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Gap Funding and Ways to Mature Your Technologies

Gap Funding and Ways to Mature Your Technologies. AUTM 2005 Annual Meeting Educational Track Session ED9 Thursday Feb. 3, 2005 1 to 3p Grand Canyon Ballroom 1-2. Panel Participants. David N. Allen, Associate VP for Technology Transfer, University of Colorado System

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Gap Funding and Ways to Mature Your Technologies

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  1. Gap Funding and Ways to Mature Your Technologies AUTM 2005 Annual Meeting Educational Track Session ED9 Thursday Feb. 3, 2005 1 to 3p Grand Canyon Ballroom 1-2 AUTM 2005

  2. Panel Participants • David N. Allen, Associate VP for Technology Transfer, University of Colorado System • Matthew Mc Cooe, Director, New Ventures, Columbia University Science and Technology Ventures • Wendy B. Fernie,Technology Collaboration, Competitive Business and Clusters, Scottish Enterprise AUTM 2005

  3. What is Technology Maturation? • Basic Concept – at best, its adding significant value by reducing major risks; at worst, its not screwing it up so much that a licensee doesn't have a chance. • Adding value to what end? Preparing the technology to be suitably transferred to the next participant in the value chain (seldom the seller or end user). • Primary focus of this presentation is on platform technologies. • What are the dimensions of value to be added or risks to be reduced? AUTM 2005

  4. Value Added Dimensions • Some obvious risks to be reduced: • Unknown commercial strategy or plan • Little know about competition • Unknown market and value proposition • Unknown technology and/or product configuration • Little or no entrepreneurial management • Little or no capital to execute plan • Outcome of Intellectual Property (patent) prosecution unknown AUTM 2005

  5. Value Added Dimensions cont’d • Some less obvious risks to be reduced: • Inventor and stakeholder expectations • Conflicts of interest • Maintaining excitement for the technology and not “overshopping” the deal to investors • All of this and more within an environment of abundant invention opportunities and scarce resources (people, time and money). AUTM 2005

  6. Background on the University of Colorado (CU) • Three campuses: Boulder, Denver/Health Sciences Center and Colorado Springs • System level TTO provides services to all three campuses. • CU’s total enrollment is 52,351 (of which 13,800 grad). • In FY 2004, CU garnered $588.4 M in research awards, 85% from federal sources with $266.3M awarded by the Department of Health and Human Services. • In FY 2002, NSF ranked CU sixth among all public universities in the U.S. in federal research expenditures. • New Health Sciences Center campus and research park • 18 start-ups in past 3 years, targeting 12 this year. AUTM 2005

  7. General Perspectives on Technology Maturation Strategies • What reduces risk?  Reliable Information • Creation of a commercialization or business plan • Who does the business plan? • At CU a combination of students, interns, domain • experts, serial entrepreneurs, VCs and TTO staff • Intensive patentability and freedom to operate analysis • Patent attorneys are increasingly willing to participate pro bono in “kitchen cabinets” in order to secure new engagements. • Build relationships with Business School, partners in IP law firms, business incubators and entrepreneurial business community, but run your own program! AUTM 2005

  8. General Perspectives on Technology Maturation Strategies • What reduces risk?  Relevant Expertise • Involve those most interested at earliest stage possible • - Pre-disclosure research group meetings, invention analysis, commercial feasibility and business plan creation  “get on board early so you don’t miss the boat” • - The more knowledgeable the entrepreneurs are about your technology transfer operation, the more likely they are to pursue reasoned negotiations. • Build relationships with entrepreneurial business community to brand your office as a “technology start-up opportunity platform”. AUTM 2005

  9. General Perspectives on Technology Maturation Strategies • What reduces risk?  Patient Risk Capital • Involve capital resources for clearly defined reasons and understand their investment objectives. • Look for opportunities to leverage your investment. • Avoid pricing until professional investors are involved. • Avoid overshopping a deal. • Work with SBIR/STTR service groups to assess program solicitation opportunities. • Look for opportunities to work with your Foundation and its Investment Committee. • Regular communication with capital sources builds confidence and reduces barriers to participation. AUTM 2005

  10. Dimensions of CU’s POC Program • Primary purpose is to provide funds to build prototypes and/or conduct commercial studies to establish technical and commercial viability for promising CU start-up companies. • Internally funded from TTO endowment and royalty revenue. • $50K-$100K convertible debt investments per start-up. • Applications reviewed by two panels of VCs. • 2 application rounds: Fall 2004 and Spring 2005 • 15 applicants for Fall ’04 round – 2 awards • 3 awards expected in Spring ‘05 AUTM 2005

  11. Thank you for listening For additional information see www.cu.edu/techtransfer AUTM 2005

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