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. 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. 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 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. 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.