions
U.Va. Licensing & Ventures GroupU.Va. Licensing & Ventures Group
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Creating, facilitating and empowering entrepreneurial networks among the University’s faculty, staff, students, alumni and the community
Venture Forward mentoring network, eventsEconomic developmentCommunity involvementStudent entrepreneurship and competitions
Entrepreneurial NetworksEntrepreneurial Networks
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Facilitating internal and external partnerships and collaborations with industry, foundations, federal agencies, philanthropists and investors
Proof-of-concept / translational research funding VIP, Coulter, Ivy, Swortzel, Launchpad
Public–private partnerships AstraZeneca, ATCC, Rolls-Royce, Cancer Center
Technology Partnership Initiative
Strategic PartnershipsStrategic Partnerships
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Elevating the profile of University innovators, ventures, partners and initiatives through strategic public and media relations
Corporate communicationsBrandingWebsite, blog, social mediaPress releases, media relations, spokespersonEvent marketing and collateral
Marketing & CommunicationsMarketing & Communications
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UVa Innovation: Bringing Together New UVa Innovation: Bringing Together New and Existing Initiatives (& strategies)and Existing Initiatives (& strategies)
…Others brewing!
Socia
l med
iaVenture mentors
Entre
pren
eur-i
n-
Resid
ence
Business Concept
Competitions
Crowd funding
Vent
ure
Phila
nthr
opy
Other new pan-university innovation Other new pan-university innovation initiativesinitiatives
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Multiple business concept competitions
Supporting, co-branding innovation initiative across Grounds and Cville
Expanded presence at trade shows and scientific meetings
Recruit major innovation events to Virginia
UVa Venture Summit Virginia Innovation
Partnership – i6 Award UVa startup company
survey Aggressive engagement –
UVa Innovation on radar regionally, nationally, internationally
CROWDFUNDING!!! (www.virginia.edu/useed)
A personal look back…. to RTPA personal look back…. to RTP
What does impact look like?What does impact look like?
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Impact of university innovation: Impact of university innovation: RTP pre- and post-technology transferRTP pre- and post-technology transfer
1989 (1st 30 years) – Real estate focus. 60 firms; 30,000 employees; most firms mid to large sized (era of little to modest university tech transfer)
2002 (next 13 years) – 150+ R&D firms; 45,000+ employees; 52% of firms have less than 10 employees; 86% have less than 250 employees (era of major university tech transfer)
1500+ start-ups since 1980; 34% of current companies are start-ups
1959 - RTP launched; what does 1959 - RTP launched; what does growth look like at 50 years old? growth look like at 50 years old?
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U.Va. Innovation Mobile SiteU.Va. Innovation Mobile Site
Simplified, Increased TransparencySimplified, Increased Transparency
Learning Center Educational primers Templates
Streamlined disclosure forms In progress
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http://innovation.virginia.edu/learning-center
Demonstrating ImpactDemonstrating Impact
Product pipeline Research reagent
directory
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http://innovation.virginia.edu/impact/products
U.Va. Innovation VenturesU.Va. Innovation Ventures
Launched interactive map and directory
Venture survey currently in progress, gathering: Vitals Economic development
metrics Testimonials:
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http://innovation.virginia.edu/impact/ventures
Accelerating the Commercialization Accelerating the Commercialization of Researchof Research
W. Mark CrowellExecutive Director, UVa InnovationAssociate Vice President for Reserach© Copyright 2013 by UVa Innovation
Idaho Coalition for Innovation
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