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21 Fund Overview

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21 Fund Overview

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    2. 21 Fund Overview Since its creation in 1999 the 21 Fund has invested approximately $240 million dollars in Indiana companies, large and small.  This investment has attracted additional private sector cost-sharing and federal follow-on awards totaling about $650 million.   This has created, attracted, and expanded Indiana companies in all technology sectors. Since 2003, the 21 Fund’s SBIR matching program has provided approximately $30 million to over 300 Indiana small businesses to match federal SBIR awards.  This investment has attracted over $128 million in federal funds to Indiana high-technology small businesses, of which roughly 40% are attributable to 21 Fund-related enhancements of Indiana SBIR projects. 21 Fund supported a fair number of IUSOM projects, including Therametric, Fast Diagnostics, Neuroimaging Center of Excellence at IUSOM.21 Fund supported a fair number of IUSOM projects, including Therametric, Fast Diagnostics, Neuroimaging Center of Excellence at IUSOM.

    3. Evolution of Funding Activities

    4. New Leader, New Vision Since April 2009, the 21 Fund’s new leadership team has shifted investment focus in response to: tough economic environment limited market/investment activities many portfolio companies in need of additional financial assistance lack of coordinated efforts to create a funding continuum in Indiana

    5. New Strategies Include Make awards based on market test Actively seek private co-investment Devote resources to business development and create sustained business successes Promote public-private partnerships and bridge funding gaps

    6. 15 Awards Totaling $17.8MM 12 new awards totaling $15,550,000 3 follow-on awards totaling $2,250,000

    7. New strategies also created $33 million private investment significant investment from out-of-state venture capitalists and angel investors many high paying jobs 221 in 2009 427 in 2010 523 in 2011 widely recognized companies: Scale Computing – Forbes 20 Most Promising Young Companies Compendium Blogware – Business Week America’s Most Promising startups OrthoPediatrics– 2009 TechPoint Mira Award

    8. Life Sciences Funding Challenges Lack of sufficient early-stage funding Pronounced bridge-to-nowhere problem Inadequate communication within the funding continuum to bring basic research to successful commercialization Over 50% of our portfolio is in life sciences. Over 50% of our portfolio is in life sciences.

    9. Sources of Early-Stage Funding Federal grants – plenty but competitive Angel investors – some but scattered Seed funds with an early-stage focus – very scarce

    10. Success – Case Studies

    11. IU is Indiana’s major engine for NIH funding, however… The new chart shows total NIH dollars awarded to IU campuses.  The 2nd data series shows total NIH funding available for Research Grants / total dollar amount awarded to IU as a percent.   Takeaway: Recent trends show that IU has been ineffective at increases its competitiveness for NIH funding.   The new chart shows total NIH dollars awarded to IU campuses.  The 2nd data series shows total NIH funding available for Research Grants / total dollar amount awarded to IU as a percent.   Takeaway: Recent trends show that IU has been ineffective at increases its competitiveness for NIH funding.  

    12. 21 Fund Experience the SBIR/STTR Program Matching Phase I awards had a major effect on Phase II success rates The key impact was on the QUALITY of Phase II proposals The matching program increased the # of Phase I proposals, but not their success rates Since 2004, Indiana’s SBIR Phase I overall success rate has been 13% (about national average) while the number of submissions increase 1.5 fold -Indiana’s SBIR Phase II conversion rate improved from 29% to 43% but still below national average of 48% Since 2004, Indiana’s SBIR Phase I overall success rate has been 13% (about national average) while the number of submissions increase 1.5 fold -Indiana’s SBIR Phase II conversion rate improved from 29% to 43% but still below national average of 48%

    13. How can we work together to increase federal funding to life sciences research and commercialization in Indiana?

    14. Next Steps Continue implementing 21 Fund’s new strategies and pursuing near-term business successes and job creation Support early-stage entrepreneurship activities via SBIR proposal assistance and matching programs -Since 2004, Indiana’s SBIR Phase I overall success rate has been 13% (about national average) while the number of submissions increase 1.5 fold -Indiana’s SBIR Phase II conversion rate improved from 29% to 43% but still below national average of 48%

    15. New SBIR Initiatives Include Increase quality of Phase I proposals that will result in higher Phase I success rate and subsequently higher number of Phase II awards Utilize 21 Fund peer review process to provide high-quality proposal technical content analysis Provide Phase I awardees with $500/year for travel to DC to meet with Program Officers Upon receipt of Phase I award, provide awardees with access to Foresite or Dawnbreaker market analysis services Implement new pilot program at IU School of Medicine to assist proposal resubmissions and increase NIH success rate

    16. The End Goal

    17. Thank you Questions?

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