Center for Innovation & Entrepreneurship

Report
Charles D. Smith, Ph.D.
[email protected]
April, 2012

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.
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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).

Suggested revisions to MUSC policies to
encourage entrepreneurship
◦ Promotion & Tenure
◦ Faculty Start-Up Venture Policy
◦ Intellectual Property
◦ Conflict of Interest

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.
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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.
Value and
Importance
MUSC Faculty &
Collaborators
Invention
Education
External Partners
Academic
IP Inventory
Clemson, Citadel, CofC, USC,
FRD
CIE
Commercialization
assessment
Outlicense
CRDA, HSSC, SCBIO, SCRA
Private
Angels, Entrepreneurs, VC
Pilot Project
Funding
SCTR
Pharma/
Biotech
Public
Proof of
Concept
studies
Sub-license
Commercialization
Jobs & Revenue
Spin-Out
Company
FRD
CIE
Search for new MUSC inventions
Search for new MUSC inventions
Harvest ROIs
Education faculty/staff about technology
commercialization
Decide and execute patent strategy
Support University-wide innovation and
commercialization (e.g. policy change)
Assess options for technology placement
Provide commercialization assessment
for ROIs
Conduct licensing negotiation and
execution
Develop options for technology
placement
Develop self-sustaining operation
Seek out funding sources for technology
development to POC
Connect scientist and entrepreneurs /
mentors (external and within CIE)
Develop other appropriate interactions,
e.g. funding agencies, angels, VC
Develop self-sustaining operation
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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.

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

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.

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.

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.
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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.

Identify and facilitate access to new sources of
funding for the CIE and spin-out companies.
◦ Facilitate interaction with SCRA/SCLaunch! for earlystage 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.

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