Transcript RIT Clean Energy Incubator

RIT Clean Energy Incubator (CEI)
NYSERDA BIA PRESENTATION
June 10, 2010
RIT’s Clean Energy Incubator
CEI Mission
Create living-wage, clean tech jobs in Western New York
CEI/NYSERDA Strategy
Integrate business (VCI) and technical (CIMS) development to:
Remove barriers
Accelerate commercialization
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RIT Clean Energy Incubator | Venture Creations, 125 Tech Park Drive, Rochester, NY 14623
CEI Objectives
Objectives
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1.
To validate and provide CEI orientation to 20 companies over 48
months.
2.
To enable the development of 8 technology plans in 48 months.
3.
To enable the development of 8 business plans in 48 months.
4.
To help foster angel investments in at 4 enterprises over 48 months.
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To help enable the launch of four product/service introductions over
48 months.
6.
To lead to the “graduation” of 6 enterprises from CEI over 48 months.
RIT Clean Energy Incubator | Venture Creations, 125 Tech Park Drive, Rochester, NY 14623
CEI Sales Funnel
Identified
Contacted
Developing
Reviewing
Validating
Selected
Withdrew
Not Eligible
Not Valid
TOTAL
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4
1
4
2
8
0
8
17
5
1
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RIT Clean Energy Incubator | Venture Creations, 125 Tech Park Drive, Rochester, NY 14623
Barriers
Lack of project management discipline
Lack of real performance data
Lack of legal services
Lack of money
Lack of focus
Lack of standard processes
Lack of fundraising skills
Lack of customer input
Operating on university time
Lack of recruiting skills
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RIT Clean Energy Incubator | Venture Creations, 125 Tech Park Drive, Rochester, NY 14623
Sales Performance
Objective: To validate and provide orientation to 20
companies over 48 months (5/year)
Results:
8 have already been approved and 1-2
more are expected in 3rd Quarter
Pending:
10 in Developing and Reviewing
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RIT Clean Energy Incubator | Venture Creations, 125 Tech Park Drive, Rochester, NY 14623
Business Plan Performance
Objective: To enable the development of 8 business
plans over 48 months
Results:
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Business Plans have been completed for
5 of the approved companies.
RIT Clean Energy Incubator | Venture Creations, 125 Tech Park Drive, Rochester, NY 14623
Fundraising Performance
Objective: To help foster angel investment in 4
companies over 48 months
Results:
$1.4M in seed funding has been raised for
SweetWater Energy
Pending:
We expect at least one additional CEI
company to receive substantial seed
funding in the next quarter.
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RIT Clean Energy Incubator | Venture Creations, 125 Tech Park Drive, Rochester, NY 14623
Student Engagement Performance
Objective: To provide experiential learning in
entrepreneurship
Results:
Five different student programs are
currently active
Pending:
Expansion of this program continues
(This is our competitive edge!)
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RIT Clean Energy Incubator | Venture Creations, 125 Tech Park Drive, Rochester, NY 14623
CEI Companies
SWEETWATER ENERGY – Produces cellulosic ethanol
LIBAN – Improves fuel efficiency on diesel trucks
RNY Solar – Produces high-efficiency solar PV units
MSWS – Treats Marcellus Shale “frak” water
LakeMaster – Produces algae feedstock for biodiesel
Tenrehte – Produces smart grid monitors
Palantiri – Allows smart grid to communicate
AWR – Produces diffuser augmented wind turbines
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RIT Clean Energy Incubator | Venture Creations, 125 Tech Park Drive, Rochester, NY 14623