Innovation Commercialization and the University of Pittsburgh Innovation Institute

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1 Innovation Commercialization and the University of Pittsburgh Innovation Institute Marc S. Malandro, PhD, CLP, RTTP Associate Vice Chancellor for Technology Management and Commercialization and Founding Director University of Pittsburgh Innovation Institute

2 Academic Research Funding The federal government provided about 60% of total academic R&D in FY 2012 (over $40 billion) Six agencies provide over 90% of federal support for academic R&D Department of Health and Human Services (NIH), National Science Foundation (NSF), Department of Defense, NASA, Department of Energy, Department of Agriculture. Institutions provided nearly 20% of R&D funding in FY 2012 ($12.1 billion) Over the last 20 years, R&D expenditures shifted in favor of life sciences and away from physical sciences, in FY % of federal funding

3 However, up to 1979 From 1953 through the 70 s, Federal R&D spending rose dramatically But by 1970s, US economy and industry as a whole is in decline, monies not available A 1979 Audit revealed that 28,000 Gov t filed patents but only 5% licensed to companies "Discoveries were lying there, gathering dust the taxpayers weren't being protected. We'd spent $30 billion in research for ideas that weren't helping anybody. Birch Bayh

4 Expectation Society, having funded much of the University based research, has an expectation that the fruits of that research will improve the human condition. Niels Reimers, Co-Founder AUTM Association of University Technology Managers

5 The Bayh-Dole Act: Public Law Patent and Trademark Act of 1980 Allows non-profit research institutions to retain title in innovations made under federally funded research programs Promotes investment by the private sector in commercialization of federally funded research discoveries for the public good

6 Bayh-Dole Provisions Encourage collaboration with industry to promote the utilization of inventions Universities must file patents on inventions they elect to own, and share any monies with inventors Government retains non-exclusive license and march-in rights Requirement to develop and commercialize the invention Preference given to small businesses in granting licenses Products must be substantially manufactured in the U.S.

7 Contribution of Academic Research to Drug Development

8 What is Technology Transfer? Within the context of the academic research environment, technology transfer is the migration of new discoveries and innovations resulting from scientific research to the commercial sector for product and process development.

9 Academic Technology Transfer In FY2014 $62.8 billion total sponsored research expenditures at AUTM survey reporting institutions $37.9 billion federally funded $4.6 billion industry funded $20.3 billion from other sources (e.g. foundations) 6,363 US patents issued 5,435 new licenses and options executed 965 new products introduced to the market 914 new startup companies launched Source: Highlights of AUTM US University Licensing Survey 2014

10 Why Do Academic Institutions Transfer Technology? Development of technology into products Dissemination of new knowledge for the benefit of society Stimulate economic development Education Generate licensing revenue and research funding Stanford Data (since 1970) 3 out of 11,000 inventions was a big winner, 88 have generated over $1 million

11 The University of Pittsburgh Wanted to Maximize Impact On Products to Consumers and Cures to Patients Start-Up Company Formation and Success Student Education in Innovation and Entrepreneurship Including experiential learning Support for the Regional Entrepreneurial Ecosystem Regional Economic Development

12 Formation of the University of Pittsburgh Innovation Institute Committee chair by Provost Emeritus Maher - Charged April 2012, recommendations August 2012 Innovation Institute formed - November 2013 Founding Director in place - March 2015 Operate against new 5 year plan - July

13 Innovation Commercialization Start-up Development Student Entrepreneurship Entrepreneurial Assistance Education Partnership Communication Economic Development

14 University of Pittsburgh Innovation Institute Mission To create, support and sustain a culture and environment of innovation, entrepreneurship and collaboration oncampus and off-campus for the benefit of the University community, the region and society

15

16 Overview of Technology Commercialization Pathway

17 Commercialization Metrics Total Invention Disclosures: New US Patents Filed: Number of Patents Issued: Number of Licenses: Number of Start-Ups (License): Number of Start-Ups (Students):

18 University of Pittsburgh Start-Up Companies FY 96 FY 97 FY 98 FY 99 FY 00 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY Start-Ups Cumulative

19 Selected Products Based on University of Pittsburgh Research

20 Existing Industry Partner GE Healthcare Technology molecular imaging agent for use in Alzheimer's patients as a PET diagnostic probe Inventors: William Klunk and Chet Mathis Departments: Psychiatry and Radiology Exclusive license to established company Approved in US and EU

21 License to New Start-Up Company healthstratica Technology automated mobile phone text (SMS) message system that sends queries and support messages to curb binge drinking Brian Suffoletto Department: Emergency Medicine Pitt, Duquesne and Towson University as early customers

22 Start-Up Company ALung Technologies Technology minimally invasive approach to extracorporeal CO₂ removal for patients with acute hypercapnic respiratory failure William Federspiel and Brack Hattler Departments: Bioengineering and Surgery (McGowan Institute of Regenerative Medicine) Start-up company formed in 2003, CE Mark

23 Innovation Commercialization Start-up Development Student Entrepreneurship Entrepreneurial Assistance Education Partnership Communication Economic Development

24 Pitt Ventures Our Foundation Neutral= Find It Opportunity identification (deal flow generation) Initial project assessment (deal screening) Investment decision (portfolio management) Second Gear = Plan It Business model canvas Product roadmap Technology validation Management plan Roadshow slide deck Fourth Gear = Grow It Identify opportunities to improve firm s performance Create customized plan to address opportunities Work with company to review, modify and implement First Gear = Prove It Customer discovery to identify value proposition and pain point Initial market assessment, competitive landscape, path to market Third Gear = Launch It Company formation/partner Identification License Ongoing metric reports

25 Gears Keep Moving Us Forward Pitt Projects Student Projects Regional Companies International Migration 92 projects 33 student teams 30+ departments 10 NewCos 10 NewCos 80 students 1 license to existing company Graduates in 3 option agreements AlphaLab Gear, $4M+ of gap funding ThrillMill, AlphaLab, Multiple technologies to IdeaFoundry UPMC as part of new Pitt alliance 11 entrepreneurs in residence 40+ student interns 100+ outside business mentors Beginning to recruit local early-stage companies that desire product-market fit help Working with Institute for Entrepreneurial Excellence and local early stage investor groups to identify participants Universities outside of the US using Pitt Ventures as a benchmark Transferring methodology to Tsinghua University

26 NSF Innovation Corps (I-Corps) Program Competitive, 3-Year NSF grant - Pitt was one of first 36 I-Corp sites Prepares researchers to extend focus beyond laboratory to see if their innovation has potential for commercial impact Aids participants in identifying valuable product opportunities that can emerge from academic research Provides $100,000/year in gap funding to test and validate business theses 30 teams per year minimum, 3 cohorts per academic year NSF Legacy $

27 Innovation Commercialization Start-up Development Student Entrepreneurship Entrepreneurial Assistance Education Partnership Communication Economic Development

28

29 Events and Competitions

30 Randall Family Big Idea Competition Student business idea and pitch competition over 10 weeks $100,000 in cash awards Number of teams: 75 Round 1; 36 at final round Number of students: 253 Number of Schools represented: 14 Gender: 63% male; 37% female Student level: 65% undergraduate, 35% graduate

31 Blast Furnace Student Accelerator University of Pittsburgh students at all levels who want to start a business Focus on value proposition and customer discovery Training Gear Program Innovation Institute Team Local entrepreneurs Mentoring Networking Space

32 Our goals To provide an educational foundation in entrepreneurship to all interested students. To translate that foundation into actionable skills preparing these student entrepreneurs to start their businesses.

33 The Results from Three Cohorts 48 teams and over 100 students. Student participation included the full range from undergraduate to post docs. 30% of the teams that participated in the Blast Furnace incorporate into companies and are accepted in regional business accelerators Double the rate of other benchmarked accelerators

34

35 Innovation Commercialization Start-up Development Student Entrepreneurship Entrepreneurial Assistance Education Partnership Communication Economic Development

36 Entrepreneurial Education & Assistance Institute for Entrepreneurial Excellence (IEE) 21 st Year: assisting more than 15,000 entrepreneurs since inception, adding 7,000 jobs and 800 new start ups Region s Leading Business Growth & Support Organization Collaboration Across Pitt Working with nearly 1,000 businesses annually 2013 Statistics: 40 programs, grew/impacted 443 jobs, 47 new start ups, $13 mil in new capital and $9 mil increase in revenue 36

37 Small Business Development Center (SBDC) Funded by U.S. Small Business Administration and PA Department of Community and Economic Development. No cost for consulting services. Oldest program of the IEE. Started in mid 1980s. Serves over 500 individuals/businesses per year through consulting and training programs.

38 Entrepreneurial Education & Assistance Entrepreneurial Fellows Center (EFC) Yearly Certificate Program for Fast Growing Businesses (>$1 mil in revenue with 20% growth) 1999, 15 th class of entrepreneurs Urban Entrepreneurship Focus on urban or inner-city entrepreneurs, especially disadvantaged and minorities located in underserved areas Urban Power to Prosper Certificate Program

39 Entrepreneurial Education & Assistance PantherlabWorks Accelerator to bring new products and services to market, innovate existing products and prepare for funding and outside incubators / accelerators Founded in 1999 Internship Initiative Goal to place Pitt students into internship positions in small/medium sized businesses Collaboration with Student Affairs, CDPA & Dr. Humphrey, and Community/Economic Dev Partners

40 Innovation Commercialization Start-up Development Student Entrepreneurship Entrepreneurial Assistance Education Partnership Communication Economic Development

41 Coulter Translational Partnership II Program Center for Medical Innovation Innovation Practice Institute Mascaro Center for Sustainable Innovation On-campus Off-campus Clinical and Translational Science Institute Pittsburgh Life Sciences Greenhouse McGowan Institute for Regenerative Medicine Pittsburgh Technology Council Angel Investors Venture Capital Catalyst Connection Corporate Partners Innovation Works Start-up Companies Idea Foundry

42 Partnership: Discovered and Developed in Pennsylvania (D2PA) $600,000 award To facilitate new company formation and precommercialization (gap) funding Combined review panel and funding decisions 21 opportunities funded

43 Partnership: Regional Economic Development, Idea Foundry Growth out of positive results from the Life Sciences Start- Up Accelerator Program City of Pittsburgh, the University of Pittsburgh and Idea Foundry

44 Commercialization Partnerships UPMC Pitt-UPMC Commercialization Collaboration Encourages funding of research Seed funding and major project funding Joint steering committee Template agreements with pre-defined business terms Pittsburgh Health Data Alliance Encourages funding of research Seed funding and major project funding Pitt Center Center for Commercial Applications of Healthcare Data (CCA) Michael Becich Template agreements with pre-defined business terms

45 Commercialization Partnership Impellia

46 innovation.pitt.edu

47

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