Commercialising Research Results

Transcription

1 Commercialising Research Results Tom Hockaday technology transfer innovation

2 Contents 1. University - Industry Interactions 2. Technology Transfer in the University 3. Innovation Community

3 Tom Hockaday University College London Bristol University Oxford University Technology Transfer Innovation (independent consultant)

4 University & Business Educated workforce Advisory Boards Lectures Exchanges Collaborative Research Contract Research Donations Interactions Consulting Licensing technology Spin-out company formation Student entrepreneurship

5 Objectives, Motivations, Ownership

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8 University & Business Educated workforce Advisory Boards Lectures Exchanges Collaborative Research Contract Research Donations Interactions Consulting Licensing technology Spin-out company formation Student entrepreneurship

9 Labels TT Technology Transfer 3 rd Thing (arm, leg, mission) KT Knowledge Transfer KE Knowledge Exchange WE Wider Engagement KEC Knowledge Exchange & Commercialisation

10 This is difficult TT

11 THE UNIVERSITY TECHNOLOGY TRANSFER LANDSCAPE Tom Hockaday, 2008 University Research Gap 1 New spin-out company Angel/seed finance < 1m Venture capital > 2m Proof of Concept Funding TTO Gap 2 Networks - Business - Professional advisers etc internal Marketing external Licence to existing company Incl. evaluation, option, licence Pre-commercialisation - public sector support required Commercialisation - Engaging with business - business investing resources TT Deal Research / IP Supply / Push Business / Demand / Pull

12 Expectations It works! My job is complete. OK, so where do we start? #earlystage

13 University Technology Transfer Tom Hockaday technology transfer innovation

14 Key components 1. Ownership 2. Support 3. Sharing the rewards Objectives What then How

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16 Process

17 Process Stages

18 TT People Investor axis -> 3D Spin-out Academic axis -> Research 2D Licence, Consulting Commercial axis Research -> From Isis Innovation Ltd

19 THE UNIVERSITY TECHNOLOGY TRANSFER LANDSCAPE Tom Hockaday, 2008 University Research Gap 1 New spin-out company Angel/seed finance < 1m Venture capital > 2m Proof of Concept Funding TTO Gap 2 Networks - Business - Professional advisers etc internal Marketing external Licence to existing company Incl. evaluation, option, licence Pre-commercialisation - public sector support required Commercialisation - Engaging with business - business investing resources TT Deal Research / IP Supply / Push Business / Demand / Pull

20 Licence - v - Spin-out What makes you think you have a choice? The art of the possible Who decides It can change Objectives, incentives Is one easier than the other?

21 So, what to do? Talk to the market Talk to companies Talk to investors Talk with the researchers If an existing company is willing and able to sign a decent licence deal, why set up a new company?

22 Licensing existing company is willing and able Do they have commitment, to a clear development plan? Do they have resources to reach the market? to sign a decent licence deal Realistic financial terms Realistic sector and geographic scope

23 Licensing Marketing Talk to lots of companies Negotiation Is a lot harder without an alternative Internal champion In a senior position

24 Spin-outs: S & M SCIENCE MONEY SCIENTISTS MANAGEMENT

25 Spin-out Strategy University Research Group Head New Company Experienced Managing Director Senior Scientist moves Research Director Support Scientists Finance & Admin Sales & Marketing Production Scientists From Isis Innovation Ltd

26 Entrepreneurship The problem with the French is that they do not have a word for entrepreneur

27 Spin-outs The Players Founder Researchers Technology Transfer Manager Time Investor (1) Investor (2)? Manager (1) Manager (2)? Lawyers Accountants Bankers I N V E S T M E N T Shareholder, Director, Consultant Licence, University shareholding, director (OSEM) Shareholder, Director CEO, Shareholder Lawyers Accountants Bankers Shareholders Advisers From Isis Innovation Ltd

28 Money Proof-of-Concept (pre-deal) Angels Seed Capital Venture Capital Corporate Venture Capital Patient Capital (not the ones in Hospital) Public Markets

29 Piers & Bridges Business is over here! Saltburn Pier, England

30 Building Bridges

31 Investment Gap (s)

32 THE UNIVERSITY TECHNOLOGY TRANSFER LANDSCAPE Tom Hockaday, 2008 University Research Gap 1 New spin-out company Angel/seed finance < 1m Venture capital > 2m Proof of Concept Funding TTO Gap 2 Networks - Business - Professional advisers etc internal Marketing external Licence to existing company Incl. evaluation, option, licence Pre-commercialisation - public sector support required Commercialisation - Engaging with business - business investing resources TT Deal Research / IP Supply / Push Business / Demand / Pull

33 Be patient patient capital

34 Syzygy

35 Where it starts

36 Innovation Community Tom Hockaday technology transfer innovation

37 The Innovation Community Recruitment, head-hunters Angel Networks Students Angel Investors Investment Funds Accountants Bankers Lawyers Technology Transfer organisations University Researchers Commercial property managers Journalists Consultants Public Relations Local Government Hospitals Government Labs Research Institutes Politicians Incubators Business networks Science Parks Other universities Industry Technology companies Business Start-ups Local Enterprise Partnership YOU! Venture Capital Patient Capital

38 Components Components for a successful, dynamic, innovation community University Business & Finance Government Not-for-Profits

39 Components - University Support from the top Strong research base Student engagement Clear policies Ownership, revenue sharing, spin-outs, disputes Proof-of-Concept & Seed Funds Technology Transfer Office Policies, People, Patents, PoC, Publicity

40 Components Business & Finance Investors Business Angels, Seed, Follow-on Entrepreneurs Open-minded industry Business Networks Professional Advisers Lawyers, Accountants, Bankers

41 Components - Government Local, Regional, National Taxation Grants Infrastructure Legislative Framework Public Procurement Support & Clarity & Consistency

42 Components Not-for-Profit Foundations Charities Social Enterprise

43 Components Research Base Universities Research Institutes Research Hospitals Business & Investors Government Tax Grants Not-forprofits

44 Components Research Base Business & Investors Government Not-forprofits

45 The Innovation Community Recruitment, head-hunters Angel Networks Students Angel Investors Investment Funds Accountants Bankers Lawyers Technology Transfer organisations University Researchers Commercial property managers Journalists Consultants Public Relations Local Government Hospitals Government Labs Research Institutes Politicians Incubators Business networks Science Parks Other universities Industry Technology companies Business Start-ups Local Enterprise Partnership YOU! Venture Capital Patient Capital

46 The Innovation Community Journalists Recruitment, head-hunters Other universities Industry University Researchers Science Parks Local Government Commercial property managers Start-ups Angel Networks Investment Funds Research Institutes Business YOU! Public Relations Accountants Technology companies Business networks Politicians Students Hospitals Angel Investors Government Labs Incubators Bankers Lawyers Technology Transfer organisations Consultants Local Enterprise Partnership

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