Accelerating the Commercialization Accelerating the Commercialization of Researchof Research

W. Mark CrowellExecutive Director, UVa InnovationAssociate Vice President for Research© Copyright 2013 by UVa Innovation

Idaho Coalition for Innovation

Greetings from Charlottesville / UVaGreetings from Charlottesville / UVa

Innovation is in our DNA: Innovation is in our DNA: ““Whenever an invention proves to be useful, it Whenever an invention proves to be useful, it ought to be tried.” ought to be tried.” (TJ)(TJ)

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Shared heritage between Charlottesville and Idaho – Lewis & Clark Expedition (TJ)

Setting the StageSetting the StageRole of Universities in enhancing innovation-based Role of Universities in enhancing innovation-based economic developmenteconomic development

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Funding, market, political and other Funding, market, political and other realities facing universities and TTOsrealities facing universities and TTOs

~85% of US TTO revenue made by 30 institutions; more than ½ do NOT break even

Rate of growth in federal R&D funding is flattening Faculty / talent recruitment and TTOs Industry and venture capital moving “upstream” (and

not returning); technology gap is widening Universities increasingly being asked to help drive

economy… product developers, economic developers, global health experts, collaboration managers, revenue generators, investors, management recruiters….

University supporters – including donors and elected officials – have innovation at top of their agendas

“Somebody has to do something, and it’s just incredibly pathetic that it has to be us.” (Garcia)

Societal need… or mandateSocietal need… or mandate

“Science serving humanity…” (Jefferson)

“In America, innovation isn’t just how we changeour lives; it’s how we make a living.” (Obama)

The Way We WereThe Way We Were

Patent-Centric Technology LicensingPatent-Centric Technology Licensing

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UVa Tech Transfer – “Before”UVa Tech Transfer – “Before”

Oversimplified illustration of traditional technology transfer model

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Tech Transfer 2.0 at UVaTech Transfer 2.0 at UVaInnovating the Way We Do BusinessInnovating the Way We Do Business

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The catalyst for change: Coulter Translational The catalyst for change: Coulter Translational PartnershipPartnership

BME faculty/clinician pairing required Very active oversight board $1M/year for 5 years; about $100K/project per year U.Va. 1 of 9 universities in 5-year experiment; 1 of 6 to receive

$10M endowment (required 1:1 match) Results:

> 30 projects funded; 5 startups; 11 licenses; > $12 million in venture capital and private investments; > $20 million in federal, state or foundation grants

About half of disclosures licensed within 2 years Externally audited 7:1 ROI for whole portfolio

Top 10% of projects > 40:1 ROI

National Coulter Program Outcomes - @ 5 yearsNational Coulter Program Outcomes - @ 5 years

Number of projects

US$ (in millions)

Funded projects 200 40Projects at animal efficacy or first in human

100+

VC Funding 28 152.9

Industry Licenses 24

Start-ups in Formation 17 5+

Governmental Project Specific Funding

150+

Total Commercial Relevance Events

69 308+

Follow-on Investment = $308M / $40M > 7x

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U.Va.’s translational / proof-of-concept programsU.Va.’s translational / proof-of-concept programs ~$5M/year into translational work Sourced from a variety of partners (Corporate, Foundation,

Individual Donors) Coulter Foundation Translational Partnership LaunchPad Fund in Diabetes Biomedical Innovation Cardiovascular/AstraZeneca Collaboration Ivy Foundation/Johnson & Johnson – COSAT i6 / Department of Commerce / Virginia Innovation Partnership Partnering with venture philanthropy organizations

Enhanced disclosure, patent, and deal flow Established administrative frame-work/best-practices

Plug-and-play in disease settings Robust faculty engagement in culture of translational research

and innovation

A new innovation agenda at UVaA new innovation agenda at UVa New position – Chief Innovation Officer (UVa Innovation) –

signals commitment of UVa to accelerate translation of innovation for economic and social benefit

Dissatisfaction with prior focus on patenting; protecting; driving revenue; misalignment w/ research agenda

Serve as UVa’s “front door” for innovation, commercial & investment partners, and for economic development

Promote culture change within the institution – innovation / commercialization valued more highly, taught more widely, practiced more robustly

Grow UVa’s innovation ecosystem (entrepreneurship, accelerator, seed funding, mentors, awards, etc.) – internally and externally

Raise the institution’s “partnering IQ”

Renewed emphasis on proof-of-concept, market-facing research

Moving from culture of invention to culture of innovation (from technology push to market pull)

Addressing risk, adding value, creating impact – translating good ideas into enterprise

Connecting and partnering across silos, disciplines, campuses, regions, and the world (authentic partnering)

Announcing that we’re “open for business” Leveraging intellectual assets university-wide to

create/deliver value – and to solve real problems University backed the budget!!!

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Adopting a Culture of InnovationAdopting a Culture of Innovation

Rebranded UVa Patent Foundation to UVa Licensing and Ventures Group (LVG)

Revise business and revenue sharing models Shift focus from patents to deals/partnerships

– from technology push to market pull Connect UVa Innovation across Va., US, world Establish UVa Innovation brand – tie together

tech transfer, entrepreneurship, innovation, corporate partnering across Grounds

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11stst 18 months – Build the platform: 18 months – Build the platform:

Executive Director, UVa Innovation

EntrepreneurialNetworks Group

Licensing and Ventures Group

Strategic Partnerships

Group

Communications Group

UVa-wide Innovation Initiatives

Translational Research Initiatives

UVa Venture Summit

Vice President for Research

Accelerator and Seed Fund Initiatives

UVa E*Cup and Business Plan Competitions

Innovation Education

UVa Innovation Platform / “O” Chart

Formerly the U.Va. Patent Foundation Name change reflects shifting emphasis from IP to

commercialization pathways Goals

Dissemination of U.Va. knowledge/assets Value-added business development activity High levels of customer service Quality transactions

U.Va. Licensing & Ventures GroupU.Va. Licensing & Ventures Group

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Creating, facilitating and empowering entrepreneurial networks among the University’s faculty, staff, students, alumni and the community

Venture Forward mentoring network, eventsEconomic developmentCommunity involvementStudent entrepreneurship and competitions

Entrepreneurial NetworksEntrepreneurial Networks

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Facilitating internal and external partnerships and collaborations with industry, foundations, federal agencies, philanthropists and investors

Proof-of-concept / translational research funding VIP, Coulter, Ivy, Swortzel, Launchpad

Public–private partnerships AstraZeneca, ATCC, Rolls-Royce, Cancer Center

Technology Partnership Initiative

Strategic PartnershipsStrategic Partnerships

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Elevating the profile of University innovators, ventures, partners and initiatives through strategic public and media relations

Corporate communicationsBrandingWebsite, blog, social mediaPress releases, media relations, spokespersonEvent marketing and collateral

Marketing & CommunicationsMarketing & Communications

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UVa Innovation: Bringing Together New UVa Innovation: Bringing Together New and Existing Initiatives (& strategies)and Existing Initiatives (& strategies)

…Others brewing!

Socia

l med

iaVenture mentors

Entre

pren

eur-i

n-

Resid

ence

Business Concept

Competitions

Crowd funding

Vent

ure

Phila

nthr

opy

Other new pan-university innovation Other new pan-university innovation initiativesinitiatives

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Multiple business concept competitions

Supporting, co-branding innovation initiative across Grounds and Cville

Expanded presence at trade shows and scientific meetings

Recruit major innovation events to Virginia

UVa Venture Summit Virginia Innovation

Partnership – i6 Award UVa startup company

survey Aggressive engagement –

UVa Innovation on radar regionally, nationally, internationally

CROWDFUNDING!!! (www.virginia.edu/useed)

A personal look back…. to RTPA personal look back…. to RTP

What does impact look like?What does impact look like?

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Impact of university innovation: Impact of university innovation: RTP pre- and post-technology transferRTP pre- and post-technology transfer

1989 (1st 30 years) – Real estate focus. 60 firms; 30,000 employees; most firms mid to large sized (era of little to modest university tech transfer)

2002 (next 13 years) – 150+ R&D firms; 45,000+ employees; 52% of firms have less than 10 employees; 86% have less than 250 employees (era of major university tech transfer)

1500+ start-ups since 1980; 34% of current companies are start-ups

1959 - RTP launched; what does 1959 - RTP launched; what does growth look like at 50 years old? growth look like at 50 years old?

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U.Va. Innovation Mobile SiteU.Va. Innovation Mobile Site

Simplified, Increased TransparencySimplified, Increased Transparency

Learning Center Educational primers Templates

Streamlined disclosure forms In progress

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http://innovation.virginia.edu/learning-center

Demonstrating ImpactDemonstrating Impact

Product pipeline Research reagent

directory

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http://innovation.virginia.edu/impact/products

U.Va. Innovation VenturesU.Va. Innovation Ventures

Launched interactive map and directory

Venture survey currently in progress, gathering: Vitals Economic development

metrics Testimonials:

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http://innovation.virginia.edu/impact/ventures

Accelerating the Commercialization Accelerating the Commercialization of Researchof Research

W. Mark CrowellExecutive Director, UVa InnovationAssociate Vice President for Reserach© Copyright 2013 by UVa Innovation

Idaho Coalition for Innovation

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