business minded approach to tech transfer
TRANSCRIPT
8/3/2019 Business Minded Approach to Tech Transfer
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Johns Hopkins TechnologyTransfer
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Achieve Success By Taking a Business Achieve Success By Taking a Business
Approach to Technology Transfer Approach to Technology Transfer
Wesley D. BlakesleeExecutive DirectorJohns Hopkins Technology [email protected]
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What Does It Mean – AWhat Does It Mean – A
Business Minded ApproachBusiness Minded Approach Understanding that operating theUnderstanding that operating the
tech transfer office is running atech transfer office is running a
businessbusiness
Adopting the attitudes, systems,Adopting the attitudes, systems,
analyses and practices of successfulanalyses and practices of successful
businessesbusinesses
KNOW THE NUMBERSKNOW THE NUMBERS
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JHTTJHTT
$5.1 Million Operating Budget$5.1 Million Operating Budget
$6.6 Million Patent Spend$6.6 Million Patent Spend
$12.2 Million Earnings$12.2 Million Earnings11
$3.6 Million Patent Reimbursement$3.6 Million Patent Reimbursement
$4.1 Million Net Profit$4.1 Million Net Profit
1. Not including equity sales1. Not including equity sales
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Writing About It IsWriting About It Is NotNot Doing ItDoing It
SWOT analysisSWOT analysis
Business PlanBusiness Plan
Operations ManualOperations Manual
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Doing ItDoing It
Last 3 years created the best andLast 3 years created the best and
most useful data and financialmost useful data and financial
management system anywheremanagement system anywhere
Result: Financial and metricResult: Financial and metric
budgeting and predictions have beenbudgeting and predictions have been
data-based and dead on last 2 yearsdata-based and dead on last 2 years
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Understand Your Business andUnderstand Your Business and
Business FocusBusiness Focus
Is it:Is it:
Faculty ServiceFaculty Service
Revenue ProductionRevenue Production Public Service – AdvancePublic Service – Advance
Technologies For Public BenefitTechnologies For Public Benefit
Service /Accessibility to IndustryService /Accessibility to Industry Economic DevelopmentEconomic Development
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It’s All Of Those And MaybeIt’s All Of Those And Maybe
OthersOthers
The Driving Force: Extraordinary The Driving Force: Extraordinary
Results with Ordinary PeopleResults with Ordinary People Peter SchutzPeter Schutz
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So, What Do Businesses Do,So, What Do Businesses Do,
How Do They Operate?How Do They Operate?
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Common Business FocusCommon Business Focus
Human ResourcesHuman Resources
FinancialsFinancials
Business MetricsBusiness Metrics
Data Mining And AnalysisData Mining And Analysis
Supply ChainSupply Chain BrandingBranding
MarketingMarketing
SalesSales99
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Human ResourcesHuman Resources
People – Your Most ImportantPeople – Your Most Important
Asset Asset
Old GE Slogan: "People are ourOld GE Slogan: "People are ourmost important product"most important product"
"Good to Great"; Jim Collins: "The"Good to Great"; Jim Collins: "The
Right Right PeoplePeople" " • Get the right people on the busGet the right people on the bus
• Get the wrong people off the busGet the wrong people off the bus
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Know Your PeopleKnow Your People
Strengths and weaknessesStrengths and weaknesses
Desires, likes and dislikesDesires, likes and dislikes
Source of informationSource of information
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Motivate Your PeopleMotivate Your People
People don't care what you know,People don't care what you know,
they want to know how much youthey want to know how much you
carecare
Can't win with a team "bustingCan't win with a team "busting
rocks" need your team "building arocks" need your team "building a
temple"temple"
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Incentive CompensationIncentive Compensation
Very necessary at JHTTVery necessary at JHTT
Keep the best peopleKeep the best people
Attract new peopleAttract new people
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FinancialsFinancials
IncomeIncome
ExpensesExpenses• Office operating expensesOffice operating expenses
• Patent costsPatent costs
Accounts ReceivableAccounts Receivable Licensee ObligationsLicensee Obligations
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Financials – JHTT specificFinancials – JHTT specific
Patent backlog – 500 cases burning $$,Patent backlog – 500 cases burning $$,
w/o active marketing or salesw/o active marketing or sales
• One effect of continuous understaffingOne effect of continuous understaffing
Patent costs – reduced firms, negotiatedPatent costs – reduced firms, negotiatedsubstantial fee reductions and $$ caps persubstantial fee reductions and $$ caps per
taskstasks
Created first class financial system forCreated first class financial system for
accounts receivable, licensee obligationsaccounts receivable, licensee obligations
duedue
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Business MetricsBusiness Metrics
If you don't track it you can'tIf you don't track it you can't
measure or predict itmeasure or predict it
If you can't measure or predict it youIf you can't measure or predict it you
can't improve itcan't improve it
If you don't track, measure orIf you don't track, measure or
predict it, you can't understand itpredict it, you can't understand it
If you don't understand it you can'tIf you don't understand it you can't
sell itsell it
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Business MetricsBusiness Metrics
Upfront $$$Upfront $$$
Total Contract ValueTotal Contract Value
Age to LicenseAge to License
Conversion %Conversion %
# Licenses/Licensing Associate# Licenses/Licensing Associate
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Data Mining and AnalysisData Mining and Analysis
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Upfront $$$ - Predict revenuesUpfront $$$ - Predict revenues
Total Contract Value – demonstrate long termTotal Contract Value – demonstrate long term
value of JHTT; return/$$value of JHTT; return/$$
Age to License – Patent decisionsAge to License – Patent decisions
Conversion % - Potential licensesConversion % - Potential licenses
# Licenses/Licensing Associate – staffing needed# Licenses/Licensing Associate – staffing needed
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Supply ChainSupply Chain
Need to increase # of disclosuresNeed to increase # of disclosures
• Metrics predict JHU should be about 1Metrics predict JHU should be about 1
disclosure per $3.25 – 3.5 Million indisclosure per $3.25 – 3.5 Million in
research dollarsresearch dollars
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Supply ChainSupply Chain
Faculty ServiceFaculty Service
• Immediate response to DisclosureImmediate response to Disclosure
• Face to face w/in 4 weeksFace to face w/in 4 weeks
• Online Disclosure submissionOnline Disclosure submission• Faculty portal access to invention-specific infoFaculty portal access to invention-specific info
on lineon line
• Programs, programs, programsPrograms, programs, programs Invention to VentureInvention to Venture Entrepreneur's Boot CampEntrepreneur's Boot Camp Company meetings and eventsCompany meetings and events Vine and Venture seriesVine and Venture series
2020
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BrandingBranding
Before – Internal:Before – Internal:
• Hard to deal withHard to deal with
• Non-communicative/secretiveNon-communicative/secretive
• Couldn't get technology outCouldn't get technology out
• Questionable value addedQuestionable value added
• Process more trouble than it was worthProcess more trouble than it was worth
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BrandingBranding
Before – External:Before – External:
• Arrogant/Hard to deal withArrogant/Hard to deal with
• Non-responsiveNon-responsive
• InflexibleInflexible
• OverpricedOverpriced
• Time to close deal too longTime to close deal too long
• No understanding of business issuesNo understanding of business issues
• Not "in the game"Not "in the game"
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Improving BrandingImproving Branding
UnderstandingUnderstanding
• Honest assessmentHonest assessment• Info from outsidersInfo from outsiders
• Understand the metricsUnderstand the metrics
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Improving BrandingImproving Branding
EducationEducation
• Internal and externalInternal and external
• Metrics criticalMetrics critical
• Highlight the goodHighlight the good
• Recognize the badRecognize the bad Project the fixProject the fix
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Improving BrandingImproving Branding
ServicesServices
• All constituent groupsAll constituent groups
DeliveryDelivery
• Walk the walk, not just talk the talkWalk the walk, not just talk the talk
• Face to faceFace to face
• Tackle the specificsTackle the specifics
• PracticePractice
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Improving Branding – JHTTImproving Branding – JHTT
SpecificsSpecifics First 6 months – continuous personalFirst 6 months – continuous personal
presentations topresentations to
faculty/managementfaculty/management
• "JHTT – not as bad as you thought""JHTT – not as bad as you thought"
Increased staffing, re-organizedIncreased staffing, re-organized
Fixed delay problemFixed delay problem
Open books and activitiesOpen books and activities
Sold the sizzleSold the sizzle
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Improving Branding – JHTTImproving Branding – JHTT
SpecificsSpecifics Conference ExhibitsConference Exhibits
• BioBio NCETTNCETT
• AUTMAUTM LESLES
• AACRAACR ASCOASCO
EventsEvents
• Angel/VenturesAngel/Ventures
• Bioinvestors conferenceBioinvestors conference
Public relationsPublic relations• ArticlesArticles
• PublicationsPublications
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Johns Hopkins Technology Transfer Johns Hopkins Technology Transfer
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MarketingMarketing
Don't confuse marketing with sales –Don't confuse marketing with sales –though related they are differentthough related they are different
activities for different purposesactivities for different purposes
Marketing means presenting yourMarketing means presenting yourorganization or a particularorganization or a particular
technology in a favorable light totechnology in a favorable light to
generate interest, increase valuegenerate interest, increase value Branding is the general part of Branding is the general part of
marketingmarketing2929
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Marketing – JHTT specificsMarketing – JHTT specifics
Branding correctionBranding correction Website upgradeWebsite upgrade
Marketing summariesMarketing summaries
Searchable and analyzable "technologySearchable and analyzable "technology
available for licensing" spreadsheet –available for licensing" spreadsheet –
created on demand through databasecreated on demand through database
Automated "push" marketingAutomated "push" marketing Technologies visible on numerous servicesTechnologies visible on numerous services
• Ibridge; Spark IP; Tech Transfer Online; othersIbridge; Spark IP; Tech Transfer Online; others
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SalesSales
Great Hairy Myth:Great Hairy Myth:
• You can't sell university technology -You can't sell university technology -
companies buy itcompanies buy it
Like all myths a grain of truthLike all myths a grain of truth
• If you do virtually nothing but be open,If you do virtually nothing but be open,
you will do some businessyou will do some business
• Some folks will find and buy someSome folks will find and buy somethings without initial contact from youthings without initial contact from you
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SalesSales
Truth: "Technology transfer is aTruth: "Technology transfer is acontact sport" Jane Muir, U. FL.contact sport" Jane Muir, U. FL.
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Sales – JHTT SpecificsSales – JHTT Specifics
Work in progress – seeking a salesWork in progress – seeking a sales
directordirector
Sales Pipeline – Report of matters inSales Pipeline – Report of matters in
progress generated by data systemprogress generated by data system Understand customers and customerUnderstand customers and customer
product pipelineproduct pipeline
Company focused meetings and programsCompany focused meetings and programs "Feet on the street""Feet on the street"
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Industry ConnectionsIndustry Connections
Engineering AdvisoryBoard
NanoBioTechnology
Advisory Board
Brain Sciences InstituteAdvisory Board
Carey Business SchoolPartnership Program
Global HealthAdvisory Boards
Medicine ScientificAdvisory Board
Hopkins BioTechNetwork
Institute for PolicyStudies Advisory Board
Brain Science Industry
Advisory Board
Institute for Cell
Engineering
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The Art of the Deal:The Art of the Deal:
Myth of Getting Your WayMyth of Getting Your Way Tech Transfer is more than sellingTech Transfer is more than selling
-its deal making-its deal making
One approach – getting what youOne approach – getting what you
wantwant
• "Getting your way is the gateway to"Getting your way is the gateway to
getting what you want"getting what you want"
- Jeffrey Gitomer,- Jeffrey Gitomer, Little GreenLittle GreenBook of Getting Your Way Book of Getting Your Way
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The Art of the Deal: GettingThe Art of the Deal: Getting
What You NeedWhat You Need
You can't always get what you want -You can't always get what you want -
But if you try sometime, yeah,But if you try sometime, yeah,
You just might find you get what youYou just might find you get what you
need!need!-Rolling Stones-Rolling Stones
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The Art of the Deal: Give TheThe Art of the Deal: Give The
Other Side What They NeedOther Side What They Need JHTT view – The Art of the Deal isJHTT view – The Art of the Deal is
learning how to give the other sidelearning how to give the other side
what they needwhat they need
"The more you give value, the more"The more you give value, the more
you will get your way"you will get your way"
Jeffrey Gitomer ,Jeffrey Gitomer , Little GreenLittle Green
Book Book
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The Art of the Deal:The Art of the Deal:
Giving ValueGiving Value Understand their businessUnderstand their business
• Read their materialsRead their materials
• Ask business questionsAsk business questions
• Don't give up on finding a solutionDon't give up on finding a solution
Biggest problem we have in ourBiggest problem we have in our
industry is looking in, not outindustry is looking in, not out
• We understand our business, not theirsWe understand our business, not theirs
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Value PropositionValue Proposition
Secret to sales: Creating the valueSecret to sales: Creating the value
propositionproposition
• We seldom do itWe seldom do it
• Mostly we don't know howMostly we don't know how How it’s done:How it’s done:
• Understand company's businessUnderstand company's business
• Know their product pipelineKnow their product pipeline
• Know their focusKnow their focus
• Show them why they need our productShow them why they need our product
• Demonstrate the value to themDemonstrate the value to them
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Value PropositionValue Proposition
So What, Who Cares, Why YouSo What, Who Cares, Why You
- Wendy Kennedy- Wendy Kennedy
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Sales - Creating OpportunitiesSales - Creating OpportunitiesWith Start-upsWith Start-ups
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Ch i M k F U i i
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Changing Market For UniversityChanging Market For University
BiotechnologyBiotechnology Big pharma have been reducingBig pharma have been reducing
in-house research programs, closingin-house research programs, closing
labslabs
Big pharma looks to acquire laterBig pharma looks to acquire later
stage technologiesstage technologies
More and more early developmentMore and more early development
being done by start-up and verybeing done by start-up and verysmall biotech companiessmall biotech companies
E h i O St t
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Emphasis On Start-upEmphasis On Start-up
CompaniesCompanies
Some universities traditionally moreSome universities traditionally more
inclined to start up companiesinclined to start up companies
• Faculty tend to be interested in creatingFaculty tend to be interested in creatinga company and leaving the universitya company and leaving the university
• Commercialism viewed positively, or atCommercialism viewed positively, or at
least not negativelyleast not negatively
• E.g. Stanford, MITE.g. Stanford, MIT
Of CN I F Of Ch i
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Necessary In Face Of ChangingNecessary In Face Of Changing
BiotechBiotech
So, we started a specific program toSo, we started a specific program to
increase start-ups from JHUincrease start-ups from JHU
technologytechnology Always did some – 3 – 4 per yearAlways did some – 3 – 4 per year
but not initiated or by our effortsbut not initiated or by our efforts
FY 08 did 12, last year, FY09 did 10FY 08 did 12, last year, FY09 did 10
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Start-ups – JHTT specificStart-ups – JHTT specific
Changed attitudes – programs andChanged attitudes – programs and
publicity regarding benefits andpublicity regarding benefits and
necessitynecessity
Created specific programs to engageCreated specific programs to engage
the angel and venture communitythe angel and venture community
Engaged the entrepreneurEngaged the entrepreneur
communitycommunity
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Start-ups – JHTT specificStart-ups – JHTT specific
Angel pitching eventsAngel pitching events
Investor opportunity programsInvestor opportunity programs
Creating top 100 MarylandCreating top 100 Marylandentrepreneur listentrepreneur list
"Speed dating" event"Speed dating" event
Close cooperation with our regionalClose cooperation with our regionalplayers – universities and stateplayers – universities and state
agenciesagencies
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Key PointsKey Points
Tech Transfer is a businessTech Transfer is a business
• Think like a businessThink like a business
• Know the numbersKnow the numbers
Understand your business –Understand your business –
Understand theirsUnderstand theirs
Brand, Market and SellBrand, Market and Sell
Value PropositionValue Proposition
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Johns Hopkins Technology
Transfer
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Johns Hopkins Technology Transfer:Johns Hopkins Technology Transfer:
Building a World Class OfficeBuilding a World Class Office
QUESTIONS?QUESTIONS?
Wesley D. BlakesleeExecutive DirectorJohns Hopkins Technology Transfer410-516-8300