Innovation and Entrepreneurship Ecosystem at UVA Melur K. (Ram) Ramasubramanian, Vice President for Research Michael Straightiff, Executive Director Licensing & Ventures Group
Research, Innovation, and Entrepreneurship • Research – • Discovering how nature and manmade systems work and how these systems are interrelated. • Innovation – Data • Applying creativity to develop novel solutions to a problem. A successfully implemented Science solution is recognized as an innovation. • Creativity may be enabled by researching on the topic for a while and be able to connect the dots leading to an innovation. • Entrepreneurship – • Recognizing opportunities in a timely fashion, bringing resources to develop promising ideas fully, and take the differentiated (and IP protected) solution to the market. 2
The Bayh-Dole Act of 1980 Bayh-Dole permits universities that receive federal funding, such as the University of Virginia, businesses, or non- profit organizations to elect to pursue ownership of an invention, rather than obligating inventors to assign inventions to the federal government. Visit bayhdole.lvg.virginia.edu for more information
Bayh Dole Responsibilities • In exchange for the receipt of federal research funds and the University’s election of title to intellectual property generated from federal support, the University must: • Timely prepare and file patent applications • Seek “expeditious practical application” (commercialization) of such intellectual property • Demonstrate a preference for small business and domestic manufacture • Report regularly to the United States government on compliance with the Act.
The “Full Circle” of Translational Research Basic Discovery & Clinical observation, understanding post-introduction monitoring Therapeutic or diagnostic target Utilization research, identification Product launch Synthesis of drug or Human testing, development of Clinical Trials prototype device or process Pre-Clinical Testing Faculty and partners do better basic research after immersing themselves in translational challenges!
Innovation & Entrepreneurship at UVA Executive VP & Chief Executive VP & Provost Operating Officer Entrepreneurship Education Research Commercialization Economic Development Undergraduate Graduate Entrepreneurship Advisory Council
Research & Discovery Commercialization at UVA
“I believe that we should strive to be both great and good in all that we do…”
UVA LVG Mission Statement To maximize the STRATEGIC GOAL III. ENABLE intellectual, societal, and DISCOVERIES THAT ENRICH AND economic imp mpact of UVA IMPROVE LIVES discoveries via commercialization.* *Revision in progress.
University of Virginia Licensing & Ventures Group Our A Approach ch lvg.virginia.edu lvg.virginia.edu lvg@virginia.edu lvg@virginia.edu 434-924-2175 434-924-2175 We partner with faculty, entrepreneurs, and investors to bring innovations discovered at UVA into the marketplace. ENGAGE PROTECT DEVELOP ACCELERATE We work with creators to We navigate the legal & We connect and promote We provide resources discover the innovation’s patenting process to protect innovations to our and expertise to support IDEA IMPACT smartest path to impact partners and industry the entrepreneurial and ideas developed at UVA investment process Servic ices CORE BUSINESS OTHER SERVICES INCUBATOR SPACE • Prior Art Searching • Translational Research Support • UVA LVG Incubator work space • Patent Preparation/Prosecution • Research Development available for UVA faculty, staff, • Federal/Sponsor Compliance • Experimental Design and students daily use • Business Development (for patentability) • Ideal for groups of all sizes in • Licensing/Contracting • Outreach/Training need of meeting, conference, • Graduate Student Internships workshop and programming space • Business Advisory Services • A unique venue for creative thinking and innovation Learn more lvg.virginia.edu / lvg@virginia.edu / 434-924-2175 lvg.virginia.edu / lvg@virginia.edu / 434-924-2175
Conventional Metrics Invention Disclosures Patent Applications Filed/Patents Issued Transactions New Ventures Licensed
Metrics $527,185,662 $500M 250 $469,682,000 238 $450M $397,458,000 213 $373,218,000 204 203 $386,828,000 $400M 200 187 $358,576,000 176 $350M 162 $300M 150 RESEARCH EXPENDITURES $250M 125 113 105 100 DISCLOSURES $200M 98 90 PROVISIONALS FILED 87 82 80 83 78 77 DEALS $150M 71 69 FIRST NON-PROVISIONALS FILED 59 59 54 54 52 51 PATENTS ISSUED $100M 50 47 43 44 38 NEW VENTURESCREATED 40 34 34 33 29 $50M 9 8 7 7 5 4 3 0 2013 2014 2015 2016 2017 2018 2019 ANNUAL REVENUE $2,095,388 $3,595,592 $2,417,135 $7,492,073 $3,354,570 $2,481,903
Metrics - Peer Group Comparisons* Among “Reputational” Peers (16) (2018) Among Top Ranked Universities by Total Research Expenditures^ (51) (2017) 16 th in Research Expenditures 51 st in Research Expenditures 5 th in Research Expenditures/Invention 13 th in Research Expenditures/Disclosure Disclosure 7 th in Research Expenditures/Deal 11 th in Research Expenditures/Deal Among Research Expenditure Peers (13) Among Commonwealth of Virginia Peer Universities ($465-$612 MM w/Medical School) (2018) (2013-2017) $ 7 th in Research Expenditures ~42% of reported invention disclosures 3 rd in Research Expenditures/Invention ~48% of issued patents Disclosure ~57% of deals $ 2 nd in Research Expenditures/Deal *Association of University Technology Managers - Annual Licensing Survey (2018). ^ National Science Foundation HERD Survey (2017). $ Assessment of Virginia’s Research Assets. Teconomy Partners, LLC. (2018).
UVA Innovation Revenue Distribution Formula 35% Innovators 10% Research Support for Innovators 10% Innovator’s Departments 10% Innovator’s School 35% UVA Innovation &Scholarly Activities Fund
Expanding LVG’s Offerings UVA LVG Seed Fund STRATEGIC GOAL IV. UVA HS Venture Fund Lead economic development Company formation, incubation, and staffing through academic Entrepreneur/Executive/Expert-In- discovery and Residence entrepreneurship
UVA HS Venture Fund UVA LVG Seed Fund Established 2015 Established 2017 Administrative management by LVG $10 MM “evergreen” Seed Fund $15 MM Fund 5 member, independent oversight committee (alumni VC) 5 member oversight committee 8 initial/2 follow-on investments 5 initial/4 follow-on investments $3.253 MM invested $7.45 MM invested 1 exit/7 investments remain 5 investments remain Unrealized portfolio value: $2.975 MM Subsequent capital raised: $33 MM
Partnering with the Community Establishment of UVA LVG based Entrepreneur-in-Residence program
Seed Fund Venture Fund Early Venture Pre-Seed Seed Venture Experiential/ Translational Commercial Curricular Training iLab Community Economic Development iLAB Summer Accelerator Schools Student iLab ECUP, iCorps, iLAB Summer Accelerator, Degrees/Course offerings, Catalyst PIKE Fellows, Galant Challenge Entrepreneurship Minor, PhD+ LVG Research Due Diligence in Seed Fund Licensing, Seed Fund, Ivy, Coulter, THRIV Investing, Patent/Transactions Venture Fund, EIR Launchpad Health System Law Clinic LVG Corporate Venture Fund, EIR, HS CIO Schools LVG Schools iLab LVG Health System 22
New Ventures Licensing Grant Pre-Seed Seed Venture
Strengthening Our Impact Coordination of resources from Collectively, our across Grounds with common research productivity, quality, intent of commercialization, and impact are economic development, and/or strong but could be financial return stronger .
UVA LVG Fall Open House TUESDAY, SEPTEMBER 17 TH 4 : 30 – 7: 00 PM We welcome UVA faculty, researchers, innovators, community partners, and entrepreneurship enthusiasts to: 722 Preston Avenue Suite107 Charlottesville, VA GET TO KNOW OUR TEAM MEET OUR STARTUP COMPANIES CELEBRATE INNOVATION AT UVA appetizers and drinks will beserved ride-sharing encouraged overflow parking available after 5:00PM at 800 Preston Ave (region tenbuilding)
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