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Michigan Initiative for Innovation and Entrepreneurship (MIIE)

Michigan Initiative for Innovation and Entrepreneurship (MIIE). Pilot Program Partner Campus Presentation. MIIE Overview. What? Cooperative organization of Michigan’s 15 public universities Built upon the successes of the Michigan Universities Commercialization Initiative (MUCI) Why?

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Michigan Initiative for Innovation and Entrepreneurship (MIIE)

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  1. Michigan Initiative for Innovation and Entrepreneurship(MIIE) Pilot Program Partner Campus Presentation MIIE activities are supported by a grant from the C.S. Mott Foundation.

  2. MIIE Overview • What? • Cooperative organization of Michigan’s 15 public universities • Built upon the successes of the Michigan Universities Commercialization Initiative (MUCI) • Why? • To promote and support its member organizations in directly and positively impacting the economy of the State of Michigan • To alter the course of Michigan’s economy, fostering an entrepreneurial culture that will ensure successful competition in the 21st Century knowledge economy MIIE activities are supported by a grant from the C.S. Mott Foundation.

  3. MIIE Overview • How? • Provide forum for sharing best practices, aligning complementary practices and programs, and encouraging inter-institutional collaboration • Build and implement joint funding programs to accelerate and advance: • Technology and Knowledge Commercialization • University Based Start-up Business Formation • Industry/University Engagement and Talent Retention • Entrepreneurship Education MIIE activities are supported by a grant from the C.S. Mott Foundation.

  4. a bit of history…. MUCI Successes • Modest awards to support specific commercialization steps for university-owned intellectual property • Supported technologies have gone on to be licensed to existing or start-up companies such as: • Accuri Instruments • Biophotonic Solutions • SenSound • Xoran MIIE activities are supported by a grant from the C.S. Mott Foundation.

  5. getting started… MIIE Pilot Program • Pilot Funding Round to be conducted summer of 2008 • Supported by a Mott Foundation planning grant to the University of Michigan • $1.5M in funding available to be awarded to partner schools on a competitive basis MIIE activities are supported by a grant from the C.S. Mott Foundation.

  6. Pilot Program Objectives • Demonstrate how universities can directly contribute to the transformation of Michigan’s economy using the pilot program, followed by a full-scale, longer-term program • Provide gap funding for transferring proprietary technologies and specialized knowledge to the private sector • Encourage and incentivize direct collaboration between universities and industry • Support innovative entrepreneurship education approaches MIIE activities are supported by a grant from the C.S. Mott Foundation.

  7. MIIE Funds Technology Commercialization Fund Program Industry & Economic Engagement Fund Program Talent Retention & Entrepreneurship Education Fund MIIE activities are supported by a grant from the C.S. Mott Foundation.

  8. Pilot Program Elements- Technology Commercialization Fund - • Supports specific steps to move university-owned technology towards licensing: • Market research and commercial assessment • Proof of concept studies • Prototype development and testing • Business plan preparation • Awards are capped at $150,000 • A 50% match is required MIIE activities are supported by a grant from the C.S. Mott Foundation.

  9. Pilot Program Elements- Technology Commercialization Fund - • Proposal Requirements • The University must own the Intellectual Property • The technology must be disclosed and under management by the University’s technology transfer office or its equivalent (e.g., Office of the VP for Research) • Applications must be approved by that office. • The technology may not be licensed already to a non-University entity (although an “option” agreement is acceptable) MIIE activities are supported by a grant from the C.S. Mott Foundation.

  10. Pilot Program Elements- Technology Commercialization Fund - • Evaluation Criteria • Competitive Advantage • Market Need • Commercialization Plan • Timeline: likelihood of strong market acceptance within 3-5 years, or within 3-7 years if a therapeutic model • Validation: evidence of interest from a prospective customer or business partner; evidence of institutional support and effort MIIE activities are supported by a grant from the C.S. Mott Foundation.

  11. Pilot Program Elements- Technology Commercialization Fund - • Limited revenue sharing onlyif university earns licensing revenues on the technology in the future • Applies to the MIIE Technology Commercialization Fund only • Capped at 3X the award • University can make limited payments of 20% of revenues per year until 3X is reached • Payments made from university revenues so there is no impact on license negotiations MIIE activities are supported by a grant from the C.S. Mott Foundation.

  12. Pilot Program Elements- Industry & Economic Engagement Fund - • To transfer knowledge from universities to Michigan industry. Projects should: • Improve access to resources, assets, and services within the university • Foster collaborations between universities and Michigan based companies • Be based on university knowledge, expertise, specialized facilities, know-how, etc. (vs. intellectual property) • Awards are capped at $100,000 • A 1:1 (100%) match is required MIIE activities are supported by a grant from the C.S. Mott Foundation.

  13. Pilot Program Elements- Industry & Economic Engagement Fund - • Examples include • university teams working with companies, especially entrepreneurial ventures • university teams working to improve the competitiveness of Michigan industry • providing common forum for university and industry experts to share information, etc. • May be one-time proposition to meet a particular need or a larger, sustainable program that will have impact over time MIIE activities are supported by a grant from the C.S. Mott Foundation.

  14. Pilot Program Elements- Industry & Economic Engagement Fund - • Evaluation Criteria • Impact on profitability, competitiveness and/or growth of participating companies • Impact on private sector relevance of associated university programs and personnel • Impact on entrepreneurial training of students and faculty • Evidence of private sector demand and support MIIE activities are supported by a grant from the C.S. Mott Foundation.

  15. Pilot Program Elements- Talent Retention & Entrepreneurship Education Fund - • To advance knowledge of entrepreneurial principles and practices among multiple student and faculty constituencies and to advance a culture of technological innovation and entrepreneurship in Michigan • Awards are capped at $100,000 • A 50% match MIIE activities are supported by a grant from the C.S. Mott Foundation.

  16. Pilot Program Elements- Talent Retention & Entrepreneurship Education Fund - • Examples include: • Entrepreneur-in-residence programs • Projects to increase the effectiveness of the university tech transfer office • Internships with economic development agencies, venture capital and other fund managers • New courses/curricula and boot camps • Developing new internship program, interdisciplinary collaborations MIIE activities are supported by a grant from the C.S. Mott Foundation.

  17. Pilot Program Elements- Talent Retention & Entrepreneurship Education Fund - • Evaluation Criteria • Sustainability of proposed program • Innovative approaches to expanding entrepreneurial education/experiential learning • Number of students involved in activities and likelihood involvement will lead to employment in Michigan’s innovation economy • Potential to increase faculty or student entrepreneurship • Private sector commitment to participate in program or project MIIE activities are supported by a grant from the C.S. Mott Foundation.

  18. There are multiple rationales for requiring matching funds: Provision of resources by the university and/or commercial partner is the strongest indicator of the priority and anticipated value of the project. Matching is a tangible demonstration of the leveraging value of the Foundation funding. More projects can be completed as a consequence of enlarging the resource pool via matching. The match and repayment plan must not be so high as to discourage university and industry participation because the risk/reward ratio appears imbalanced. MIIE activities are supported by a grant from the C.S. Mott Foundation.

  19. Pilot Program Implementation Timeline • Requests for proposals issued 4/28/08 • Michigan Tech Limited Submission Deadline 5/22/2008 • Proposals due 6/15/08 • Proposals reviewed end of June 2008 • Awards distributed July 2008 • Reporting Requirements: • Progress Report due December 8, 2008 • Final Report due at completion of the 1-year projects and then annually for 5 years MIIE activities are supported by a grant from the C.S. Mott Foundation.

  20. MIIE Pilot Program Questions? MIIE activities are supported by a grant from the C.S. Mott Foundation.

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