The Center for Innovation and Entrepreneurship at MUSC

1. The Center for Innovation and Entrepreneurship at MUSC Charles D. Smith, Ph.D. smithchd@musc.edu April, 2012

2. 2010 – 2015 Strategic Plan

3. Planning Committee

4. Entrepreneurship Operational Team • Charged with making recommendations for: • Culture Change - Stimulate the spirit of entrepreneurship and incorporate a system of incentives. • Technology Commercialization - Improve and expand the MUSC tech transfer operation. • Reviewed policies and processes at several universities to identify best practices for implementation. • Developed a framework for a Business Plan for implementation (with an external consultant).

5. Culture Change • Suggested revisions to MUSC policies to encourage entrepreneurship • Promotion & Tenure • Faculty Start-Up Venture Policy • Intellectual Property • Conflict of Interest

6. Improving Processes • Center for Innovation and Entrepreneurship at MUSC (CIE) • Will complement existing activities of the Foundation for Research Development (FRD). • Commitment of funding from administration. • Currently in process of searching for a Director.

7. CIE: Scope of Operations • Support enterprise-wide innovation and commercialization. • Educate faculty, staff and students in technology commercialization. • Mentor prospective and early entrepreneurs. • Develop collaborative relationships for promoting technology commercialization state-wide. • Identify and facilitate access to new sources of funding for the CIE and spin-out companies.

8. Value and Importance

9. Assigning Responsibilities

10. The New Technology Commercialization Environment at MUSC • Change in leadership at FRD. • Strong commitment from the FRD Board of Directors. • Streamlined processes for invention reporting, evaluation and tracking. • New resources for supporting entrepreneurship/commercialization through the CIE. • Increased commitment to “customer service” in the tech commercialization process.

11. Thanks to: • Central Administration • Strategic Planning Participants • David McNair / Betsy Pilcher • Entrepreneurialism Planning Committee • Entrepreneurship Operational Team • CIE Director Search Committee • FRD and FRD Board of Directors • SCTR

12. CIE: Scope of Operations • Support University-wide innovation and commercialization. • Support commercialization of research innovation, e.g. therapeutics, diagnostics and medical devices. • Support commercialization of biomedical educational innovation, e.g. distance education programs. • Support commercialization of medical information technologies, e.g. software. • Facilitate innovation in the improvement of internal efficiencies, e.g. clinical operations.

13. CIE: Scope of Operations • Educate faculty, staff and students in technology commercialization. • Conduct workshops on general business topics through the Biotechnology Interest Group. • Facilitate participation in entrepreneurial training programs, e.g. FastTrac or NxLevel, when appropriate. • Facilitate access to on-line resources, e.g. tutorials, webinars, chat groups and focused interest groups. • Facilitate open communication to ensure specific guidance on Conflict of Interest issues. • Develop processes to assist with grant writing, market research and business plan development.

14. CIE: Scope of Operations • Mentor prospective and early entrepreneurs. • Establish an Entrepreneur-in-Residence program. • Organize and support a network of experienced business and technology mentors. • Provide ongoing support for existing life sciences companies through education and mentoring.

15. CIE: Scope of Operations • Develop collaborative relationships for promoting technology commercialization state-wide. • Facilitate interactions with research universities, particularly USC and Clemson University. • Facilitate interactions with SC business school MBA programs, particularly CofC and the Citadel. • Facilitate interactions with state and regional economic development agencies. • Facilitate interactions with industry partners. • Develop relationships with regional entrepreneurs, investors, service providers and vendors.

16. CIE: Scope of Operations • Identify and facilitate access to new sources of funding for the CIE and spin-out companies. • Facilitate interaction with SCRA/SCLaunch! for early-stage funding. • Facilitate submission of SBIR and STTR grant applications. • Facilitate interactions with Angel investors, VC groups and pharmaceutical/biotechnology companies. • Develop an internal venture fund to support critical proof-of-concept experiments.