KU Entrepreneurial Ecosystem October 2016
ENTREPRENEURSHIP ECOSYSTEM AT KU Leveraged what KU already had Business School Built Assets BTBC Incubator KUIC End Result KU moved from a Maintainer to a Builder Creating an Evolving Ecosystem BTBC KUIC School Business
KU CENTER FOR ENTREPRENEURSHIP Develop entrepreneurial mindset among all students Help students launch and grow businesses Provide clinical application opportunities to cement learning Contribute economically and socially to the community/region Funded by US Dept. of Commerce - 1 of 40 UCs; $545K over 5 years
STUDENT INTEREST IN ENTR GROWS 500 900+ Entrepreneurship Enrollees in Past AY 469 488 450 400 350 337 348 311 335 299 397 413 421 300 250 200 150 100 50 0 Fall 2011 Spring 2012 Fall 2012 Spring 2013 Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 4
KUCE SINCE 2015 Reached 10 yrs, 5K enrollees, 100 JHC clients May 2015 Startup School 1.0 Nov 2015 GEW The Woz Nov 2015 Study abroad trip to Israel Jan 2016 ENTR Minor approved April 2016 Morris Business Plan Competition May 2016 EDA grant renewed July 2015 KC Techweek Sept 2015 Morris Business Plan Competition Dec 2015 Startup School 2.0 March 2016 ENTR Cert @ Ft Riley April 2016
Applying classroom learning to real world practice Collect experiences in different industries, management approaches Acquire the tool kit to solve any business challenge
Student business accelerator launched 2012 Provides resources and access critical to startup launch success: space, education, mentoring, access to capital for student new ventures Located on campus at BTBC Currently 12 companies in residence Drone radar systems, dyslexic student learning aids, less invasive spinal implants, cohort building apps to increase university retention, tech clothing, fin tech, for hire student programmers.
ENTREPRENEURSHIP AT FORT RILEY Expansion of current Certificate in Entrepreneurship Program - 2016 3 classes, 6 credits, delivered on post Comprehensive business plan final deliverable Soldiers students in regular Army, families and exiting soldiers In state tuition rates apply, Army benefits available Build to 30 student soldiers/class 8
INCUBATOR SPACE - BTBC Unique Partnership Among KU, City of Lawrence, Douglas County, Kansas Dept of Commerce, and Lawrence Chamber Opened in 2010 Specialized Facilities 85,000 sq ft of space for companies KU Connections to attract companies to KS Startup Assistance Entrepreneurs-in Residence Business analyst intern program Interim management Growing KU Companies in Kansas
BTBC GROWS IN 2014 Added 30,000 sq feet Phase II in 2014 KUIC takes space 75% occupancy 34 companies that employ 180 people with over $10M payroll
KU INNOVATION AND COLLABORATION KUIC is the Commercialization Arm of the University of Kansas Established in 2008 as 501(c)3 serving all campuses Tech Transfer Additional functionality added in 2011 Corporate Partnerships (3 FTE by 2013) Industry Agreements (2 FTE) Entrepreneurship Programming for Faculty
WE HAVE IT ALL BUT DO WE? We have it all! Mandate from KU strategic plan Strong education programs for students Modern incubator space Expanded commercialization effort So why only a few startup companies per year? Faculty interest? Lack of knowledge? Too many hurdles?
ARE FACULTY THE PROBLEM? Two companies formed in 2015 (license) 11 additional companies incorporated Pending a license Wait and See Mode Faculty Interest NOT the Problem
WHAT ARE THE BARRIERS? Ask the customer! Too many people helping What is a license?? What is a business plan?? Too much money!
THE PROBLEM IS US
ENTREPRENEURS@KU Education: Startup School@KU Funding: Proof of Concept Fund Mentoring: icorp @KU (Pending) Easy License: Swift Startup License Transparent and supportive infrastructure to assist faculty and staff in starting companies.
Goal: accelerate the startup process and increase chances of success. Format: 6 2 hr sessions based on the lean startup model End deliverable: POC application Leverage existing program Develop idea inside KU while further developing the business concept Collaboration: KU School of Business Curriculum, Teaching
GUEST LECTURERS Experiences Entrepreneurs Speak on Session Topics Alumni and Friends of KU Successful Startups Wilton Risenhoover UCLA Venture Fund Investment Committee Chair - 93 CS Generating Ideas Brian McClendon Uber 86 EE Building Product Davyeon Ross, ShotTracker, Inc. Financing Trish Brasted, Wichita Technology Corproation; Jason Tatge, Farmobile LLC Growth Toby Rush, EyeVerify Operations Jeff Stowell, Royal Street Ventures, 97 Political Science; 01 Law
Fall 2015 26 faculty attendees Spring 2016 86 students & faculty attended Fall 2016 Add working sessions/mentors 175 students & faculty
NEXT: PROOF OF CONCEPT FUNDING Faculty POC Fund NOT a research grant Technology development Based on SS@KU; Must have a provisional filed $40K for 6 month project Awarded 5 Funded from royalties Student POC Fund KU Catalyst Companies <$10K for 3 months Broader scope Awarded 6 Funded philanthropically
ICORP@KU Goal: Prepare researchers on How to Start a Company leveraging icorp Team Based Approach Principal investigator Entrepreneurial lead Mentor Collaboration: School of Business, Alumni Association Customer Discovery: industry engagement; talking to customers, partners, and competitors; Launch upon funding
LAUNCH: SWIFT STARTUP LICENSE What: Simple, ready-to-use license agreement for KU start-up companies Goal: Stimulate creation of new KU companies through the provision of transparent licensing term Terms: back-end loaded deal structure no upfront payments or annual fees no past patent costs (up to $20K) Single, low flat patent royalty rate Success fee at the time of an exit/liquidation event. Eligibility Complete the SS@KU program Faculty company founder Business lead identified (CEO)
PARTNER OUTSIDE KU: ACCELERATORS & NETWORKS Group of Entrepreneurs Who Help Build High-Growth Companies in the Midwest KU a Pipeline University Partner The next step for KU entrepreneurs Build the Company Build their Network Mentorship
PARTNER OUTSIDE KU: FUNDING Series A Proof of Concept EDA i6 Proposal Angels Mid-America Angels Women s Capital Connection Wichita Technology Ventures Seed Stage Fund Royal Street Ventures iim KCRising Firebrand Ventures
LESSONS LEARNED Asset Mapping Start at the Business School Don t reinvent the wheel Don t even think you can do it alone Partnership is the Secret Sauce Identify barriers realizing they may be created by you! Create internal programs first then partner outside to fill ecosystem holes
THANKS & ROCK CHALK Julie Seward Nagel, PhD jrnagel@ku.edu 785.864.9004 www.kuic.ku.edu