k.u.leuven research & development: a model for exploitation of academic research
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K.U.Leuven Research & Development: A model for exploitation of academic research. K.U.Leuven Research & Development Edwin ZIMMERMANN [email protected] www.kuleuven.be/lrd. K.U.Leuven: facts & figures. K.U.Leuven founded in 1425 - PowerPoint PPT PresentationTRANSCRIPT
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K.U.Leuven Research & Development:
A model for exploitation of academic research
K.U.Leuven Research & Development
Edwin ZIMMERMANN
www.kuleuven.be/lrd
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K.U.Leuven: facts & figures
K.U.Leuven
• founded in 1425
• 30.455 students with 12,4% international students
• 16.189 employees
– 1.396 professors & 3. 891 researchers
– 2.730 administrative and technical staff
– 8.172 employees at the University Hospital (UZ Gasthuisberg)
• Research expenditures (2003 figures):
– 201 million EUR (+13,6% compared to 2002)
– of which 40,6 million EUR (20,2%) contract research through K.U.Leuven R&D
• Complete university: 14 faculties
• Humanities, Exact Sciences, and Biomedical Sciences
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K.U.Leuven R&D
Research Divisions:600 researchers (2003)
Industry
Contract Research
IPR & LicensingSpin-offs & Regional Development K.U.Leuven R&D
K.U.Leuven
K.U.Leuven Research & Development
• founded in 1972
• central multidisciplinary staff of 27 people
• operated as a business unit
• “to promote and support knowledge & technology transfer to the university”
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Activities
• Contract Research
– negotiation & legal support with respect to research contracts between university and industry
• Management of Intellectual Property Rights
– an active patent and licensing policy is pursued
• Creation of Spin-off Companies
– professional advice and support is provided to academic entrepreneurs
• Promotion of High-Tech Entrepreneurship
– both within university and in region
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Spin-off creation
• Support?
– awareness creation & knowledge transfer
– development of business plan
– finding investors: Gemma Frisius Fund K.U.Leuven
– finding infrastructure
• university labs, Innovation & Incubation Centre, science parks
– negotiation & legal support
• drafting bylaws, shareholder agreements and co-operation agreements
– supporting growth and internationalisation process
• participation in Board of Directors
• portfolio management is crucial
– support innovation & high-tech entrepreneurship through networking and technology clusters
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Gemma Frisius Fund K.U.Leuven
• provides seed capital in the early phases of research-based K.U.Leuven spin-off companies
• established in 1997 as a joint venture between K.U.Leuven, the KBC group and the Fortis group
– GFF I founded in October 1997:
• 12,5 million EUR
• investment limit of 500 KEUR / project
• 10,5 million EUR invested in 15 spin-off companies (1997-2004)
– GFF II founded in July 2002:
• 12,5 million EUR
• investment limit of 1 MEUR / project
• 2 million EUR invested in 5 spin-off companies (2002-2004)
• partners:
– K.U.Leuven (20% of capital)
– Two banks: KBC Securities (40%) and Fortis Private Equity (40%)
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Gemma Frisius Fund K.U.Leuven
• combining research & technology transfer expertise of the university with financial and investment expertise of financial partners
• not restricted to a specific technology. GFF considers every investment opportunity involving know-how coming from the K.U.Leuven
• invested amount per year (GFF I & II combined):
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
3.500.000
4.000.000
1998 1999 2000 2001 2002 2003 2004
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Spin-off Creation Process
K.U.Leuven R&D
GFF Advisory Board
GFF Board of Directors
intake preparing business plan technological due diligence market positioning financial plan
financial due diligence investment advice iterative feed-back process
final investment decision
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Spin-off Creation Process
• LRD Research Divisions
– research divisions embedded in university via matrix structure
• “virtual organisations” in which (groups of) researchers (from different faculties or departments) can group their applied research, commercial-industrial and exploitation activities.
Faculties, departments, research groups:international quality in research,
teaching performance
LRD divisions/projectsContract autonomy &flexibility incentives
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Spin-off Creation Process
• LRD Research Divisions
– important role in the incubation process of a spin-off company …
• BEFORE START-UP
– first “market test” within “secure” environment of university, usually through contract research
– smooth transition from research division to spin-off company
– technology transfer in exchange for shares
– (usually) investment from (part of) division reserves in spin-off company
• AFTER START-UP
– partner for contract research
– input from university researchers => co-operation agreement
– possible use of university lab infrastructure
– … but clear distinction in focus and activities between research division and spin-off company after start-up.
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• Incentive mechanism:
– Return through shares & warrants generate surplus value on shares
– Two types of shares:
• shares for capital investment
• shares for intellectual property (know-how, etc.)
– Valuation IP depends on various factors
• IP & contracts brought in
• patent portfolio
• time-to-market
• team
Spin-off Creation Process
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Results
60 companies founded over the period 1979-2004:
– 25 companies over the period 1979-1997
– 35 companies over the period 1998-2004
Total No. of Spin-off Companies FOUNDED
0
10
20
30
40
50
60
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
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Results
51 active spin-off companies (end 2004):
– exploiting university research results
– total turnover of +/- 300 million EUR
– >1500 employees.
Total No. of ACTIVE Spin-off Companies
0
10
20
30
40
50
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
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Results
12,5 MEUR invested in 20 GFF portfolio companies (end 2004):
– 18 active portfolio companies
– 1 successful exit (trade sale)
– 1 divestment
012345678
1997 1998 1999 2000 2001 2002 2003 2004
GFF support in K.U.Leuven spin-offs
Started without GFF
Started with GFF
Capital increase with GFF
GFF Exits
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Spin-off companies• Engineering
– LMS: computer aided dynamic analysis (acoustics, vibration, durability)– Metris: reverse engineering & 3D quality control– MEAC: microwave energy applications for industry– Materialise: rapid prototyping services (stereolithography, etc.)– Medicim: medical imaging solutions to support diagnosis and surgery– etc.
• Micro-Electronics & ICT– ICOS: vision and inspection solutions for the semiconductor and
electronics assembly markets– AnSem: design of analog integrated circuits– Ubizen: provider of managed security solutions– Eyetronics: 3D-image acquisition & processing– Data4S: data management, customer behavior profiling and pattern
detection– OMP: state-of-the-art antenna products & designs– Kimotion: EDA-tools for analog chip design– Hypervision, Epyc, Telraam: multimedia applications, e-learning
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Spin-off companies
• Biomedical– Thromb-X: biopharmaceuticals for cardiovascular diseases &
technologies of embryonic stem cell cultures and transgenesis– 4AZA Bioscience: biopharmaceuticals for immune pathologies such
as transplantation rejection, rheumatoid arthritis and septic shock on the basis of new immune-inhibitors
– TiGenix: tissue engineering & cell-based therapies (repair of articular cartilage, bone & muscle)
– reMYND: services & tools to support drug discovery in Alzheimer’s disease and neuro-degeneration
– RNA-TEC: chemical synthesis & purification– AlgoNomics: structural bio-informatics– PharmaDM: global enabler of drug discovery analytic solutions, based
on mining integrated chemical, biological and clinical data
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• Partners:
– LRD, research centres, city of Leuven, GOM, Flanders, etc.
• Infrastructure:
– Innovation & Incubation Centre
• 2400 m², 15-20 companies
• office & production space
– Science Park Haasrode
• 130 ha, 150 companies, +/- 6000 jobs
– Arenberg Science Park
• 110.000 m² office & lab space
• available from mid-2005 onwards
• state-of-the-art bio-incubator (end 2006)
– UbiCenter (old Philips-site)
– Campus Remy (old Remy-site)
Regional Development
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Networking
• Horizontal Network: Leuven.Inc
• network organisation stimulating contacts between university, IMEC, high-tech start-ups, innovation actors, support activities such as consulting agencies and venture capitalists, and established companies in the Leuven area.
• Vertical Networks: technology clusters
– DSP Valley
• focusing on the design of hardware and software technology for digital signal processing systems.
– L-SEC (Leuven Security Excellence Consortium)
• international, non-profit network organisation dedicated to promote the use and advance of e-security.
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Leuven – Knowledge Pearl
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CONCLUSION
LRD as a Networked Incubator
LRD
GFF
Leuven.Inc
Science Parks
K.U.LEUVEN
REGION
FINAN CIAL
WORLD
INDUSTRY
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• Success factors for the exploitation of academic research results in Leuven:
– Basis = a critical mass of high quality research
– Integrated approach on research valorisation: multidisciplinary team & “high value” services
– Clear incentives and policies to encourage research groups and departments to actively seek knowledge transfer opportunities
– Creation of appropriate entrepreneurial climate in a university context
– Legal context with respect to exploitation of academic research in Flanders region
– Developing the necessary instruments and networks for the further professionalisation of technology transfer support
Success Factors