ueda summit 2012: entrepreneurs-in-residence: best practices for economic development (marmer &...
DESCRIPTION
Universities increasingly employ entrepreneurs in residence (EIR) to provide guidance and support to faculty and their start-up companies. These EIR’s are often alumni and community members looking to give back to the university or are supported by a regional economic development entity. As universities increasingly focus on start-ups, EIRs will continue to play an important role in fostering economic development. This session will also discuss what EIR programs exist outside university tech transfer offices and how the use of a collaborative approach and potential public-private partnerships, universities can access this skill set as well as generate new opportunities to support start-up activity.TRANSCRIPT
Entrepreneurs-in-Residence: Best Practices for Economic Development
University Economic Development Association Annual Summit 2012
Defining the EIR
Entrepreneur-in-Residence Executive-in-Residence Mentors, Alumni, Community Partners
Role of the EIR
To launch a new venture, typically with the backing of a venture capital firm or other organization
To assist in the evaluation of a potential start-up company
To provide expertise to an organization in launching a new or early stage venture
Who uses EIR’s
Venture capital firms Economic development organizations Universities Law firms Incubators Others
Typical EIR Services
Strategic planning Business plan writing Investor presentations, fundraising Go to market/marketing strategy Budget, finance and projections Management team/team building Resource planning Operations planning Technology development Intellectual property Board composition and management
VIEW FROM THE MIDDLE
DAN TRIPODI
FOUNDING PARTNER – SAGE GROUP SAGE GROUP – HEALTH CARE CONSULTING STRATEGIC, M&A, LICENSING, VALUATIONS GLOBAL PHARM, BIIOTECH, DEVICES, DIAGNOSTICS, RES.
PRODUCTS ˜ 20 YEARS
PRIOR EXPERIENCE
J&JB-DNENFACULTIES
U OF PENN (ADJUNCT PROFESSOR) TEMPLE UNIVERSITY (ADJUNCT PROFESSOR) UNIVERSITY OF DELAWARE (ADJUNCT
PROFESSOR)UNIVERSITY OF UTAH (CONSULTANT)
TRUSTEE – FTC
VIEW FROM THE MIDDLE
PRE-GAME TALK
VIEW FROM THE MIDDLE UNIQUE PERSPECTIVE IN THE MIDST OF THE ACTION CONTROLLING GAME AND EMOTIONS “COACHING” PREVENTING PENALTIES
SEED GRANT INVOLVEMENT
STONY BROOK“CLONING”EVOLUTION OF TIER FUNDINGAPPROX 30 YEARSINDUSTRY EXPERIENCE OF START-UPSSCARS AND BRUISES
LESSONS LEARNED
PATIENCEEDUCATING FACULTYOMBUDSMAN EARLY GUIDANCEMONITORINGFOCUS OF TCO$
LEARNED LESSONS(CONTINUED)
EXTERNAL ACCEPTANCE (ADMINISTRATIVE CREDIBILITY)
EVOLUTIONS OF TIER FUNDINGOUTSIDE INVESTMENTDEAL FLOWINCUBATOR
FOCUS OF SEED GRANT
TECHNOLOGYMARKET POTENTIAL
PROCESS
MEET WITH CHAIRMAN AND FACULTYREVIEW POTENTIAL CANDIDATE
PROGRAMSSUBMISSION OF PROPOSALSPANEL REVIEW OF PROPOSALSSELECT GRANTSMONITOR PROGRESS
BEYOND SEED GRANTTIER FUNDING OPTIONS
CONCEPT – $7-10 TEST THEORY OR CONCEPT
SEED GRANT - $30 – 40 PROOF OF CONCEPT IP INROADS TO COMMERCIALIZATION
BEYOND SEED GRANTTIER FUNDING OPTIONS
NEXT STAGE DEVELOPMENT - $50 (LOAN) FORMED COMPANIES ONLY OUTSIDE FUNDING PROTOTYPE DEVELOPMENT EARLY BETA TESTING
BEYOND SEED GRANTTIER FUNDING OPTIONS
EXCELLENCE GRANT - $100-250 HIGH POTENTIAL LOWER RISK LATE DEVELOPMENT FOCUSED ATTENTION REQUIRED
TRENDS
POWER OF THE INTERNETPOSITIONING OF THE TECHNOLOGY – KEYOUTSOURCING
COST CONSTRAINTS SPECIALISTS – GREATER EFFICIENCIES
FOCUSED, PROFESSIONAL, SPECIALTY COMPANIES EMERGING
Gap
University Corporations
Technology
UNIVERSITY
CORPORATIONS
Gap
Tech
FUTURE OUTLOOK
EXPLOSION OF NASCENT, NOVEL TECHNOLOGY
RESISTANCE OF CO’S TO LICENSE OR ACQUIRE
GAP WIDENSSHRINKING OF FED AND STATE FUNDINGU’S MUST NURTURE TECHNOLOGIESU’S MUST BE SMART IN SELECTING TO BRING
IN VALUETCO’S WILL CONTINUE TO BRING IN FUNDINGPUSH FOR GREATER EFFICIENCIES
SUMMARY
EXTERNAL HELPNEED TO BE “IN THE MIDDLE” TO BE
EFFECTIVE – NOT INDUSTRY, NOT UNIVERSITY “NEITHER/NOR”
TRUST AMONG FACULTY TO BE THEIR SPOKESMAN
PATIENCE