Approved June 6, 2016 UNIVERSITY OF ILLINOIS RESEARCH PARK, LLC BOARD OF MANAGERS MEETING MINUTES FEBRUARY 1, 2016 TELECONFERENCE CALL Chair Ed McMillan called the teleconference meeting of the University of Illinois Research Park, LLC Board of Managers to order at 10:00 a.m. Participating in the meeting were: Voting Managers Non-voting Managers Ed McMillan Peter Schiffer Walter Knorr Pat Daly Mitra Dutta Larry Schook Roderick Johnson Rick Stephens Absent Sharon Donovan Mark Donovan UI Attendees Developer Attendee Laura Frerichs Cynthia Faullin Andrea Ruedi Kapila Viges TJ Augustine Roger West Bruce Walden Tamira Davis Wes Curtis Laura Bleill Information Item: Update on EnterpriseWorks Chicago Kapila Viges presented the update on EnterpriseWorks Chicago, reviewing the handout previously distributed to the Board. She highlighted the following statistics for the period 2012 through 2015: HTI Residents: 26 (current) ILF Residents: 19 (current)(expect College of Medicine to fill 40-45% of building)
Chicago Innovation Mentor Teams: 11 (current) Company Formation Grants: 14 SBIR/STTR Proposals: 26 SBIR/STTR Awards: 22 Total SBIR/STTR Funds Secured: $6.12 million New Private Funds Raised $2.695 million Rod Johnson asked how many dollars were in the company formation grants and how much grant money is left. Kapila responded that each grant was in the amount of $5,000 and that no grant monies remain. Ms. Viges highlighted two startup successes: BioVipra (demineralized bone graft) and Praxicut (novel materials for surgical simulation). She also reviewed the Fall 2015 events and programs, as well as the operating update contained in the handout. Kapila informed the group that budget constraints will be a limiting factor going forward in regard to direct education and counseling programs. She plans to slow down events in the first quarter of 2016 in order to spread them throughout the remainder of the year. In regard to staffing, there are presently 2.5 FTE s and there is currently a freeze on filling the vacated business manager position. Action Item: Approval of Minutes At 10:10 am, Chair McMillan acknowledged that a quorum of the voting members of the Board of Managers was present and asked the members to review the minutes of the October 13, 2015 meeting of the UIRP, LLC Board of Managers. Peter Schiffer moved that the minutes be approved. Mitra Dutta seconded the motion, which was then unanimously approved. 2
Information items: Updates on Research Park Laura Frerichs presented the operating update on the Urbana-Champaign campus Research Park, reviewing the handout previously distributed to the Board. 2015 Highlights and EnterpriseWorks Incubator Updates During 2015, nineteen new startups became tenants and affiliates at the EnterpriseWorks incubator and six student startups became clients. Eight startups graduated successfully from the incubator; five attracted venture capital funding; one had a large corporate acquisition; and two have major corporate customer affiliations. The incubator continues to be full. Carle Sports Medicine Building Update Laura reported that the steel is out of the ground now. Access drive curbs and turn around are poured and all road concrete is complete. Ameren utilities connections and work plans have been finalized. Events, Programs and Publicity in the Research Park o Forty-two events were programmed and offered for clients from October through January. Laura indicated that the focus has been on greater student outreach and getting student interns. o Grand openings included: Capital One (digital campus lab); Agrible (predictive analytic tools that deliver field-specific data and forecasts to help with decision making in the field); and Granular (farm management software and analytics). Agrible is the fasted growing startup in the Research Park. 3
o The first official AWARE event (a female entrepreneurship event) took place on December 3, 2015 to a packed room. o On February 17 & 18, 2016 the Ag Tech Innovation Summit will take place. Peter Schiffer asked if the event have been advertised in the College of Engineering. Laura indicated that it has been heavily promoted to the faculty and in the eweek publication. Dr. Schiffer indicated that he would like for the engineering folks to be in attendance at the conference. o Entrepreneur consulting in the Research Park rose sharply in 2015. o The Research Park has been recently featured in the national and Chicago press. At the invitation of the You re Welcome Campaign, Robert Scoble, a top tech personality/blogger/evangelist in Silicon Valley, visited Champaign-Urbana on January 22, 2016. FY 2016 YTD Financial Statements Laura Frerichs and Roger West presented the FY 2016 YTD financial statements. For the first six months of FY 2016, UIRP, LLC had a net of $161,225 after expenses of $229,807 on income of $391,032. Laura indicated that there is $246,000 available for infrastructure projects ($113,000 from the current budget and $133,000 ICR carryover). In regard to the EnterpriseWorks (EW) revenue and operating expenses for the first six months of FY 2016, EW had a net of $51,150 after expenses of $447,032 on income of $498,182. EW is doing well on rental income due to the incubator being at full capacity. Institutional funds from the University for salary support is budgeted for the year to be $272,882. 4
However, uncertainty still exists in this category due to the lack of a budget appropriation from the State of Illinois for the University. Larry Schook commented that it has been a rough time for the University in regard to the State budget situation. Executive Session At this time, Mitra Dutta moved that the Board adjourn to Executive Session to: (i) discuss and approve Executive Session minutes; (ii) discuss confidential and proprietary information regarding Research Park tenants and potential tenants which, if disclosed, may cause competitive harm; (iii) discuss the setting of a price for the lease of property; and (iv) discuss the University of Illinois Research Park, LLC audit report with the auditor. Rick Stephens seconded the motion which was unanimously approved. The Board adjourned at 10:49 a.m. to convene in Executive Session. Reconvention At 12:04 p.m., the Board of Managers meeting was reconvened by Chair McMillan. New Business / Old Business / Public Comment There was no public comment and no further old or new business to discuss. 5
Adjournment It was moved by Rod Johnson and seconded by Peter Schiffer that the meeting be adjourned. The motion passed unanimously and the meeting was adjourned at 12:06 p.m. Respectfully Submitted, Wesley W. Curtis Secretary designee Approved June 6, 2016 by UIRP, LLC Board of Managers 6