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Johns Hopkins Technology Transfer
11
Achieve Success By Taking a Business Achieve Success By Taking a Business Approach to Technology TransferApproach to Technology Transfer
Wesley D. BlakesleeExecutive Director Johns Hopkins Technology [email protected]
What Does It Mean – A What Does It Mean – A Business Minded ApproachBusiness Minded Approach
Understanding that operating the Understanding that operating the tech transfer office is running a tech transfer office is running a businessbusiness
Adopting the attitudes, systems, Adopting the attitudes, systems, analyses and practices of successful analyses 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 Is Writing About It Is Not Not 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 and Last 3 years created the best and most useful data and financial most useful data and financial management system anywheremanagement system anywhere
Result: Financial and metric Result: Financial and metric budgeting and predictions have been budgeting 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 and Understand Your Business and Business FocusBusiness Focus
Is it:Is it: Faculty ServiceFaculty Service Revenue ProductionRevenue Production Public Service – Advance Public 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 Maybe It’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 Metrics Business Metrics Data Mining And AnalysisData Mining And Analysis Supply ChainSupply Chain BrandingBranding MarketingMarketing SalesSales 99
Human Resources Human Resources People – Your Most Important People – Your Most Important
AssetAsset
Old GE Slogan: "People are our most Old GE Slogan: "People are our most important product"important product"
"Good to Great"; Jim Collins: "The "Good to Great"; Jim Collins: "The RightRight 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 you they want to know how much you carecare
Can't win with a team "busting rocks" Can't win with a team "busting rocks" need your team "building a temple" need your team "building a 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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Financials Financials
IncomeIncome Expenses Expenses
• 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, negotiated Patent costs – reduced firms, negotiated substantial fee reductions and $$ caps per substantial fee reductions and $$ caps per taskstasks
Created first class financial system for Created first class financial system for accounts receivable, licensee obligations accounts receivable, licensee obligations duedue
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Business MetricsBusiness Metrics
If you don't track it you can't If you don't track it you can't measure or predict itmeasure or predict it
If you can't measure or predict it you If you can't measure or predict it you can't improve itcan't improve it
If you don't track, measure or predict If you don't track, measure or predict it, you can't understand itit, you can't understand it
If you don't understand it you can't If you don't understand it you can't sell itsell it
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Business MetricsBusiness Metrics
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 term Total 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 1 Metrics predict JHU should be about 1
disclosure per $3.25 – 3.5 Million in disclosure 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 info Faculty 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 long Time 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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Improving BrandingImproving Branding
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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Improving BrandingImproving Branding
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 – JHTT Improving Branding – JHTT SpecificsSpecifics
First 6 months – continuous personal First 6 months – continuous personal presentations to presentations 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 – JHTT Improving 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 TransferJohns Hopkins Technology Transfer
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MarketingMarketing Don't confuse marketing with sales – Don't confuse marketing with sales –
though related they are different though related they are different activities for different purposesactivities for different purposes
Marketing means presenting your Marketing means presenting your organization or a particular organization or a particular technology in a favorable light to technology in a favorable light to generate interest, increase valuegenerate interest, increase value
Branding is the general part of Branding is the general part of marketingmarketing
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Marketing – JHTT specificsMarketing – JHTT specifics
Branding correctionBranding correction Website upgradeWebsite upgrade Marketing summaries Marketing summaries Searchable and analyzable "technology Searchable 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 truth Like 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 some things Some folks will find and buy some things without initial contact from youwithout initial contact from you
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SalesSales Truth: "Technology transfer is a contact sport" Jane Muir, U. FL.Truth: "Technology transfer is a contact sport" Jane Muir, U. FL.
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Sales – JHTT SpecificsSales – JHTT Specifics
Work in progress – seeking a sales Work in progress – seeking a sales directordirector
Sales Pipeline – Report of matters in Sales Pipeline – Report of matters in progress generated by data systemprogress generated by data system
Understand customers and customer Understand 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 Advisory Board
Engineering Advisory Board
NanoBioTechnology Advisory Board
NanoBioTechnology Advisory Board
Brain Sciences Institute Advisory Board
Brain Sciences Institute Advisory Board
Carey Business School Partnership Program
Carey Business School Partnership Program
Global Health Advisory Boards
Global Health Advisory Boards
Medicine Scientific Advisory Board
Medicine Scientific Advisory Board
Hopkins BioTech Network
Hopkins BioTech Network
Institute for Policy Studies Advisory Board
Institute for Policy Studies Advisory Board
Brain Science Industry Advisory Board
Brain Science Industry Advisory Board
Institute for Cell Engineering
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 selling -Tech Transfer is more than selling -its deal makingits deal making
One approach – getting what you One 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 Green Book of Getting Little Green Book of Getting
Your WayYour Way
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The Art of the Deal: Getting The 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 you You just might find you get what you need!need!
-Rolling Stones-Rolling Stones
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The Art of the Deal: Give The The Art of the Deal: Give The Other Side What They NeedOther Side What They Need
JHTT view – The Art of the Deal is JHTT view – The Art of the Deal is learning how to give the other side learning 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 Green BookLittle Green 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 our Biggest problem we have in our industry is looking in, not outindustry is looking in, not out• We understand our business, not theirs We understand our business, not theirs
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Value PropositionValue Proposition
Secret to sales: Creating the value Secret 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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Value PropositionValue Proposition
So What, Who Cares, Why YouSo What, Who Cares, Why You- Wendy Kennedy- Wendy Kennedy
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Sales - Creating Opportunities Sales - Creating Opportunities With Start-upsWith Start-ups
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Changing Market For University Changing Market For University BiotechnologyBiotechnology
Big pharma have been reducing Big pharma have been reducing in-house research programs, closing in-house research programs, closing labslabs
Big pharma looks to acquire later Big pharma looks to acquire later stage technologiesstage technologies
More and more early development More and more early development being done by start-up and very being done by start-up and very small biotech companiessmall biotech companies
Emphasis On Start-up Emphasis On Start-up CompaniesCompanies
Some universities traditionally more Some universities traditionally more inclined to start up companiesinclined to start up companies• Faculty tend to be interested in creating Faculty tend to be interested in creating
a company and leaving the universitya company and leaving the university• Commercialism viewed positively, or at Commercialism viewed positively, or at
least not negativelyleast not negatively• E.g. Stanford, MITE.g. Stanford, MIT
Necessary In Face Of Changing Necessary In Face Of Changing BiotechBiotech
So, we started a specific program to So, we started a specific program to increase start-ups from JHU increase start-ups from JHU technologytechnology
Always did some – 3 – 4 per year but Always did some – 3 – 4 per year but not initiated or by our effortsnot 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 and Changed attitudes – programs and publicity regarding benefits and publicity regarding benefits and necessitynecessity
Created specific programs to engage Created specific programs to engage the angel and venture communitythe angel and venture community
Engaged the entrepreneur Engaged 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 Maryland Creating top 100 Maryland
entrepreneur listentrepreneur list "Speed dating" event"Speed dating" event Close cooperation with our regional Close cooperation with our regional
players – universities and state players – 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 Understand your business –Understand theirstheirs
Brand, Market and SellBrand, Market and Sell Value PropositionValue Proposition
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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 Director Johns Hopkins Technology [email protected]