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ALTERNATIVE FINANCING FOR INNOVATIVE SMEs THROUGH INCUBATING INTELLECTUAL CAPITAL Mark Coticchia

ALTERNATIVE FINANCING FOR INNOVATIVE SMEs THROUGH INCUBATING INTELLECTUAL CAPITAL Mark Coticchia Vice President for Research and Technology Management. Incubating Intellectual Capital. Capital Define it Understand it Influence it. Talent Define it Understand it Influence it. 2.

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ALTERNATIVE FINANCING FOR INNOVATIVE SMEs THROUGH INCUBATING INTELLECTUAL CAPITAL Mark Coticchia

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  1. ALTERNATIVE FINANCING FOR INNOVATIVE SMEs THROUGH INCUBATING INTELLECTUAL CAPITAL Mark Coticchia Vice President for Research and Technology Management

  2. Incubating Intellectual Capital Capital Define it Understand it Influence it • Talent • Define it • Understand it • Influence it 2

  3. The Four Stages of Financing Financing Stages Early Stage VC Later Stage VC Pre-Seed Seed Owners Entrepreneurs University & Government Grants or Validation Funds Angels Seed Stage Venture Capital Owners Entrepreneurs University & Government Grants or Validation Funds Venture Capital Private Equity Strategic Corp. Investors Early Stage Venture Capital Angels Strategic Corp. Investors Primary Resource Providers (Sources) 3

  4. Follow-On Capital 4

  5. Idea Crossing 5

  6. The Ohio Capital Fund 6

  7. Ohio Midwest Fund • Ohio Public Employees Retirement System (PERS) and Credit Suisse: • • Invested more than $125 million in Ohio companies • • Impacted over 2,500 jobs in Ohio • • $61 million in capital from follow-on investors • • $186 million impact; i.e. 4.7x multiplier to capital drawn. 7

  8. Incubating Intellectual Capital Capital Define it Understand it Influence it • Talent • Define it • Understand it • Influence it 8

  9. Defining Talent 9

  10. What Makes a Service Provider Great? World Class Have served clients around the world Expert in working with small, high-growth companies Extra Effort Willing to do something special, economically speaking, for company 10

  11. Incubating Intellectual Capital Capital Define it Understand it Influence it • Talent • Define it • Understand it • Influence it 11

  12. Case Technology Transfer • Starting Point • Disorganized • Lack of Resources and Resolve • Poor Results 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 12

  13. Case Technology Transfer • Starting Point • Disorganized • Lack of Resources and Resolve • Poor Results • Principles • Centralized Function • Customer Service • Business-Savvy Staff • Authority to Move Deals Quickly 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 13

  14. Case Technology Transfer • Starting Point • Disorganized • Lack of Resources and Resolve • Poor Results • Principles • Centralized Function • Customer Service • Business-Savvy Staff • Authority to Move Deals Quickly • Early Efforts • Edison Biotechnology Center • Enterprise Development Inc. 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 14

  15. Case Technology Transfer • Starting Point • Disorganized • Lack of Resources and Resolve • Poor Results • Keys • Early Stage Capital Task Force • Entrepreneurship Task Force • GCVC Report • JumpStart and BioEnterprise • Support incentives for VC investors • Recruitment of Top Talent to region • Innovative Policies • Principles • Centralized Function • Customer Service • Business-Savvy Staff • Authority to Move Deals Quickly • Early Efforts • Edison Biotechnology Center • Enterprise Development Inc. 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 15

  16. How Much Capital Is Needed By Stage? Example: $1.2B in Venture Capital Needed over Next 5 years 16

  17. Greater Cleveland Venture Capital Report 17

  18. Case Technology Transfer • Starting Point • Disorganized • Lack of Resources and Resolve • Poor Results • Keys • Early Stage Capital Task Force • Entrepreneurship Task Force • GCVC Report • JumpStart and BioEnterprise • Support incentives for VC investors • Recruitment of Top Talent to region • Innovative Policies • Principles • Centralized Function • Customer Service • Business-Savvy Staff • Authority to Move Deals Quickly • Early Efforts • Edison Biotechnology Center • Enterprise Development Inc. 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 18

  19. JumpStart 19

  20. BioEnterprise 20

  21. The Innovation Network:Expanded Ties to the Region CWRU/UH Working together to accelerate technology commercialization and new company creation CaseTechnologyVentures JumpStart CCFInnovations BioEnterprise

  22. Case Technology Transfer • Starting Point • Disorganized • Lack of Resources and Resolve • Poor Results • Keys • Early Stage Capital Task Force • Entrepreneurship Task Force • GCVC Report • JumpStart and BioEnterprise • Support incentives for VC investors • Recruitment of Top Talent to region • Innovative Policies • Principles • Centralized Function • Customer Service • Business-Savvy Staff • Authority to Move Deals Quickly • Early Efforts • Edison Biotechnology Center • Enterprise Development Inc. 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 22

  23. Case Technology Transfer • Today • $500M in VC to region over last 3 years • TTO ranks top-10 nationally, #1 in Ohio • Spinoffs brought >$100M in VC in 2007 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 23

  24. Athersys 24

  25. Synapse Biomedical 25

  26. Learn More About Tech Transfer at Case To learn more, contact the Technology Transfer Office at Case Western Reserve University. Please visit our Web site: http://techtransfer.case.edu Technology Transfer Office Case Western Reserve University 10900 Euclid Avenue, Sears Building, 6th Floor Cleveland, OH 44106-7219 26

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