© 2009, Georgia Institute of Technology Entrepreneurial Opportunities for Georgia Tech Students...

© 2009, Georgia Institute of Technology

Entrepreneurial Opportunities

for Georgia Tech Students

Stephen FlemingChief Commercialization Officer

<[email protected]>

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.


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


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


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

6

# 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


Patent Ranking

U.S. Patent & Trademark Office, Calendar Year 2005 (last year available)


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

$ $


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


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


IP Business Development

VentureLab


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


VentureLab

MarketMilestonesMeetingsManagementMoney


MBA Students

•Paid and unpaid internships•Assistance with market segmentation, competitive analysis, pricing, and other business planning tasks.

•Yes, somebecomefounders!


Management


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.


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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✓4/22/09 Technology Commercialization at Georgia Tech

VentureLab

MarketMilestonesMeetingsManagementMoney


VentureLab Projects (current)

http://www.gtventurelab.com


VentureLab Graduates

• April 2009

Axotech

209/17/2008 Commercialization of Student Projects

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.


However…


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


And Remember!

Intellectual property is (usually) not:

•Designs•Ideas•Concepts•Drawings•Suggestions


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?


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


For Further Information

Stephen FlemingChief Commercialization OfficerGeorgia Institute of Technology

Personal blog: <http://www.academicvc.com>

<[email protected]>

<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>

© 2009, Georgia Institute of Technology Entrepreneurial Opportunities for Georgia Tech Students...

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