Innovation Works
Research Commercialization Program

Presented by Cole Wolfson
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Innovation Works
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•
•
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8th most active early-stage investor in U.S. over the last 8 years
Invested nearly $62M in more ...
Need Being Addressed
• SWPA is home to universities and research institutions that attract over $1B in federal research
do...
Research Commercialization Program
• Provide funding and strategic business support to help
determine the commercial poten...
Activities
•
•

Direct grants from $25,000 to $100,000
Mentorship from Executives-in-Residence
–

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Complement work...
Benefits/Impacts
CMU - Direct Spin-outs Per Year
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•

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Awarded 89 translational research grants
totaling over $1...
Scalability, Replicability & Sustainability
•

Scalable across industries
– Energy, robotics, life sciences, IT, advanced
...
Alignment with Regional Economic
Strategies

•

SPC 2040 Transportation and
Development Plan: “The region will
proactively...
Contribution to Higher Education Culture
& Economic Wellbeing of Region
• Instill culture of entrepreneurship in higher
ed...
Thank You!

Questions?
Cole Wolfson
cwolfson@innovationworks.org
412-894-9526
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UEDA Summit 2013 - Awards of Excellence - Innovation & Entrepreneurship - Research Commercialization Program

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Innovation Works’ (IW) Research Commercialization Program is a collection of initiatives that utilizes university partnerships to facilitate the commercialization of innovative technologies and promote the creation of high growth-potential companies in southwestern Pennsylvania. The program provides funding and strategic business support to help determine the commercial potential of university innovations; helps rapidly transform very early-stage startups into revenue-positive companies through the application of innovative business growth strategies; and provides assistance to entrepreneurs working outside of the university setting to help them overcome commercialization challenges. Since program inception, IW has awarded 89 translational research grants totaling over $1.3 million and has provided mentorship and business support services to 49 entrepreneurial teams working to commercialize technologies. The teams have in turn formed 17 companies, created more than 60 jobs, launched 36 products; and attracted over $110 million in follow-on funding. This program is highly scalable, having already been adapted within Innovation Works for use in other research institutions and industry sectors.

Read the Case Study: http://universityeda.org/value-to-members/best-practice-sharing/awards-of-excellence/awards-of-excellence-2013-finalists/research-commercialization-program/

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UEDA Summit 2013 - Awards of Excellence - Innovation & Entrepreneurship - Research Commercialization Program

  1. 1. Innovation Works Research Commercialization Program Presented by Cole Wolfson Replace This Text with Your Logos
  2. 2. Innovation Works • • • • 8th most active early-stage investor in U.S. over the last 8 years Invested nearly $62M in more than 400 companies since 1999 Companies have raised more than $1.4B in follow-on funding IW companies: – Employ more than 18,000 people – Generate more than $3.3B in annual revenues • Nationally recognized best practice organization – – – – – – • PA Economic Development Assoc. Partner of the Year Award – 2011 EDA Excellence in Regional Economic Development Award – 2008 SSTI Excellence in TBED Award – 2008 & 2009 IEDC Excellence in Economic Development Award – 2008, 2009, 2011, 2012, 2013 Federal Lab Consortium Mid-Atlantic Technology Transfer Award – 2011 National Governor’s Association Featured Best Practice – 2012 IW is the Ben Franklin Technology Partner of SWPA Replace This Text with Your Logos
  3. 3. Need Being Addressed • SWPA is home to universities and research institutions that attract over $1B in federal research dollars annually • CMU and Univ. of Pitt have been awarded over 17,500 research grants and have registered nearly 1,000 patents in the last 10 years • Systemic factors are primary impediment: federal research dollars fund research, but can’t be used to support commercialization 300% Percent Growth • Despite high volume of IP creation, tech transfer offices at universities and research institutions lack the resources required to fully support commercialization efforts 250% 200% 289% 150% 100% 50% 87% 126% 78% 0% University University University IW Deal Flow Research Patent Startups (5-year Expenditures Applications Initiated (10growth) (10-year (10-year year growth) growth) growth) Replace This Text with Your Logos
  4. 4. Research Commercialization Program • Provide funding and strategic business support to help determine the commercial potential of university innovations • Apply innovative business growth strategies to rapidly transform very early-stage startups into revenue-positive companies • Provide assistance to entrepreneurs working outside of the university setting to help them overcome commercialization challenges Replace This Text with Your Logos
  5. 5. Activities • • Direct grants from $25,000 to $100,000 Mentorship from Executives-in-Residence – • • • • Complement work of Tech Transfer offices Mentorship from business and product mentors Teach agile innovation methodologies Technology review Create a culture of entrepreneurship Replace This Text with Your Logos
  6. 6. Benefits/Impacts CMU - Direct Spin-outs Per Year • • • • • • • Awarded 89 translational research grants totaling over $1.3M Provided mentorship and business support to 49 entrepreneurial teams working to commercialize technologies Hosted 16 agile innovation workshops Formed 17 companies Created more than 60 jobs Launched 36 products Attracted over $110M in follow-on funding Before IW Commercialization Program Launched: Avg = 3.6/yr After IW Commercialization Program Launched: Avg = 10/yr 14 12 10 8 6 4 2 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Replace This Text with Your Logos
  7. 7. Scalability, Replicability & Sustainability • Scalable across industries – Energy, robotics, life sciences, IT, advanced manufacturing, etc. • Replicable across institutions – From universities to federal labs to private sector startups • Sustainability through investment – RCA creates deal flow for IW – Returns on investment fund future program activities – Consulting agreement with institutions Replace This Text with Your Logos
  8. 8. Alignment with Regional Economic Strategies • SPC 2040 Transportation and Development Plan: “The region will proactively support the emerging role of colleges and universities in economic development.” 1,400,000 1,350,000 1,150,000 1,100,000 1,050,000 1,000,000 950,000 00 98 96 94 92 90 88 20 19 19 19 19 Replace This Text with Your Logos 19 86 19 19 84 82 19 80 19 78 19 76 19 19 74 900,000 72 – – Revitalization after the collapse of heavy industry Hub of innovation and entrepreneurship Diversified economy 1,200,000 19 – 1,250,000 19 Regional positioning: Lost 100,000 jobs between 1980 and 1983; took 10 years to recover 1,300,000 70 • Universities have stated that commercializing more technologies is important, but in today’s economic environment finding additional funding dollars for these activities can be difficult 19 •
  9. 9. Contribution to Higher Education Culture & Economic Wellbeing of Region • Instill culture of entrepreneurship in higher education • Partner with region’s universities and labs for programs • Universities serve as feeder for other IW initiatives • IW’s economic impact in region is impressive – $1.4B in follow-on funding – 18,000 people and $3.3B in annual revenues – 3.5:1 return on each tax dollar provided Replace This Text with Your Logos
  10. 10. Thank You! Questions? Cole Wolfson cwolfson@innovationworks.org 412-894-9526 Replace This Text with Your Logos

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