Innovate@UIC fosters, protects, accelerates, and funds early stage innovation
A vision to better align the commercialization efforts at UIC EWC OTM The linear model had discrete connections between the three units requiring handoffs Chicago has a different history and ecosystem than Champaign IV vs Lack of 10 year history that UIUC has i n terms of ecosystem development efforts related Other efforts in the Chicago area have come online recently and we need to c ollaborate while also strengthening our c ore competencies There was a significant gap at the intersection of all three Without better alignment significant opportunities c ould be missed Need for a more proactive, hands- on approach to nurture opportunities An opportunity for alignment through better integration of the three units will allow us to better serve the needs of UIC innovators
EWC OTM IV Innovate@UIC fosters, protects, accelerates, and funds early stage innovation
POC Awardees Other Ideas @ POC stage Licensing Startup Accelerator In Inv cuba es tio tm n en & t D is c Scr losur ee e & nin g Pa t Ma entin rke g & tin g POC Accelerator
UIC Chancellor s Innovation Fund POC Program 149 pre- proposals reviewed over 4 funding cycles since launch in Spring 2013 22 projects funded with awards totaling $1,462,642 Almost half of all UIC colleges represented on funded projects Medicine, Pharmacy, Engineering, Dentistry, Nursing, Applied Health Sciences, Liberal Arts & Sciences All projects are still active with the initial funding round (Spring 2013) close to completing projects later this year Impact of projects is still developing but some early signs of success: UIC CIF POC funds used on a project for the development of a treatment for dry eyes were leveraged to attract a large pharma company to help fund the clinical trial A strong pipeline of potential start- up companies is being built from POC funded projects Engaged over 40 doctoral and post- doctoral grad students and 3 Entrepreneurs- in- Residence to help evaluate the commercial pathway of UIC CIF POC funded projects as part of Innovate@UIC
Proof of Concept Accelerator OBJECTIVE: Identify and explore the market feasibility of promising UIC technologies to 1. 2. 3. Inform University resource allocation decisions Enable commercialization progress (or repositioning) with a documented roadmap Utilize graduate student and post- doc talent as a source of objective analysis while providing exposure to alternative career path and education STRUCTURE: Teams led by experienced Entrepreneur s - in Residence (EIR s) Each team has 1-3 student commercialization consultants Combination of group workshops for education and independent team meetings Serving as a cohort working on Proof of Concept projects Defined scope, assignments and deliverables to produce a commercialization roadmap
Entrepreneurs in Residence Joseph Feldman Experience Academic spinouts Commercialization Planning Industry expectations Early- stage fundraising Melbourne (Melbs) Lemieux Dana Deardorff
SPRING 2014 PROJECTS 16 student consultants/ 2 Entrepreneurs in Residence 4 MBA students 7 Post- Docs 4 PhD Candidates (west campus) 1 MS Bioengineering OUTCOMES 6 UIC Projects/Intellectual Property Antimicrobial therapeutic (Startup) Electrode arrays mapping retinal function ( Startup) Biomimetic device detecting circulating tumor cells (Startup) Blood test screening for colorectal cancer Device detecting cerebral blood flow in the eye to predict stroke probability Water desalination method 1 Summer internship at Life Technologies 1 Hired by Boston Consulting Group (Dec) 1 Executive MBA acceptance Post Doc 1 Follow-on engagement with startup company 1 State Department Innovation Fellowship Post Doc 8 of 16 returned for second cohort 2 in the pipeline preparing for sbir/seed funding 2 gained refined direction for further technology development 1 continued in program for further market feasibility research 1 determined to have limited path forward at this time (still a good outcome)
FALL 2014 PROJECTS 32 student consultants/ 3 EIR s 6 MS Chem, Bio, Mech Engineering, Kinesiology 2 MBA 19 PhD ( w/ 3 Physics, 1 ECE, 1 ME) 5 Post Docs (life sciences) 10 UIC Proof of Concept Projects including, Novel display technology to screen for drug variants Syngas production catalyst Cloud traffic elasticity software Dental/bone growth implant technology Maternal auto transfusion device Endotracheal tube enhancement Orthotic device for stroke rehab patients OUTCOMES 2 Hired by Deloitte Consulting 1 Joined NSF-ICORP team as business lead 1 Starting own company with NIH technology 1 in the pipeline preparing to form company 4 gained refined direction for further technology development 2 business models validated for licensing 3 determined to have limited path forward at this time (still a good outcome)
Proof of Concept Acceleration Workshops OBJECTIVE: Engage academic innovators to inform more market oriented technology development STRUCTURE: > Lunch n Learn format > Target UIC Faculty, students and research staff > Real world case studies from both academia and industry 1. 2. 3. 4. 5. Value Proposition Validate and Fund an Academic Startup Channels to Market Startup Mechanics Intellectual Property Portfolio Management
Company Formation Grants OBJECTIVE: Enable smart company formation and appropriate legal structures to set UIC companies up for long- term success. STRUCTURE: Ø $5,000 reimbursement to eligible high- tech startups for the transactional costs of company formation Preference for UIC affiliated startup Validated roadmap for commercialization Member/tenant of EWChicago operated facilities (milestone and reporting requirements)
SBIR/STTR Workshops and Webinars OBJECTIVE: Increase awareness of the SBIR/STTR program and expose innovators to a different mindset for proposal development. STRUCTURE: Ø 3x/year, on- campus workshops and free one- on- one consulting time Ø All agencies covered (NIH, DOD, NSF primarily) Ø Free ongoing webinars at EWChicago facilities for commercialization plan development, budget development, grant management and compliance
SBIR/STTR Consulting OBJECTIVE: Increase the number of submissions and success rates of SBIR/STTR funding. STRUCTURE: Ø Up to 20 hours of consulting time per proposal for Solicitation discovery Proposal preparation and review Submission support and direction Grant management and compliance post- award Ø Valued at $4,000 per proposal Ø EWChicago funds 50% or more of consulting time
Startup Series OBJECTIVE: Create general awareness, engage the community and build a network of peers. STRUCTURE: Ø Open to the broader community, late afternoon/evenings Ø 10 general topics repeated Spring, Summer and Fall 1. 2. 3. 4. 5. Intellectual Asset Management An overview of intellectual property, including patents, copyright, trademarks. Market Validation Ask and answer key questions about the commercial viability of a product Forming a Company Structures, Shareholders and Boards Operating a Company Basic legal and liability issues 6. Funding Options From friends, family and fools to IPO 10. Finding your voice Telling and selling your story 7. 8. 9. Accounting Basics The least you need to know to get started Venture Capital Dive into capital structure, investor expectations and relationships Management Team Who do you want on your bus and who should be driving? Networking Meet and engage w ith as m any people as you can
Case Study: Capio Biosciences (Dr. Seungpyo Hong) September 2008 Invention Disclosure to OTM of A biomimetic microfluidic chip that can separate and capture CTC s with high efficiency and specificity Fall 2012 Proof- of- Concept Fund Award April 2013 Faculty joins Chicago Innovation Mentors as a mentee Summer 2013 Company formed with EWC support Fall 2013 SBIR/STTR workshop engagement Jan 2014 POC Accelerator student consulting team engaged Summer 2014 IllinoisVENTURES engaged in discussions regarding UIC CIF Seed Fund investment August 2014 SBIR/STTR Submission Fall 2014 EIR joins company as Interim CEO
Ja Hye Myung, Ph.D. (Post Doc) Combining technology expertise while developing new and leveraging experienced entrepreneurial talent Seungpyo Hong, Ph.D Associate Professor» Intellectual Property Defined and Protected» Proof of Concept Funds Awarded» Connected to Mentors» Proof of Concept Accelerator SBIR/STTR submission support» Interim CEO matched» Seed investment due diligence» Post- doc on the invention joins the new company» Post- doc from accelerator consulting team joins company and forms a startup team with another technology Melbs Lemieux, Ph.D. Stanford Post- Doc Founder C3Nano Entrepreneur in Residence at EWChicago
Innovation Influences Federal funding moving toward commercialization activities with social and/or economic impact Industry engagement at any level requires market oriented technology development Students seeking applied entrepreneurial or commercialization experiences Faculty attraction and retention Career opportunities for graduate students and post- docs Technology transfer measured in licensing revenue Returns on seed investment Ø Pursuing NSF I- CORPS Site designation with Colleges of Engineering, Medicine, Liberal Arts and Sciences and Business and Innovation Center