ueda summit 2013 - awards of excellence - innovation & entrepreneurship - innovation café©
DESCRIPTION
The Innovation Café© was created by Penn State College of Medicine to meet a definitive need in the commercialization of university innovation — to provide access to resources required to bring an idea out of the lab and into the marketplace. The Innovation Café©, or iCafé©, is an exciting focal point for expanding and sustaining the entrepreneurial ecosystem in Central Pennsylvania. The centerpiece of the initiative is a reoccurring networking forum featuring high profile guest speakers discussing industry innovations, business trends, regulations and their impact on the ecosystem. Each event also features a start-up company introducing regional stakeholders to entrepreneurs, intellectual and investment capital, and commercialization opportunities. iCafé© is a platform to engage investors, entrepreneurial faculty, students, government and industry professionals committed to building a vibrant start-up community in Central Pennsylvania. Building on the Innovation Café© brand, Penn State and its partners has expanded the platform to include educational programming, access to capital and entrepreneurial mentorship. Educational programs include entrepreneur forums and topic-specific lectures for early entrepreneurs all the way through advanced year-long programs for high growth CEOs. Earlier this year, College of Medicine launched an Innovation Fund to invest in promising technologies striving to achieve proof-of-concept. Start-up companies within the ecosystem also benefit from working with the Entrepreneur-in-Residence program. These and other programs are delivered with partners including Ben Franklin Technology Partners, Life Science Greenhouse of Central PA, PA Department of Community & Economic Development, Capitol Region Economic Development Corporation, Hershey Center for Applied Research, ExecuStar and Penn Venture Partners. Read the Case Study: http://universityeda.org/value-to-members/best-practice-sharing/awards-of-excellence/awards-of-excellence-2013-finalists/innovation-cafe/TRANSCRIPT
Innovation and Entrepreneurship
What is Innovation Café
• A platform to engage investors, faculty, students, entrepreneurs, government and industry.
• A recurring networking forum featuring high profile guest speakers.
• A showcase opportunity for start-up companies.
• Breaking down barriers for entrepreneurship.
Challenges
Building an Ecosystem
Innovation EcosystemLEADERSHIP
CULTURE
EDUCATION
POLICYFUND
ING
RESEARCHDEVELOPMENT
APPLICATION
Innovation Ecosystem
University
PrivateIncubator
ThoughtLeaders
BusinessServices
SBDCs
Gap Funds
AngelNetwork
ResearchPark
Corporate Innovators
Faculty Expertise
Destination Faculty
EnterpriseCenters
CoreFacilities
Incubators
TechTransfer
StudentEntrepreneurialOrganizations
BusinessSchool
SBIR/STTR
ResearchStrengths
ExecutiveEducation
Mentors
ClinicalTrial
Center
Government Lab
Private ResearchInstitute
Vivarium
RapidPrototyping
Pilot Manufacturing
ContactResearch
Co-WorkingSpaces
Start-UpCommunity
Meet-UP
Start-UpWeekend
Mash-Up
EntrepreneurialOrganization
BusinessClubs
NativeVentureCapital
SpecialIncentiveDistricts
TechnologyCouncil
SerialEntrepreneurs
F500Corporations
SuperConnectors
StateED
Chamber ofCommerce
Mash-Up
RegionalED
LocalityED
Courtesy of Tom Osha, Old Dominion University
History and Process
• Initial meeting of regional stakeholders• Creation of an advisory board• Establish the ‘can’t miss’ event• Nobody owns the event• Strong educational component• Deal flow for investors• A physical space
Innovation Ecosystem that’s Working
Impact on Innovation & Entrepreneurship
• Events attended by more almost 1000 people• 217% increase in inventions disclosed• 211% growth in faculty involved • 11 startup companies • $3 million in follow-on funding for start-ups• $2.9 million in follow-on sponsored research
Innovation & Entrepreneurship Resources
Innovation Management
TechVentures
Entrepreneurship Center
•Invention disclosures•Patents•IP management•Material transfers•Royalties
•Seed funding•Angel fund•Venture capital•Entrepreneur in Residence•Attorney access
•Technology Incubator•Ideas in Innovation•Entrepreneur forums•SBIR/STTR training
Thank You