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Discussion Document: July 6, 2009
The Avon Founda-on, Na-onal Cancer Ins-tute and Center for Advancing Innova-on Business Plan and Startup Challenge University Presenta-on By: Rosemarie Truman, Founder and CEO, The Center for Advancing Innova-on October 16, 2013
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What is the Challenge: Develop a business plan and launch a startup using 10 near-‐term, commercially viable inven-ons Challenge Overview • Business Plan (BP) and Startup Contest using 10 near-‐term, commercially viable inven8ons conceived
and developed by inventors from the NCI and an Avon Founda8on (AF) grantee • Challenge teams will par8cipate in three phases: LeFer of Intent, Business Plan and Start-‐up
Goals: • Breast Cancer (BC): Increase survivability and improve the standard of care in areas of unmet need • Technology Transfer (TT) Memorandum: “Accelerate and increase the volume of Federally funded
technology transfer in support of high growth businesses” • Economic Growth: Spur economic growth across the na8on through new startups and jobs • Entrepreneurship Learning: Provide a plaLorm for Universi8es to expand their entrepreneurial
programs • Business Model: Create new business models in TT, transla8onal research and R&D funding
Phases: Three phases -‐ Challenge Teams’ Opportunity: • Business Plan Prize: Up to 100 teams will par8cipate, 10 teams per inven8on. There will be one $5K
prize per inven8on ($50k in total awards) • Start-‐up Phase Seed Funding: Up to 30 successful start-‐ups will apply and poten8ally be awarded
funding which could range from $100K to over $1MM • Funding will come from venture capital, economic development corpora8ons, Avon Founda8on or
other private sources. Funding will not be provided from the NIH
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Who are the key players?
BIO SoPE CoFoundersLab Universi8es
• Students gain: real-‐world, cross-‐discipline, entrepreneurship experience; gain exposure to experts
• Universi/es gain publicity for providing entrepreneurial student opportuni8es and new way to create jobs
• Economic Development organiza8ons
• Venture capital • Private equity • Angel investors
• Breast Cancer Survivors • Venture Capitalists • Successful Serial Entrepreneurs • Industry Execu8ves and Experts • Founda8on, NCI and CAI Core Team
Judges/Mentors
Supporters
Core Partners: • The Avon Founda8on • Na8onal Cancer Ins8tute • The Center for Advancing Innova8on
Seed Funders
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Challenge Topics: Novel, Commercially Viable Breast Cancer Inven-ons
#1 -‐ Diagnos-c from Biopsies with SoYware Analysis Title: Breast Cancer Diagnos-c Based on Spa-al Organiza-on of Genes in the Cell Nucleus Execu-ve Summary Category: Diagnos8cs/Health IT Disease Focus: Breast Cancer using tumor biopsies Basis of Inven-on: Gene (DNA) How it works: Uses the 3D placement of genes to detect breast cancer in 8ssue Patent Status: Patent issued in Europe (validated in Germany, UK, France), pending in US, Canada Lead Inventor: Tom Misteli, PhD Development Stage: In vitro and retrospec8ve in vivo
Therapeu8cs: 5 Diagnos8cs: 5 Prognos8cs: 1 Vaccine: 1 Health IT: 1 Device: 1 Delivery Method: 1 Note: some inven8ons have more than one use and cover 2 or more of the above
Breast Cancer Challenge Topics
NCI Inven-on Example
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Who can par-cipate?
Team Design: Mandatory Requirements*
Challenge TEAM
Business
Legal
Medical/Scien8fic
Seasoned Entrepreneur
Other Key Notes on Who May Par-cipate
Students: • Graduate and undergraduate
Students • Post-‐docs, those in residency Anyone else beyond the three mandatory students Others Areas of Recommended Knowledge Sources: • Business development • Payers • Key Opinion Leader • FDA/Regulatory • Venture Capital • Clinical Research Outsourcer
• Over 18 years old • At least three students on the team
*Note: two inven8ons require addi8onal disciplines Inven8on #1: computer science; inven8on #3: engineering
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Overview of Phases: 100 teams enter; a poten-al of 30 startups
10 Inven-ons
10 Teams for Each Inven-on
Planning Phase 1:
Letter of Intent Phase 2:
Business Plan Post-Contest Phase 3: Startup
Inven-on 1
3 Teams per Inven-on Go to Ph3
Inven-on 1
3 Startups for Each Inven-on
“Startup Winner” Has Licensing Agreement and Seed Funding
• Select an inven8on
• Form a team
• Business Plan • Pitch • Elevator Speech
• Revise Business Plan
• Launch Startup • Apply for seed funding
• Apply for a license
• Enter your core team, mentors, advisors and collaborators
• Collaborate with the NCI or AF grantee University, Clemson
• Launch a Product
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Lecer of Intent: Guidelines, Deliverables and Key Dates
Letter of Intent
Deliverables: • LeFer of Intent form (it contains a CDA click through) • Prize Alloca8on Form • Resumes (one package containing all resumes of core team members,
mentors, and advisors) • Join Wiggio; create group and invite CAI to your group • OPTIONAL: Stakeholder Analysis and Collaborators Guidelines: • Augment your team with Venture Capitalists who may provide funding • Iden8fy collaborators that can provide seed funding and/or services to
your start-‐up (e.g., legal, accoun8ng, valua8on, etc.) • Include team members that have relevant inven8on experience • Prepare a strong LOI with all disciplines required, mentors and advisors.
We are accep8ng strong teams on a rolling basis Key Dates: October 1st, 2013 to November 29, 2013 • Start accep8ng LOIs: October 1st; Stop accep8ng LOIs, December 1st, 2013 • Receive final LOI communica8on by December 4th , 2013
10 Teams for Each Inven-on
Inven-on 1
Phase 1:
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Challenge Team Member Defini-ons
Challenge Team Defini-on: The “Challenge Team” is made up of the Team Leader, Core Team Members, Advisors, Mentors A Team Leader is our single point of contact for the Challenge and accountable for deliverables A Core Team Member is accountable for deliverables
A Mentor has domain experience and will ac8vely work with the team on a daily/weekly basis to review/complete deliverables
An Advisor has domain exper8se and the team uses for Q&A sessions, e.g., KOL
A Collaborator is an organiza8on that can improve your probability of success; they will include seed funders, services firms, etc.
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Business Plan: Guidelines, Deliverables and Key Dates
Business Plan Deliverables: • 10 page business plan or a business model canvas • 1 minute elevator pitch posted on YouTube • 5 minute live pitch via Skype or video conferencing to judges • 10 page pitch deck (maximum 10 pages Powerpoint or Prezio) Guidelines: • Begin with the end in mind. Make sure you understand
• Seed funders criteria for investment • NIH or Clemson’s license agreement requirements
• Leverage CAI’s templates/guidelines for your business plan, regulatory strategy, development plan, and commercializa8on plan, etc.
• Check the criteria we are using to assess deliverables
Key Dates: • Deliverables due: February 3rd (can be submiFed early) • Pitches: February 3rd to February 13th • Award Announced: February 19th
Prize: $5K for each of 10 winning teams– one award per inven8on
Phase 2:
3 Teams per Inven-on Go to Ph3
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Start-‐up: Guidelines, Deliverables and Key Dates
Start-up
Deliverables: • Revised regulatory strategy, commercializa8on plan and development plan • Start-‐up incorpora8on • Seed funding applica8on(s) • NIH or Clemson licensing applica8on
Guidelines: • Incorporate your start-‐up as soon as possible • Revise your deliverables by gaining addi8onal input from KOLs, payers, the
FDA, VCs, poten8al collaborators, CROs, CMOs, service providers, etc. • Parallel process your deliverable crea8on – especially seed funding and
licensing applica8on; there could be a “chicken or the egg” scenario
Key Dates: • Start date: February 20, 2014 • Deliverables due: June 17, 2014 • Awards announced: June 27, 2014 (or later)
Defini-on of Success: Start-‐ups launched a company; raised capital and in-‐licensed an inven8on. Successful start-‐ups are honored with a “Start-‐up Medal of Honor” in an awards ceremony
Phase 3:
Inven-on 1
3 Startups for Each Inven-on
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Post-‐Challenge Expecta-ons
Avon Founda-on: Ongoing partnering to ensure success NCI/Clemson University Research Founda-on: Ongoing Collabora8on The Center for Advancing Innova-on: Ongoing coaching/mentoring
EVENTUALLY: NEW BREAST CANCER PRODUCTS/SOLUTIONS ON THE MARKET
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More on the inven-ons, page 1 of 2
#1 – Health IT Inven8on – Detects Breast Cancer based on Spa8al 3D Gene Placement Tom Misteli, Patents issued in Europe (validated in Germany, UK and France) pending in US/Canada In vivo and in vitro data
#2 – Therapy/Vaccine– Slows tumor growth, preven8ng metastasis post surgery Dennis Klinman, Patent pending in the US, pre-‐clinical in mice
#3 – Device/Therapeu8c/Vaccine– Collagen composite 8ssue replacement material as a reconstruc8on plaLorm with an8-‐tumor capabili8es Karen Burg, Patent issued in the US, human breast 8ssue tested in pre-‐clinical
#4 – Therapeu8c/Diagnos8c – Binds specifically to a cancer cell target and inhibits the tumor growth Mitchell Ho, US patent pending, in-‐vitro data also mouse xenograph models
#5 – Therapeu8c/Vaccine– S8mulates immune response for tumor inhibi8on Alan Krensky, Patent Pending in US, Canada, Australia, and Europe, pre-‐clinical in mice
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More on the inven-ons, page 2 of 2
#6 – Therapeu8c– Small molecule that works with current drugs to enhance their effec8veness Nayda Tarasova, US patent issued; Europe, patent pending; pre-‐clinical in-‐vitro
#7 – Two Inven8ons Vaccine and/or Drug Delivery – PlaLorm to deliver proteins to cancer cells – much less toxic and more specific than current models Deb Chatterjee, Patents issued in US; another pending, in vitro and in vivo data
#8 – Diagnos8c– Uses genes to detect Cancer and associated stage Steven Libus, US patent pending, retrospec8ve human data from clinical trials
#9 – Diagnos8c– Predict pa8ents survival rate and guides treatment Stephen HewiF, Pending in U.S., Canada, Europe, Australia, Japan, Israel, and New Zealand, more than a thousand samples of human data
#10 – Diagnos8c– Determines the effec8veness of chemotherapy for a pa8ent Sherry Yang, US patent granted; Pending in Europe, Canada, Australia, and Japan, data from >1500 human 8ssue samples
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LeFer of Intent
Oct 1-‐Nov 29 2013
• 8/30/13 – 10/1/13: Form team
• 10/1/13: Submit LOI • 11/29/13: LOIs due • 12/4/13: Communicate to teams
Business Plan
Dec 2 2013 – Feb 19 2014
• 12/2/13: Launch BP effort • 2/3/14: Deliverables due • 2/3/14 – 2/13/14: Virtual pitches with teams
• 2/19/14: Award top teams for each inven8on
Start-‐up
Feb 20, 2014-‐ June 27, 2014
• 2/20/14: Launch SU effort • Ongoing: Revise BP; create SU; apply for funding and license
• 6/17/14: Deliverables due • 6/27/14: Announce successful start-‐ups
An8cipated Post-‐Contest Ac8vi8es
• Conduct discussions regarding collabora8ve R&D agreement
• Con8nue R&D on inven8on
• Con8nue raising capital
Key Dates
• Provide mentoring / guidance to teams • Receive ques8ons and filter to SMEs as necessary • Review rolling BP and SU deliverables
Ongoing
SUMMARY: Key Dates Under the “Overview” Sec-on on hcp://www.breastcancerstartupchallenge.com
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Key Links
hFp://www.breastcancerstartupchallenge.com
Challenge Website
LeFer of Intent Forms – For Teams Team Leader Core Team Members, Mentors, Advisors and Collaborators:
Wiggio Links – For Teams
hFps://www.surveymonkey.com/s/TeamLeadLOISurvey
hFps://www.surveymonkey.com/s/BCSChallengeCDAForm
Main Group hFp://wiggio.com/group_open_join.php?groupid=1838019&password=CAI1234&ref=1787839 Team Collabora8on hFp://wiggio.com/group_open_join.php?groupid=1848688&password=CAITEAM&ref=1787839
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Connect with us!
Ques-ons: Contact Rosemarie Truman, [email protected]
Facebook -‐ Breast Cancer Start-‐up Challenge TwiFer -‐ @BCSChallenge