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Strategic Plan
2013
Where Research and Innovation Mean Business
Operating together with the Office of Research & Innovation;
Rocket Ventures, LLC; MCOF; and INCENU
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“An institution’s culture is not an inert thing, though admittedly difficult to change. It
belongs to the people of the institution; an institution’s culture is constituted of the sum
total of the utterances and writings of the people who comprise the institution. We are
responsible for it. We create it with our utterances. We change it with our
physiognomy, demeanor, and speech.” - Directions, 2011
Preamble:
Innovation, which rarely occurs in isolation, is the creative energy of our lives applied in ways
that provide meaningful improvements to the human condition. Thus, the many and varied
participants in UT’s innovation efforts are committed to creating the conditions for innovation
to thrive - ultimately transforming The University of Toledo into the first place talented and
creative students, faculty, staff and entrepreneurs seek when choosing their path to success.
Innovation Enterprises, along with the Office of Research and Innovation and partners
throughout The University and the region, are working to enhance transformative idea
generation, to connect entrepreneurs and their ideas with the right people and other
development resources for their commercial success, and ultimately to help achieve the
rejuvenation of our community and region. By engaging our University in thinking and acting
inventively – our University community will collectively reshape its culture and achieve the full
relevance and economic impact envisioned in our Strategic Directions.
Our History…
Innovation Enterprises was born from visionary thinking and by innovators who sought
collaboration as a means of growth for both The University and the Northwest Ohio region.
Prior to the merger, The University of Toledo established the “Science and Technology
Corridor” as a very broad regional and international development effort with partners from
academia, government, industry and major cultural organizations in Toledo and environs. Few
partners brought financial resources to the table, making it difficult to gain traction, however
important dialogue was under way about what the region required in order to educate for and
compete in a robust global marketplace.
In 2006, with the merging of The University of Toledo and the Medical University of Ohio, the
“The Corridor” was re-examined in light of the new opportunities presented by the larger and
more comprehensive University. Initially, the focus of “The Corridor” was shifted to “place-
based strategies” such as developing a research park and incubation facilities to attract new
and existing business to the campus areas, thereby increasing job and research opportunities.
Soon, the Research Park was developed on the Health Science Campus, with help from the U.S.
Economic Development Administration (EDA), and on main campus, the Nitschke Technology
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Commercialization Complex (NTCC, a.k.a. “R2”) was constructed with help from the Nitschke
family and the EDA. NTCC now contains several start-up firms, with more on the way. On the
health science campus, the Laboratory Incubation Center has been re-purposed as an incubator
for start-up firms that fit with UT areas of research strength.
Although “place-based” strategies have been successful, academic, business and community
leaders have asked much more of us. Leaders have noted that northwest Ohio lags in
“innovation capacity” and cannot regain the prosperity it has lost unless we generate new jobs,
primarily from new businesses with novel products the market desires. UT’s formation of UT
Innovation Enterprises in 2009 was a response to this challenge and opportunity ---to create a
more innovative and entrepreneurial University community and region by using the academic,
physical, intellectual property, early stage funding and relationship assets of The University to
greatest benefit.
In 2010, UT established one of the first early stage technology commercialization funds of its
type - The UT Innovation Enterprises Corporation - a re-configuration of the Science and
Technology Corridor charitable organization. Supplementing these efforts through Ohio Third
Frontier funding opportunities and the Entrepreneurial Signature Program (Rocket Ventures),
these efforts have assisted the formation and early development of several UT spin-offs and
early stage technology firms in the region by providing market development, CEO talent and other
development expertise.
Lessons Learned…
From these early years, we learned that there is no substitute for proper leadership and defined
strategy aligned with the principles of our academic mission, while advancing innovative and
creative ideas in our university and Region. In our early investing, we depended extensively on
others in conducting due diligence, and we learned that we would like to focus more on our
own due diligence. We had very little in the way of process early on, basing most of our
investment decisions on relationships and technology, not fully researching the risk associated
with and the capabilities of the company and its executives. We also learned that since we are
conducting early stage investing, we must balance the risk in additional ways, such as managing
the risks by multiple tranches, with carefully defined milestones, and by highly disciplined
adherence to milestone achievement before releasing additional tranches.
From the start-up company incubation activity, we have learned how to cultivate appropriate
tenant firms, and how to connect firms with passionate UT research faculty and graduate
students to conduct “use-inspired” research and entrepreneurial activity. We have increased
the sustainability of these incubation activities by obtaining external funds from Ohio’s Edison
Incubation Program and company leases. However, we also learned that the many different
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economic development and technology commercialization partner programs throughout the
region each had their own eligibility criteria and that this complexity sometimes resulted in
confusion and frustration for clients and business counselors. With experience, we have found
more effective ways of engaging the best resources for each new business development
opportunity.
A final key reflection is that we must work ever harder to engage the talent in each of the
colleges, divisions and other areas of our University community in order to achieve the greatest
benefit from the fresh ideas coming forth every day.
Moving Forward…
Our revised strategies place greater emphasize increasing innovation and entrepreneurial
opportunities for students, faculty and regional business and industry, primarily in start-ups
with new or disruptive technologies. In addition, we will continue to work with University and
regional leaders to capitalize on the points of opportunity for both academics and businesses to
grow. Importantly, we must continue robust efforts to improve our Region by facilitating UT’s
role as a recognized and effective leader in regional economic development.
Our strategies are driven by Directions 2011, with particular focus on goals 2, 3 and 6 and the
sub-goals directly guiding our efforts:
Goal 2: Graduate and Professional Academic Programs:
o 2.4 We will establish a recognized role in economic leadership and stimulation of
the regional economy.
Goal 3: Research, Technology Transfer and Incubation:
o 3.2 We will bring UT to the top 150 in the NSF rankings of research expenditures.
o 3.3: We will build collaborations with federal research and development (R&D)
agencies.
o 3.4: We will build and develop research connections and collaborations with
leading universities and centers and private corporations.
o 3.6: We will provide nationally recognized technology transfer and technology
and incubation programs that assist in local business development.
o 3.7: We will provide quality infrastructure and support for faculty research and
scholarship.
Goal 6: Outreach and Global Engagement
o 6.5: We will be an economic catalyst for the region.
o 6.6: We will improve the region’s quality of place and increase community access
to UT.
o 6.8: We will encourage global engagement.
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Mission:
The Mission of The University of Toledo’s Innovation Enterprises (Innovation Enterprises) is to
identify, facilitate, stimulate and support successful commercial activity that is aligned with the
University’s vision and mission and the Region’s Interests.
Vision:
Innovation Enterprises’ vision is to help create a culture of entrepreneurship and innovation
among students, faculty, staff and alumni and the region; acting as a portal - facilitating
resource exchange between the University and commercial enterprises, organizations and
other institutions on a regional, national and global scale.
Striving to increase the value of:
Student and Faculty Experience
Revenue for Sustainability
Reputation
Research and Subject Matter Expertise
Core Assets:
Academic Resources
Facilities
Tech Transfer and Commercial Research
and Commercialization
Funding
Institutional Level Business Engagement
Our Accomplishments:
Provided startup funding and investments valued at over $7 Million
Provided business development and startup expertise to over 100 existing enterprises
Provided thousands of hours of consulting expertise
Working with Incenu we have managed over $50 Million of economic investment, which has
been committed to large scale projects in Northwest Ohio
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Our strategic goals are regulated by our guiding principles that
continually move us forward:
Being altruistic in our leadership and remaining focused on the best interest of the
University, and the region, while recognizing the importance of a sustainable funding
model.
Being a transparent portal between the University and the region, facilitating resource
exchange that promotes partnership and growth.
Always considering and measuring how our projects positively affect the student and faculty
experience, revenue for sustainability, brand, and research and subject matter expertise.
Innovation Enterprises Overarching Strategic Goals:
1. Advance an entrepreneurial culture, transforming
the university and the region, for the purpose of
improving the innovation system, human capital,
health care and wellness, and quality of place.
2. Utilizing our assets to enhance the four domains -
human capital, health care and wellness, quality of
place and the innovation system - to create
prosperity in the region.
3. To be among the leaders in regional economic development.
Each overarching goal has a set of tactics designed with our mission and the University’s core
assets in mind, and used to ensure we continue to accomplish our strategic goals. These tactics
are measurable, and flexible - designed to be enhanced on a rolling basis, keeping us relevant
and moving at the speed of business.
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1. Advance an entrepreneurial culture both within The University and
beyond, and in so doing, transform the University as an innovative and
entrepreneurial force in the region and the state, thereby improving
conditions in all domains (human capital, health care and wellness,
quality of place and the innovation system itself).
a. Effectively communicate our mission with students, faculty, staff, alumni, and the
region.
“Directions” Goal Tactic Metric 2
Engage Chancellor, Provost, Deans, Chairs, and others designated by deans to hear innovation-related input from employers and others and to collaborate on expanded innovation and entrepreneurial opportunities; Related networking and other events between innovation partners and department chairs.
Track number of initial meetings and expansion to opportunities for key innovation goals Track next steps and meeting outcome and report quarterly to the IE Board
“Directions” Goal Create and implement marketing and communications plan, with external and university input
Creation, approval and implementation of plan 2
b. Provide innovation programming that will advance a transformational innovation
and entrepreneurial culture throughout The University and the region.
“Directions” Goal Tactics Metrics
2,3,6 Utilize the IE and NWO Regional Business Plan
Challenges and UCEAO Ohio Clean Energy Challenge to
engage students, faculty and staff in entrepreneurism
and innovative thinking.
Number of applicants/teams Quarterly reporting from IE Challenge winners
“Directions” Goal Utilize School for Entrepreneurship and Technology
Commercialization (SETC), “intra-preneuring,” and
technology commercialization efforts to demonstrate
entrepreneurism as part of building culture. Also solicit
support for introducing innovation into key messages at
orientation.
Achieving metrics outlined in SETC Business Plan
2,3,6
“Directions” Goal Reconsider portfolio goals over the next 2 years toward
a risk-balanced portfolio of firms in various stages of
development early stage proof of concept/prototype,
later stage manageable risk firms, and “low-risk—near
to market” firms. With stakeholder input, refine deal
flow attraction strategy to broaden and enhance it
beyond the VC equity model.
Increase availability of programs and participation
of clients in business development learning
opportunities
Better risk balance in portfolio and greater variety
in growth partner strategies.
2,3,6
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c. Connect students and faculty with meaningful and transformational entrepreneurial
opportunities.
2. Utilize our assets to enhance the four domains - human capital, health
care and wellness, quality of place and the innovation system - to
create prosperity in the region.
a. Maintain integration to respond to university and regional research and technology
commercialization opportunities.
b. Assist faculty and student technologies from lab to launch.
c. Enhance commercial research opportunities.
“Directions” Goal Tactics Metrics 2,3,6 Utilize Incenu, Edison and other centers and
institutes as well as the SETC for experiential learning opportunities for students, connecting them with area businesses for internships, co-ops and eventual job placement.
Number of internships, co-ops and job placements as a result of our efforts
Number of student and faculty members interacting with industry and economic development partners and the quality of their experiences
“Directions” Goal Tactics Metrics 3 Place Provost and VP of Research onto Innovation
Enterprises Board; invite AVP of Tech Transfer to Innovation Enterprises Board meetings . Maintain active university integration through IE staff outreach and with UT executive leadership support. Continue strong ties with other tech commercialization programs.
Utilize Salesforce software to measure entrepreneurial connections within campus and between the campus and region
“Directions” Goal Tactics Metrics 3 Increase internal marketing efforts to students,
faculty and staff, working with UT Tech Transfer, colleges, and others.
Build upon invention disclosure and voluntary engagement levels, increasing IE activity levels by 10% each year
“Directions” Goal Support the transition of technologies from lab to launch
Number of technologies entering into active development; number of stages progressing through each year
2,3
“Directions” Goal Tactics Metrics 2 In addition to basic research, develop
opportunities for research with commercial applications.
Progress in partnership with UT Development to increase number of corporate research engagements
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d. Identify and secure additional funding sources, providing pre-seed and seed funding
to spur and grow innovation; creating sustainability for the Innovation Enterprises
Fund and related activities.
e. Revise monitoring and company engagement practices to ensure return on
investment.
f. Optimize available lab and Incubation facilities - Research Technology Complex (R1),
Nitschke Technology Commercialization Center (R2), and Minority Business
Development Center (Scott Park).
“Directions” Goal Tactics Metrics 2,3,6 Secure new pre-seed fund (e.g. Med-Innovation
Fund);
Explore new research Growth Strategies with Provost, VP of Research, Tech Transfer staff, others
Explore potential adoption of best practices from high performing benchmark universities, and top tier leaders (e.g. UM, Georgetown)
Additional funding opportunities identified Number of additional funding opportunities secured
“Directions” Goal Tactics Metrics 2,3,6 Require additional forms of reporting (beyond
financials from CEO) to UT Innovation Enterprises as key investor
Evaluate and share reports with IE Board, making changes when necessary
“Directions” Goal Reorganize sub-committees to more closely reflect our funding practices
Committee created Opportunities secured 2,3,6
“Directions” Goal Tactics Metrics 2,3,6 Develop and market a comprehensive list of
services we provide to incubation clients.
Survey current tenants and analyze data for future improvements
List created Survey results
“Directions” Goal Review of policy that would enable broader base of clients.
Reduce tenancy barriers with information obtained from survey feedback. Potentially update future tactics based on results.
Increased occupancy rate
2,3,6
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g. Create a database and/or academic resource network to identify expertise within
the University to support our due diligence process and projects.
3. To be among the leaders in regional economic development.
a. Facilitate connections with regional firms at points of opportunity.
b. Help attract new resources.
“Directions” Goal Tactics Metrics 2 Modify current Salesforce database to allow for
more efficient management of data collected when interacting with students, faculty and staff. Utilize academic network.
Additional expertise engagements from campus Measure new inquiries and other metrics as appropriate.
“Directions” Goal Tactics Metrics 6 Target top firms in region to cultivate enhanced
innovation opportunity development, collaborating with corporate engagement team in UT Development. Collaborate with regional economic development partners to enhance connections to University assets such as students, facilities, researchers, and innovation programs.
Within a year, we are working with 2 companies to explore venture opportunities Network of connections active and increasing
“Directions” Goal Tactics Metrics 6 Collaborate with leaders in regional economic
development on grants coordination (RGP, LCEDC, etc.), making University connections, as appropriate;
Utilize Incenu as a regional resource development collaborator, where appropriate strategically and operationally.
Increase in region’s success in identifying, submitting and winning grants Incenu clients and revenue assistance
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“We must embrace innovation; it is the only hope for a sustainable future.”
- Dr. Lloyd Jacobs, ‘A University Rising’
Epilogue:
Innovation Enterprises has been challenged to join with others throughout the University to co-create a
culture of innovation and entrepreneurism in the vibrant and essential life of the University - in effect
transforming it beneficially, in every place and every way. This strategic plan is a response to that
challenge by our Board of Directors, staff, and broad network of collaborators in the University and its
regional community.
Thus, the evolving mission of Innovation Enterprises is about more than just commercializing
technology. It is collaboratively enriching the University’s value as an innovative and transformative
educational, research and economic force for the benefit of its students, faculty, and the region.
Together with the Office of Research and Innovation and its affiliated organizations, this strategic plan
re-focuses its resources on goals and strategies to achieve both commercial and cultural development
objectives in ways that are measurable in both traditional business metrics as well as more subtle, but
highly meaningful ways of measuring a life well-lived.
We must think beyond “thinking outside the box,” and embrace the opportunities developed by creative
members of our University and community in order to refine the talents of our students to be more
highly contributing members of an increasingly interesting and complex world, while at the same time
generating a healthier regional economy. We have created this plan to be correspondingly flexible and
open to change. The goals, their tactics for execution, and the outcome metrics, are designed to be
malleable –while providing a direction that keeps us focused.
Drawing on the lessons learned from our early experiences, and informed freshly by our campus and
regional collaborators, we will continue to work together to build a more innovative and sustainable
future for The University and the Northwest Ohio region.
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Glossary*:
Technology Transfer is the process of transferring scientific findings from one organization to another
for the purpose of further development and commercialization.
An invention is a new configuration, composition of matter, device or process. Some inventions are
based on pre-existing models or ideas, and others are radical breakthroughs, which extend the
boundaries of human knowledge or experience.
Incubator is a facility designed to foster entrepreneurship and help startup companies to grow through
the use of shared resources, management expertise, and intellectual capital.
Incubation is the process of cultivating successful business development.
Seed Stage Company is a new or existing company that is in the idea or conceptual phase.
Early Stage Company is a company that is less than 10-years old and has less than 50 employees.
Innovation is the process by which an invention is translated into a good or service.
IE Business Plan Competition is sponsored by Innovation Enterprises, with substantial help from the
College of Business and Innovation, this is the annual opportunity for faculty, students, staff and alumni
to obtain help with brief business plan and competing to obtain additional resources to further develop
the business plan in preparation for active development.
*Our thanks to UT’s Office of Technology Transfer for contributions to this glossary.