Innovate Calgary General Overview
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Transcript Innovate Calgary General Overview
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
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?
14
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
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
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
33
Our Portfolio
10 private
companies, mostly
based in Calgary
Equity and/or debt
participation
34
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:
Innovate Calgary “mentor” (EIR) – David Edmonds
New Board and management
New business plan and financial model
Financing Closed:
$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
37
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
39
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