commercialization resources for research at uic uic office of technology management and...
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COMMERCIALIZATION RESOURCES FOR RESEARCH AT UIC
UIC Office of Technology Management and IllinoisVENTURES
NANCY SULLIVANCEO & Managing Director, IllinoisVENTURESInterim Executive Director, UIC Office of Technology Management
JEREMY HOLLISInterim Director, UIC Office of Technology Management
Introduction to the OTM
• The Office of Technology Management (OTM) is responsible for managing the intellectual property generated by research and educational activities at the University of Illinois at Chicago
• OTM Mission– “The Office of Technology Management’s mission is to encourage innovation, enhance research, and facilitate
economic development through the transfer of intellectual property. In its primary area of responsibility, the OTM provides in-house technology protection and commercialization services to transfer IP created on the UIC campus into practical use to benefit the public as quickly and effectively as possible.”
• Objectives related to IP– Make an impact
• To provide protections and incentives to encourage discovery and development of new knowledge, its transfer for the public benefit and its use for development of the economy
– Benefit financially and improve reputation• To enhance the generation of revenue for the University and to provide financial and reputational benefits for the creator(s)
– Preserve ability to conduct research• To preserve the University's freedom to conduct research and to use the intellectual property created by that research or
pursuant to an institutional initiative
What is commercialization?• The dissemination of research
discoveries in the form of intellectual property (IP) rights through licensing and start-up creation
• Fulfills the University’s economic development mission through the development and commercialization of new technological and scientific innovations
What is intellectual property?• Exclusive rights granted to owners of
intangible assets– The protectable discoveries that result
from research at the University
• This can include:– Patents– Copyrights– Trademarks– Trade Secrets– Tangible Material*
Introduction to the OTM:
Commercialization of Research Discoveries
Introduction to the OTM:
From Disclosure to Commercialization
Discovery/ Invention
Screening Marketing Licensing Disclosure to the OTMIP Creation
Introduction to the OTM:
FY13 by the Numbers
Chicago Innovation Mentors (CIM)
Chicago Innovation Mentors :
How it started
• CIM was founded in 2010 to provide team-based mentoring to faculty interested in exploring how to commercialize their technology
– Founded by UIC, University of Chicago, Northwestern and iBIO
– Focused mission of supporting local, university-based, new technology innovation ventures through the use of mentor teams
• Catalyzing university technology commercialization
– Adapted from the MIT Venture Mentoring Service model
– Expanded in 2012 to include Argonne National Laboratory and the Rehabilitation Institute of Chicago
• Over 175 mentors and 70 active mentee teams
Chicago Innovation Mentors :
How it works
• Team based mentoring– Team mentoring provides mentees with several advantages
• Diverse experience from which to gain input – range of counsel
• Richer discussions among the mentor team members– But no “right” answer
– Different dynamic than individual advising• Mentor orientation is required
• Lead mentor assigned to each team
• Optimal team is 3-5 mentors with a range of experience/expertise
• Mentor teams will probably change over time
– Mentor expertise includes regulatory pathway, clinical development, legal, finance, business development, entrepreneurship, etc.
• Monthly meeting of mentors and new mentees– Mentors volunteer and are matched to mentees after the monthly meeting
• Ongoing mentoring– Open ended, no formal 10 week or 10 step process
The Leading University Gap Funding Vehicle
AUM $65 million
Management Team
Nancy Sullivan Interim CEO and Managing DirectorJohn Regan Managing DirectorRob Schultz Managing DirectorJim Keating Associate
Stage/Focus
Industries
Among most active seed and early stage investor in regionUnique expertise, approach to research-derived workOriginators of market-leading companies in key domains
IT, physical and life sciences, cleantechInter-domain “seams”
Geography IL and the Midwest
Portfolio Status Companies seeded: 71Private fund investments: 23
2005-2010# 1 regionally#23 nationally
“IllinoisVentures successful strategy put a meaningful dent in the daunting challenge of driving growth in a tough economic setting.”
Introduction to IllinoisVENTURES
Linking the pieces ::Early-Stage Financing Puzzle
Development Cycle Creating Sustainable Startups
R&D dollarsProof of Concept Funding
Seed Dollars
Venture Investment
Patent Protection
Funds
Introduction to IllinoisVENTURES:
The Impact of IllinoisVENTURES
UIC Chancellor’s Innovation Fund (CIF)
Chancellor’s Innovation Fund:A Commitment to Proof of Concept and Seed Funding
UIC Chancellor’s Innovation Fund:
What is it
• A hybrid equity investment and proof of concept funding mechanism• Anticipated funding is $2 million per year for 5 years• Reinvestment of royalty income earned through the commercialization of
technologies• Equity investments anticipate returns • Proof of Concept funding provided to facilitate the commercialization of
technologies & increase number of sustainable startups• IllinoisVENTURES is the fiscal agent for the fund
Connecting University Innovation to Stakeholders
Creating the next generation of research development support and services
The Chancellor’s Innovation Fund links emerging technologies, federally funded innovation grants, alumni, donors, corporations, investors and the greater community
Investors Federal Innovation
Grants
UIC Discoveries
Donors/Alumni
Corporate Partners
UIC Innovation
Fund
Chancellor’s Innovation Fund:A Commitment to Proof of Concept and Seed Funding
UIC Chancellor’s Innovation Fund:
A Commitment to POC and Seed Funding
• Becoming more deliberate and strategic in support of our research teams & startup entities– Accelerate translational research through to commercialization– Combine seed funding with advisory services and educational initiatives– Plug innovators into outside funding and collaboration networks– Researchers face difficulty finding early stage funding to develop and test
prototypes• In order to fill this gap and accelerate the commercialization of university
innovations a proof of concept and seed funding is needed
• The Chancellor’s Innovation Fund establishes UIC as a leader in technology acceleration, makes UIC more competitive and positions the Campus as an important partner to external stakeholders
QUESTIONS
HOW CAN WE HELP?
NANCY SULLIVANCEO & Managing Director, IllinoisVENTURESInterim Executive Director, UIC OTM
JEREMY HOLLISInterim Director, UIC OTM
THANK YOU