Valuing Innovation Imperial Innovations Valuing Innovation Integrating Innovation.

Valuing Innovation

Imperial Innovations

Valuing Innovation

Integrating Innovation

© Imperial Innovations™Valuing Innovation

Imperial College London


Business Mission

Customers

Marketing

R & D

Products & Services

Sales

Procurement,Supply & Back-Office

Profit

Investment

Shareholders


The University Mission

University

Technology Transfer

Teaching Research


Business & University Interaction

Customers

Marketing

R & D

Products & Services

Sales

Procurement,Supply & Back-Office

Profit

Investment

ShareholdersUniversity

Technology Transfer

Spin-out

Licence

•Management•Capital•Incubation


Imperial College London Science, medicine and technology based institution Rated 9th university in the world research rankings

(THES) Top ranked in the UK in terms of research

Over 3,000 staff conducting research14 Nobel laureates and 2 Field medallists

~ £248m annual research income (31st July 2005) ~£20m annual research income from industry Imperial College’s key strengths

Focused on industrial problemsMulti-disciplinary approach



1987 – Technology transfer office set up to exploit Imperial’s IP

1997 – DTI Biotech –exploitation and incubation programme

2002 – UCSF plus financing deals with Nikko and FF&P provide funds for spin-outs

2004 – Contract for Carbon Trust Incubation programme

2005 – Partial private placement of shares provide funds for investment

2005 – Contract for WRAP incubation programme

2006 – IPO raised further £26m for expansion

and investment

2006 – Opened BioIncubator

2006 – Commercialisation Services Contract

BAE Systems



Track Record– 250 new ideas each year– 50 new patents filed each year

– 96 commercial IP deals in bioscience and engineering

– Licence revenue ~ £2m pa– Realisations ~ £1 -2 m pa plus large exits– 58 spin-outs

• 21 at incubation, 37 late stage Team of 41 people


From the Lab to Market

InventorTechnology Transfer Market ResearchIndustry Experts

Field Trial SalesTechnologyMarket/Application

Commercialisation RealisationRoyalties

Proof of ConceptDesign

Spin-out IncubationLicence Management

ProductProduct

Champion


Organisation

Idea generation

•IP protection

•Proof of Concept

•Commercialisation decision

•Company concepts scoped

•Marketing/market research

•Licensing

•Company formation

•Board/management

•Incubation

•Investment ready

proposition

•Shareholder management

•Follow-on financings

•Strategic input

•Liquidity events

•Exits

Imperial College London

Imperial InnovationsIntegrated Model

Engineering & PhysicsTechnology Transfer

Medicine & Life SciencesTechnology Transfer

New Ventures

Investment Management

Engineering & Natural Sciences

Medical and Life Sciences

External Sources


Leveraging our Networks

Industry– Imperial’s research partners ABB, BAE Systems, Qinetiq,

Rolls Royce, BP, Shell and GSK Innovative programmes

– Shell Carbon Trust – £2m Low Carbon Seed Fund– Lilly Entrepreneur-in-Residence – Johnson & Johnson - Proof of concept

Academic– Panel of advisors and network experts

Investors– Network of investors, angels, VCs, corporate finance – Regular Spin-out forums

Entrepreneurs and Experienced Managers


Midaz Lasers

Developing world’s smallest, most efficient and highest quality laser Introduced range of industry customers, first laser tested commercially Founded by Professor Mike Damzen and Dr Ara Minassian Experienced management team introduced Proof of Concept funding £25k Seed funding round - £300k, of which£150k from Imperial Innovations Occupied BioIncubator space Sept 06 First product sold Oct 06


Thickness Monitoring of Pipes

Major international energy company seeking a low cost, widely deployable pipeline wall thickness monitor

Prof Peter Cawley, Imperial NDT group involved in an industry academia liaison group made initial connection

Imperial patented a simple waveguide technology for use with ultrasonic test methods

Negotiated a development and Commercialisation Agreement Currently halfway through development phase



Intelligent BusinessSolutions

Technology Assessment& Commercialisation

Incubation &Investment

Integrated Business Interaction

Business

Understand Market/Technology Needs

Others Imperial College London

Create appropriate commercial deals to Transfer Technology

Source suitable technologies


Summary

University Technology Transfer is part of a New Product Development Process

Achieve critical mass of good quality IP Establish industrial networks and use them

to get market knowledge Collaborate with other partner organisations

to deliver new product solutions not just good IP

Understand how to build value

Valuing Innovation Imperial Innovations Valuing Innovation Integrating Innovation.

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