© 2009, georgia institute of technology entrepreneurial opportunities for georgia tech students...
TRANSCRIPT
© 2009, Georgia Institute of Technology
Entrepreneurial Opportunities
for Georgia Tech Students
Stephen FlemingChief Commercialization Officer
24/22/09 Technology Commercialization at Georgia Tech
Stephen Fleming
• 14+ years venture capital investment experience.– General Partner, Alliance
Technology Ventures.– 18 investments as lead
investor, 15 exits to date.
• BS, Physics, Ga. Tech (Highest Honors).• 15 years operational experience at AT&T Bell
Labs, Nortel, LICOM (venture-backed startup).– Supervised startups developing first ADSL modem and
one of the first cablemodems in early 1990s.
• Multiple advisory boards at Georgia Tech; endowed chair in telecomm; occasional instructor in MBA entrepreneurship program.
• Strong regional technology leader.
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National Rankings
U.S. News & World Report, America’s Best Engineering Graduate Schools 20081. Massachusetts Institute of Technology
2. Stanford University
3. University of California — Berkeley
4. Georgia Institute of Technology
5. University of Illinois — Urbana-Champaign
6. California Institute of Technology (CalTech)
7. Carnegie Mellon University
8. University of Southern California (USC)
9. Cornell University
tie University of Michigan — Ann Arbor
http://grad-schools.usnews.rankingsandreviews.com/grad/eng/search
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National Rankings
U.S. News & World Report, America’s Best Engineering Graduate Schools 2008
Strength across the board!
Aerospace #4
Biomedical #2
Chemical #13 Industrial #1 17 years!
Civil #6 Materials #8
Computer #7 Mechanical #7
Electrical #6 Nuclear #9
Environmental #6 Petro/Mining not offered
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GT Research Distribution
Over half a billion dollars total R&D on campus for FY2009!
College ofEngineering
GTRI
College ofSciences
Research Centers
College ofComputing
Other
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# patents1 390 University of California (system)2 136 Massachusetts Institute of Technology3 101 California Institute of Technology4 90 Stanford Universitytie 90 University of Texas5 77 University of Wisconsin6 71 John Hopkins Universitytie 71 University of Michigan7 64 University of Florida8 57 Columbia University9 43 Georgia Institute of Technologytie 43 University of Pennsylvania10 41 Cornell University
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Patent Ranking
U.S. Patent & Trademark Office, Calendar Year 2005 (last year available)
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IP Mgmt./Evaluation
InventionDisclosures
Dept. Chairs /Deans / GTRI
TechnologyEvaluation
Path?
Rights toFaculty?
Initiate IP Prot.
Need more information / development
MarketEvaluation
TechnologyAnalysis
ProtectIP?
MarketAnalysis
PatentApplication
ExternalCounsel
$
...continued
Export Control
Industrial Contracts
Screens
Responsibility
GTRC
EI2 / CS
$ $
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IP Business Development
Rights toFaculty?
VentureLab Tech. Marketing
Path?
Startup / Spinout Industrial License
Consulting
GeorgiaResearchAlliance
$
Licensee? Rights toFaculty?
Funding& CEO?
Term Sheet Negotiation
Rights toFaculty?
LicenseNegotiation
ComplianceReview
StandardTemplates
...continued
Responsibility
GTRC
EI2 / CS
MarketingWhite Paper
External Counsel
BusinessPlan
Conflict ofInterest Plan
StandardTemplates
COI Review
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Royalty Collection Monitoring
Compliance / LitigationPatent Maint. & Defense
IP Licensing/Compliance
License
LicenseNegotiation
Startup / Spinout Industrial License
Startup Formed
Incubator?
SuccessfulStartup
ATDC
IndustrialPartner
Responsibility
GTRC
EI2 / CS
Distributionof Payments
Inventor(s)
Academic Department(s)
GTRC
PortfolioLIquidation
$
Royalties & etc.Equity
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IP Business Development
VentureLab
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VentureLab
•Founded September 2001–Now a model for other universities–Part of Enterprise Innovation Institute
•Reports up through Office of the Provost
•Faculty-focused process –Risk identification and mitigation–Venture-backable innovations
•Goal: Successful startup companies based on Georgia Tech research
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VentureLab
MarketMilestonesMeetingsManagementMoney
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MBA Students
•Paid and unpaid internships•Assistance with market segmentation, competitive analysis, pricing, and other business planning tasks.
•Yes, somebecomefounders!
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Management
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Dealing with Universities
•Teaching a professor how to be an entrepreneur is like teaching a cat to swim:–It can be done.–You will lose blood.–You’ll never be satisfied with the results.–You will annoy the cat.
•Different motivations, different priorities, different views of “proper procedure”
•Best bet: Recruit an entrepreneur to work with the professor. 1+1=3.
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Money
Assistance with small-business grants from eleven Federal agencies.
Grants and loans to startups based on Georgia university research.
Equity investments in startups with a connection to Georgia Tech.
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VentureLab
MarketMilestonesMeetingsManagementMoney
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VentureLab Projects (current)
http://www.gtventurelab.com
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VentureLab Graduates
• April 2009
Axotech
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Who Owns Your IP?
•The Student Handbook states that any student enrolled at Georgia Tech is subject to the Institute’s Intellectual Property Policy.
•If any intellectual property is conceived or developed by a student during the performance of their course work, title to the intellectual property resides with GTRC.
•Student inventors enjoy the same rights and benefits as do faculty and staff inventors.–Including access to VentureLab!!!
However...
• GTRC is in the business of complying with all relevant contractual obligations, state and Federal laws, tax regulations, export control agreements, etc., etc., etc…
•GTRC is not in the business of stifling student innovation.
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However…
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Section 50.6(D)
• In addition, ownership rights to Intellectual Property developed by GIT faculty, staff or students shall reside with the Creator of such Intellectual Property provided that:
– (1) there is no use, except in a purely incidental way, of GIT resources in the creation of such Intellectual Property (unless such resources are available without charge to the public);
– (2) the Intellectual Property is not prepared in accordance with the terms of GIT contract or grant; and
– (3) the Intellectual Property is not developed by faculty, staff or students as a specific institution assignment as discussed in 50.6 B above. The nature and extent of the use of GIT resources shall be subject to GIT regulations.
• When there are multiple Creators, some or all may have ownership rights subject to the tests described above, but the parties are encouraged to enter into a mutually signed written agreement to clarify their respective rights and responsibilities, in accordance with guidance in Section 50.8.
TheFinePrint
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And Remember!
Intellectual property is (usually) not:
•Designs•Ideas•Concepts•Drawings•Suggestions
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What Does That Mean?
After disclosure, GTRC will apply multiple tests to your technology:•Does the disclosure constitute protectable intellectual property?•Was it based on sponsored research at GT?•Was it supervised by a GT professor? How closely? •Was the work conducted in GT laboratories?•Does it rely on GT background IP?•Are there co-inventors (inside or outside GT)? Have they signed an agreement?•Are there other factors in play?
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What to Expect
•GTRC will normally take about two weeks to review your disclosure.
•If none of the tests are triggered, your work may be deemed “Individual Effort.”
•A waiver letter will be prepared stating that GTRC assigns all intellectual property rights back to the individual inventor(s).
Klaus Advanced Computing Building
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For Further Information
Stephen FlemingChief Commercialization OfficerGeorgia Institute of Technology
Personal blog: <http://www.academicvc.com>
<http://innovate.gatech.edu/commercial/>
Project database and staff blog: <http://www.gtventurelab.com>
(404) 385-2360
Download this file at <http://www.gtventurelab.com>