alternative financing for innovative smes through incubating intellectual capital mark coticchia...
TRANSCRIPT
ALTERNATIVE FINANCING FOR
INNOVATIVE SMEs THROUGH
INCUBATING INTELLECTUAL
CAPITAL
Mark CoticchiaVice President for Research
and Technology Management
Incubating Intellectual Capital
Capitalo Define ito Understand ito Influence it
Talento Define ito Understand ito Influence it
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Pre-Seed Early Stage VC
Seed LaterStage VCFinancing
Stages
Primary ResourceProviders (Sources)
OwnersEntrepreneursUniversity & Government Grants or Validation Funds
OwnersEntrepreneursUniversity & Government Grants or Validation FundsAngelsSeed Stage Venture Capital
Early Stage Venture CapitalAngelsStrategic Corp. Investors
Venture CapitalPrivate EquityStrategic Corp. Investors
The Four Stages of Financing
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Follow-On Capital
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Idea Crossing
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The Ohio Capital Fund
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Ohio Midwest Fund
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Ohio Public Employees Retirement System (PERS) and Credit Suisse:• Invested more than $125 million in Ohio companies • Impacted over 2,500 jobs in Ohio • $61 million in capital from follow-on
investors• $186 million impact; i.e. 4.7x multiplier to capital drawn.
Incubating Intellectual Capital
Capitalo Define ito Understand ito Influence it
Talento Define ito Understand ito Influence it
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Defining Talent
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What Makes a Service Provider Great?
World Classo Have served clients around the worldo Expert in working with small, high-growth
companies
Extra Efforto Willing to do something special,
economically speaking, for company
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Incubating Intellectual Capital
Capitalo Define ito Understand ito Influence it
Talento Define ito Understand ito Influence it
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Case Technology Transfer
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Starting Pointo Disorganizedo Lack of Resources and Resolveo Poor Results
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Case Technology Transfer
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Principleso Centralized Functiono Customer Serviceo Business-Savvy Staffo Authority to Move Deals Quickly
Starting Pointo Disorganizedo Lack of Resources and Resolveo Poor Results
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Case Technology Transfer
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Early Effortso Edison Biotechnology Centero Enterprise Development Inc.
Principleso Centralized Functiono Customer Serviceo Business-Savvy Staffo Authority to Move Deals Quickly
Starting Pointo Disorganizedo Lack of Resources and Resolveo Poor Results
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Case Technology Transfer
Keys Early Stage Capital Task
Forceo Entrepreneurship Task Forceo GCVC Reporto JumpStart and BioEnterpriseo Support incentives for VC
investorso Recruitment of Top Talent to
regiono Innovative Policies
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Early Effortso Edison Biotechnology Centero Enterprise Development Inc.
Principleso Centralized Functiono Customer Serviceo Business-Savvy Staffo Authority to Move Deals Quickly
Starting Pointo Disorganizedo Lack of Resources and Resolveo Poor Results
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Example: $1.2B in Venture Capital Needed over Next 5 years
How Much Capital Is Needed By Stage?
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Greater Cleveland Venture Capital Report
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Case Technology Transfer
Keyso Early Stage Capital Task Forceo Entrepreneurship Task Forceo GCVC Report JumpStart and BioEnterpriseo Support incentives for VC
investorso Recruitment of Top Talent to
regiono Innovative Policies
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Early Effortso Edison Biotechnology Centero Enterprise Development Inc.
Principleso Centralized Functiono Customer Serviceo Business-Savvy Staffo Authority to Move Deals Quickly
Starting Pointo Disorganizedo Lack of Resources and Resolveo Poor Results
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JumpStart
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BioEnterprise
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The Innovation Network:Expanded Ties to the Region
Working togetherto accelerate
technology commercializationand new company creation
CWRU/UH
CCFInnovations
CaseTechnologyVentures
JumpStart
BioEnterprise
Case Technology Transfer
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Keyso Early Stage Capital Task Forceo Entrepreneurship Task Forceo GCVC Reporto JumpStart and BioEnterprise Support incentives for VC investorso Recruitment of Top Talent to regiono Innovative Policies
Early Effortso Edison Biotechnology Centero Enterprise Development Inc.
Principleso Centralized Functiono Customer Serviceo Business-Savvy Staffo Authority to Move Deals Quickly
Starting Pointo Disorganizedo Lack of Resources and Resolveo Poor Results
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Case Technology Transfer
Todayo $500M in VC to region over last 3 yearso TTO ranks top-10 nationally, #1 in Ohioo Spinoffs brought >$100M in VC in 2007
1999 2000 2001 2002 2003 2004 2005 2006 2007 200823
Athersys
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Synapse Biomedical
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Learn More About Tech Transfer at Case
To learn more, contact the Technology Transfer Office at Case Western Reserve University. Please visit our Web site:
http://techtransfer.case.edu
Technology Transfer OfficeCase Western Reserve University10900 Euclid Avenue, Sears Building, 6th FloorCleveland, OH 44106-7219
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