introduction to cit - c.ymcdn.com · introduction to cit veda fall conference october 1,

Introduction to CIT

VEDA Fall Conference

October 1, 2015

© Center for Innovative Technology – September 2015

http://www.cit.org/

Source: “Between Invention and Innovation,” U.S. Dept. of Commerce. Nov. 2002

RESEARCH

PROOF OFCONCEPT ORINVENTION

EARLYSTAGE

DEVELOPMENT

PRODUCTDEVELOPMENT PRODUCTION

Technology Innovation Continuum

Focus/Mission/Objective

CIT accelerates the next generation of technology and technology companies

Our objective is to be globally recognized as the innovator, builder and premier

provider of services that accelerate technology company development


2

Organization

President and CEO

Nancy Vorona Paul McGowan

Tom Weithman Sandie Terry

Finance and Administration Public Relations

Linda GentryHap Connors (outsourced)

Chief Technology Officer

Dave Ihrie

SVP Operations

Bob Stolle

Rick Gordon


3

Region 2000

• Wireless RF

• Cognitive radio

• Nuclear plant life

• Education technology

• Integrated comms

• Sensor / measurement

Hampton Roads

• Modeling & simulation

• National defense

• Aerospace

• Logistics

• Health IT

• Cyber security

Roanoke - Blacksburg

• Energy systems

• Transportation technology

• Advanced engineering /

manufacturing

• Life & medical sciences / devices

• IT / software & applied informatics

• Advanced materials / chemicals

Southern Piedmont

• Energy efficient coatings

• Micro propagation

• Advanced manufacturing

• Biopolymers

• Data analytics


Southwest Virginia

• Biomass conversion


• Plug-less power

• Telemedicine

• Tobacco-cultured vaccines

• Data management & analytics

Research and Technology Roadmap

Greater Richmond

• Cyber security

• Data management & analytics

• Smart grid and analytics


• Biotechnology

• Medical devices

Shenandoah Valley

• Energy storage

• Biomass conversion

• Drug research

• Bio-threat defense

• Food processing


Virginia Piedmont

• Defense intelligence

• Specialty manufacturing


• Biomedical technologies

• Sensors & robotics

• Data management & analyticsFredericksburg

• Forensics

• Robotics

• Cyber security

• Information assurance

• Green tech


Northern Virginia

• Cyber security

• National defense


• Data analytics

• Social media / technology

• Aerospace


4

IEMS

Innovation and Entrepreneurship Measurement System

© Center for Innovative Technology – September 2015 5

Significant progress with significant work yet to be accomplished

Broadband

Based on FCC Broadband Definition of 25Mbps download


CRCF Program Overview


• FY2012: $6M

• FY2013: $4.8M

• FY2014: $4.8M

• FY2015: $2.3M

• FY2016: $3.8M

2012-5 Program Performance Metrics

Nearly 470 proposals were received,

representing all ten tech council regions

$56.5M in funding was requested

184 awards announced

$16.5M funding was provided

Funding was 100% matched by

recipients

• Ovarian cancer – diagnostics & anti-body based drugs

• Diabetes – prevention technologies and therapeutics

• Brain tumor pharmaceutical – therapy for brain

cancer cell destruction

• Solar energy – high efficiency technology

• Simulation software – 3D modeling for homeland

security

• Oyster genetics - improved breeding for aquaculture

New companies formed

Additional investments

Technologies licensed

Intellectual property created

Products & services in market

Outcomes

Appropriations

Example CRCF Project Profile and Impact

7

FY2012-2015 Awards by Primary Industry Sector


19 1 3

15

19

46105

10

1 1 Advanced Manufacturing

Aerospace

Communications

Cyber Security

Energy

Environment

Information Technology

Life Sciences

Modeling & Simulation

Nuclear Physics

Transportation


FY2012-2015 Awards by Technology Council Region

51

0

34 34

5

20

28

8

2 2

0

10

20

30

40

50

60

# of Awards by Region Region $ Awarded

Charlottesville $4,407,164

Fredericksburg $0

Hampton Roads $4,215,158

Northern Virginia $2,380,886

Region 2000 $451,952

Richmond $1,494,034

Roanoke –Blacksburg $2,675,902

Southern Piedmont $406,862

Shenandoah Valley $328,724

Southwest Virginia $186,883

• GAP Family of Seed Stage Investment Funds

• Three active funds

• GAP Technology Fund

• GAP BioLife Fund

• GAP Energy Fund

• Statewide technology entrepreneurship mission

• 135 active portfolio investments – 20% growth rate

Entrepreneur Service Line

• Nationally ranked top 50 investor


$0

$50,000,000

$100,000,000

$150,000,000

$200,000,000

$250,000,000

$300,000,000Leveraged Cash ($283.9M)

CIT Cash Out ($15.4M)

0

20

40

60

80

100

120

Number of Employees

Management Team / Founder

Full-Time Commitment

Integrity, Passion, Creativity

Coach-ability

Record of High Achievement

Investment Stage

Seed-Stage Focus

12-36 Months Prior to Series-A

Pre-prototype – Newly-Launched Technologies

Proprietary Advantage

Unique Technology

Defensible IP Position

Difficult-to-Replicate

Scalability

Targeting a Big Markets

Market Leadership Position

$20M+ Revenue in 5 Years

Industries

Technology

BioLife

Energy

Criteria Enterprise Value

18.4x leverage

GAP Fund Overview

$0

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

$700,000,000

$800,000,000

FY09 FY10 FY11 FY12 FY13 FY14 FY15


GAP Team Covers All of Virginia


Jennifer

O’Daniel

Marco

Rubin

Alex Euler

Dan

Henderson

Sean

Mallon

12

MACH37 Accelerator

MACH37TM is creating the next generation of

disruptive cybersecurity product companies.

• Within 20 months of operation, MACH37

launched 23 start-ups that are driving innovative

security products to market

• Established an expanding (STARS) mentor

network of 180+ leading cybersecurity executives

• Attracting entrepreneurs from the global security

researcher community to Virginia (rich in

untapped cybersecurity talent)

• Started F15 cohort in September


RIVANNA is a medical device

manufacturer in Charlottesville

14

The first ultrasound system made for

spinal anesthesia guidance

15

3D ultrasound fracture assessment

technology

3D imaging of suspected fractures without a sonographer

Orthopedics and emergency medicine markets

16

University of Virginia

Charlottesville, VA

UVa Biomedical Engineering

Will Mauldin, PhD

Co-founder and CTO

Mohamed Tiouririne, MD

Clinical trial P.I.

Kevin Owen, PhD

Co-founder and VP Eng

RIVANNA originated from research at the

UVa School of Medicine

UVa Medicine

John Williams

Serial entrepreneur

President & CEO

17

RIVANNA’s path to commercialization

2010

RIVANNA

founded

2011

UVa

Coulter

funding

2012 2013 2014 2015

CIT GAP

fundsCRCF

(UVa)

NIH/NSF

SBIR

CRCF SBIR

match

Seed

investment

/ New SBIR

CRCF SBIR

match

NIH SBIR

Manufacturing /

Sales

Operating at UVa

Alpha prototype

Beta prototypePre-production Regulatory

approvals

18

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