executives - in- residences presenter troy d’ambrosio @business.utah.edu director lassonde new...
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Executives - in- residencesPresenter
Troy D’[email protected]
DirectorLassonde New Venture Development Center
www.lassonde.utah.edu
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Students develop commercialization plans for U of U technologies
Unique experiential education
20 graduate students
Job market springboard
2-3 new companies/yr• Management gap
Lassonde Center teams helped start 28 University of Utah spinoff companies!
Lassonde Center 08-09
Pierre & Claudette McKay LassondeNew Venture Development Center
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U of U startups from the Lassonde Center include:
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Entrepreneur-in-residence v1.0
Lineagen, Inc. – Molecular diagnostic company
• Started as a non-profit ($3.4M funding from state)o CEO and staff
• Lassonde Center developed non-profit plano Commercial sponsored research $$
• Commercial opportunity identified and plan put togethero Spun out into for profito Additional University support $250Ko Active involvement in company
Successful Series A - $5.4 M
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Technology Venture Development Office created 2005
Commercialization function moved
Dean of Business School
Focus on commercialization – out of the shadow of research
More of everything including start ups
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Startup Companies
100+ in 5 years
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Entrepreneur-in-residence v 2.0
Victims of our own success• Lack of management becomes a rate limiting step
Expanded executive-in-residence program to meet need• Non-paid entrepreneurs/business community members
o Started with 30 grows to over 100
• 3 - 4 meetings per year
• Match making processo Preview 2 – 3 start up companies o Ask for expressions of interest – Do you want to be the CEO?
• Part-time program manager brought in
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Other support needed
Funding support • Direct grants, SBIR grant support• Seed fund(s) • Close ties to VCs
Licensing managers
Venture Bench• Incorporation, websites, logos, insurance, CFO, Corp. Secretary
Faculty out reach
Faculty mentors
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Entrepreneur-in-residence v 2.0
Some successes New lie detection technology
• Presented to EIR
• EIR member sponsored presentation to Angel groupo No managemento No funding
• Two Angels express interesto Multiple meetingso License negotiationso Venture Bencho Grant funding
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Entrepreneur-in-residence v 2.0
Some failures Educational software (math tutorial)
• Presented to EIR
• EIR member that knew that space o Grant support o Institutional support and use
• Oil and water don’t mixo Quirky PIo Blunt entrepreneur
• Start over – same result - too much time
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Entrepreneur-in-residence v 2.0
Many just stall – no takers
Did not fill our management “gap• Unforeseen benefits - great point of contact
Impediments to success• Difficulty of task – early stage company, money, time etc.• Unaligned expectations – looking for a job, want to dabble, etc.• University environment - slow• Lack of true start-up experience• Diversity of technology – lack expertise in some areas• Quirky PI’s
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We also learned –
Active support and direct involvement does work
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• CO2 storage site for multiple power plants
• Lassonde Associates – Market research– Business model– Identified Headwaters as the strategic
partner
• Joint venture between the University of Utah and Headwaters Incorporated
• First USTAR company
The carbon sequestration intellectual property developed at the U of U allows greenhouse gasses to be permanently stored and monitored deep under the earth’s surface.
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40,000 misplaced feeding tubes
6,000 deaths
Real-time vision, full articulation, tube steering and a fluid pathway
Lassonde Associates market research, business plan, management
Company form & funding
Properly placed feeding tube.
Misplacement of feeding tube into
the lung.
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Entrepreneur-in-residence v 3.0
Embedded entrepreneurs
• 2-3 fulltime university employees
• Portfolio of 2-4 companies
• Act as CEO – raise money, product development, hire management
• Go with company or stay at university?
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Accelerator/ Software Development Center
The Software Development Center manages • Commercializes software and digital media
technologies• Resource - medical imaging, gaming, energy
exploration, modeling, healthcare, bioinformatics
The Medical and Biotechnology Accelerator• 10,000 square feet of office and lab space• Rapid prototypes
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Thank you