Innovate Calgary General Overview

Report
From Lab to Market
Accelerating Innovations from Ideas to Commercialization
October 22, 2012
Key Take-away Messages
Innovate Calgary
 is much more than UTI was...
 has significant business and investment
expertise, & if we don’t have it, we can access it
 wants to help you commercialize your ideas
Agenda
Peter Garrett, Interim President
An Introduction to Innovate Calgary
Jessie Kubes, Licensing
From Ideas to IP
David Edmonds, Executive-in-Residence
From IP to Company
Our Vision & Mission
Vision
To be the organization of choice for
commercialization and knowledge transfer.
Mission
To accelerate, facilitate and support
innovation in the technology sector.
Innovate Calgary Track Record (0ver 30 years)
 Over 1,700 invention disclosures and 690 patents issued
 Over 590 technology commercialization agreements in over
24 countries generating over $29M for the innovator
community
 Consistently ranked one of the top 5 Canadian Institutions in
licensing revenue (AUTM Surveys)
 Over 40 spin-off companies
 Supported more than 120 companies prepare to present at
financing forums raising over $10.5M in funds
 Provided over 1,000 tenants and corporate identity clients
with services at the Alastair Ross Technology Centre
Innovate Calgary’s Ecosystem Role
Researchers/
Inventors
• Connecting the players
• Quantity of interactions
• Quality of interactions
Innovate
Calgary
Entrepreneurs/
SME’s
Investors
Innovate Calgary’s Ecosystem Role
Researchers/
Inventors
• Providing services to the players
Services
Innovate
Calgary
Entrepreneurs/
SME’s
Investors
Innovate Calgary Services
 Company Creation
 Experienced Executives-in-Residence
 Dedicated business development personnel
 Access to a variety of services including: legal, communications,
business planning and financial modeling
 Corporate structure planning to meet regulatory and investor
requirements, and virtual company capabilities
 Investor Development
 Alberta Deal Generator
• Largest network of active and accredited investors in Canada pursing
opportunities in Alberta’s early and growth-stage companies
• To date, more than $15 million in financing has been facilitated through
Alberta Deal Generator, in addition to more than $30 million in follow-on
investments
• Joint initiative with TEC Edmonton
Innovate Calgary Services
 Facilities
 Alastair Ross Technology Centre:
• 120,000-sq-foot facility
• Flexible leases and support services
• Offers both physical space and virtual tenancy
 Research Transition Facility (RTF)
 Partnerships
 Offers a suite of customized services to accelerate the start-up
process and commercialization efforts for new Centres of
Excellence and academic institutes
 Entrepreneur Development
 Coaching & Mentoring
 Seminars & Workshops
 Networking
Innovate Calgary Services
 Licensing
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Commercial assessment
IP protection & strategy
Determine pathway for commercialization
Marketing technologies
Negotiating technology agreements
On-going, post agreement management and administration of
intellectual property
 Industry Engagement
 Provides business-to-business connections between
entrepreneurs, SMEs and large enterprise with the goal of
assisting in the identification of clients and partners and
facilitating partnerships, funding and financing opportunities.
Licensing
Jessie Kubes, Licensing
From Ideas to IP
Innovate Calgary Commercialization Process
Go – No Go
Assignment
Agreement
Commercialization
Assessment
Innovate
Calgary
Invention
Disclosure
• Encumbrances
• IP Strategy
• Patentability
• Market assessment
• Potential licensees
Report to inventors
Commercialization
Opportunity
•Requires further
work
•Pursued by inventor
•Abandoned
Licensing
• Develop technology pitch
and market
• File patents
• Secure additional funding
• Sponsored research and
license negotiation
Company Creation
Research
Services
Revenue Share
Arrangement
• Leadership
• Expertise
• Starter cash
Technology Assessment Process
 30-day technology assessments (free)
 Evaluate the science and potential benefits of the technology, its
stage of development, funding sources and related
encumbrances, relevant scientific and patent literature, potential
market and licensees
 Commercialization advice and guidance to researchers
 Licensing team works with researchers to preserve academic
freedom and get technologies into market
 Develops intellectual property protection and strategy
 Established relationships with some of North America’s
prominent law firms
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Identify Encumbrances
 Are there multiple owners?
 Joint ownership can come from:
 Funding agreements
 Sponsored research
 Material transfer agreements
 Inventors employed elsewhere
 Inventor or institution owns policy
 Have agreements already been made that limit your
ability to commercialize?
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Dealing with Encumbrances
 Unify ownership
 All owners assign their rights to the technology (and typically
improvements) to a single entity so they have the authority to
negotiate agreements
 Retain joint ownership
 All owners agree on a party, or process to commercialize so
everyone is pulling in the same direction
• Who pays costs?
• Who leads negotiation?
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Following Assignment Agreement
 Establish appropriate valuations and optimal pathways
for commercialization
 Market the technology (full-time marketing assistant)
 Structure and negotiate transactions with industry
partners to maximize value (licensing managers and
agreements manager)
 Provide ongoing, post-agreement management and
administration of IP
 Assist with commercialization grant applications
 i.e.. CIHR POP grants
Commercialization Funds
 CIHR PoP Phase I and II
 NSERC Idea to Innovation Phase I and IIa
 Alberta Ingenuity
 IRAP
 Alberta Innovates Voucher Program
 Alberta Innovates Technology Futures
 BioAlberta Medical Product Development Program
(MPDP)
 Gecko funding from TecTerra
New Proactive Initiatives– AIHS Team Grants
 Satellite office in the Faculty of Medicine (TRW 5th floor)
 Manuscript review prior to publication
 Actively engaged with two institutes
 New initiative launched between AI-HS and Innovate Calgary
to assist researchers in mining technologies developed from
interdisciplinary team grants
 Commercialization support provided by Innovate Calgary
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Profiling teams to industry
IP education for trainees
Participation in strategic retreats
Reviewing manuscripts and abstracts
Presentations
Advantages of Working with Innovate Calgary
 Experienced in all aspects of technology transfer and
commercialization
 Commercialization risk taken on by us
 E.g. patent and marketing expenses
 We protect your academic freedom
 Provide access to development funds
 Ensures liability protection for inventors and the
University
 Allows you to focus on your research
Success Story - Licensing
Piers Catalysts
 New Generation Olefin Metathesis Catalysts
• Catalysts for the manipulation of C-C bonds
• Can be used in pharmaceutical manufacturing
 Dr. Warren Piers and Dr. Patricio Romero
 US Patent issued in April 2008: 7,365,140
 Licensed to Materia(www.materia-in.com,
Pasadena, CA)
 Sold via Aldrich (catalogue numbers
707988 & 707961)
Success Stories - Licensing
Cell Lines for Drug Development
Dr. Wayne Chen
Cell lines to help identify new drug candidates to treat
cardiac conditions
Non-exclusive license agreements with Allergan and
Bayer-Schering
Research tools can be commercialized!
Success Stories – Company Creation
Circle Cardiovascular Imaging
Calgary-based company selling cardiovascular
imaging software based on Dr. Matthias Friedrich’s
technology
Spun out of Innovate Calgary’s company creation
program
17 staff, product installed in over 45 sites in 12
countries, raised over $4.3M in financing
 www.circlecvi.com
Life Science Technology Start-Up
Parvus Therapeutics
 Dr Pere Santamaria
 Innovate Calgary provided $230,000 for proof of concept
and IP portfolio development
 In-kind resources provided: salary (EIR, manager), back office
support etc.
 Leveraged $2.35 million in additional non-dilutive funding
 AHFMR, CIHR, JDRF, NSERC, NRC-IRAP, NanoBridge,
NanoVenture Prize 2012, AITF
 Issued patents in US, China, NZ.
 13 Patents pending in Japan, Aus, Can, Isr and Europe
 Currently Seeking 1st round VC funding for preclinical
development
 www.parvustherapeutics.com
Success Story: Company Creation and Licensing
Diagnostic and Therapeutic Devices for Sleep Apnea
 Dr. John Remmers
 One of the first scientists to identify sleep apnea
 Founding father of the Continuous Positive Air Pressure
(CPAP) device, which was successfully licensed by
Innovate Calgary
 Licensed exclusively by Innovate Calgary to an
international company
 More recently Zephyr spun out of Innovate Calgary’s
company creation program
 www.zephyrsleep.com
Our Licensing Team
David Reese, MSc, MBA
Jessie Kubes, PhD
Robert Carruthers, MEng
Raja Singh, MD, PhD
Chris Nicholls, PhD
Jim Wilson, PhD
Rishi Batra, MEng
Quang Tran, PhD
Andrei Edwards, MBA, JD
Angelo Nwigwe, BSc, MBT
Company Creation
David Edmonds, Executive-in-Residence
From IP to Company
Company Creation (CC) – What we do
 We help commercialize very early
stage technologies in Southern
Alberta through:
 Identifying talented inventors with
novel technologies and large market
potential;
 Injecting management, expertise
and “starter capital”;
 Launching a new company and
taking a meaningful ownership
stake;
 Accelerating the opportunity,
through value-added services;
 Attracting outside funding,
recruiting Boards and senior
executives, and “spinning out” the
company.
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Our Niche: Funding and Services Gap in the Alberta
Tech Sector
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Concept
/ Early
R&D
Prototype
/ Proof of
Concept
Early or
No
Revenues
Gov’t
Grants /
“Love”
Money
Innovate
Calgary
CC
Angels /
AVAC /
Accelerate
Fund
Later
Stage
Revenues
VC’s /
Public
Market
Technology Focus Includes
Energy
Generation
& Storage
Software
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Alternative
Energy
Electronics
Micro-Nano
Our Team
 Executives and Entrepreneurs-in-Residence
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PhD, BEng, BSc, MBAs
Founders of 15 start-up companies
Raised over $110 million in private and public markets
Over 50 years experience as CEOs
Managed over 1000 employees
 Portfolio Managers
 Engineers, Scientists, and MBAs
 Focus on opportunity identification and management
 Analysts
 Scientists, Engineers, Marketing, Finance, and IP
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Entrepreneur Backgrounds
 Stace Wills: VP Company Creation – ex-Elluminate,
co-founder Accolade Capital
 Dave Edmonds: EIR (Oiltech and ICT) – founder of
Burntsand, Soft Options and other startups
 John Lowe: EIR (ICT) – founder of Poynt, The
Advisory Group and other startups
 John Fallavollita: EIR (Cleantech) – founder and
ex-CEO of IOSIL Energy Corp.
 Jeremy Krol: Manager, Company Creation – exJennings Capital
 David Yiptong: Manager, Company Creation – exNortel Networks
Our Advantage
 Patient capital / earlier-stage
focus:
 We play where most investors won’t
accept the risk
 Sustainable model:
 Company creation costs partially
offset by licensing and building
revenues
 Close ties to southern Alberta
academic research community
Complementary to, not competitive
with, private industry:
 We expand angel/VC deal pipeline
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Our Portfolio
10 private
companies, mostly
based in Calgary
Equity and/or debt
participation
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Building Winners
Former Company Creation company - recently raised $3M+ in VC
financing. More than doubled
revenues this past year.
Innovate Calgary raised $1.75M
in angel/VC financing and grants.
20 new distributors on board.
Therapeutic targeting autoimmune diseases including T1D.
Raised ~$3 M in grant funding.
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From the Trenches...Pure Startups
Stage 1: IP Assignment
 Sponsored Research Agreement between U. of
Calgary engineering chair and 2 large, private
companies
 “Clean” IP title transfer to NewCo
Stage 2: NewCo Launched
 Incorporation
 Starter cash provided / grant applications filed
 Board of Directors and Industry Advisory Board
Stage 3: Off to the Races
 New patents filed
 From bench to field trails
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From the Trenches... The “Orphans”
 New Talent Added:
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Innovate Calgary “mentor” (EIR) – David Edmonds
New Board and management
New business plan and financial model
 Financing Closed:
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$800,000 from private (angel) investors
$900,000 from institutional investor
$50,000 from government grants
 Strengthening IP:
 Mapping out overall IP Strategy
 Next Phase…:
 Currently working with Apple on product
integration/distribution
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Sample of Technologies in our Pipeline…
Micro-Nano Electronic technologies in the
solar energy space
Novel materials and processes for EV battery
systems
Novel materials for oil well diagnostics
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Why Innovate Calgary to Create a Company?
Money
Management
Momentum
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Challenges Innovate Calgary can Assist with
 Experienced in all aspects of
technology transfer and
commercialization
 Commercialization risk taken on
by us
 i.e. patent and marketing
expenses
 Ensures liability protection for
inventors and the University
 Work with University Intellectual
Property terms to negotiate on
behalf of researchers
 We protect your academic
freedom
 Allow researchers to focus on
their research
Questions & Discussion
How can U of C inventors and Innovate
Calgary partner together to build winning
Alberta companies?
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Connect with Us
Innovatecalgary.com
403.284.6400

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