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UIC Software Symposium

UIC Software Symposium. April 6 th , 2009. First Question to Address. How does an entrepreneur evaluate University-based IP. Definitions of an Entrepreneur.

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UIC Software Symposium

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  1. UIC Software Symposium April 6th, 2009

  2. First Question to Address • How does an entrepreneur evaluate University-based IP

  3. Definitions of an Entrepreneur Somebody who offers an innovative solution to a (frequently unrecognized) problem. The defining characteristic of entrepreneurship, then, is not the size of the company but the act of innovation. The Economist, March 2009 Somebody who upsets and disorganizes. Entrepreneurs innovate and innovation is the specific instrument of entrepreneurship. Peter Drucker

  4. UIC & Entrepreneurs – A Natural Fit Since the UIC’s research departments drive innovation, it naturally follows that entrepreneurs work with the UIC’s OTM and faculty to produce companies that can commercialize intellectual breakthroughs.

  5. Entrepreneurs’ Evaluation Process of University IP Starts with solving a problem in the marketplace. Correlation: The bigger the problem to solve, the greater the value of University IP. The challenge: Since big problems worth solving draw attention from many researchers around the world, how does an entrepreneur choose which University’s IP to allocate time and financial resources around to license and commercialize?

  6. Choosing Amongst Several Universities for Licensing IP Look for faculty leadership in the area in which you’re trying to solve the problem Publications (and in what journals) Provisional patents filed or authorized Number of grants (and from whom) Work of PhDs under the University faculty

  7. Conundrum: How much knowledge is in the public domain? Finding the best University IP is dependent upon how prolific the faculty member is. But… If too much proprietary knowledge is revealed so that others can figure it out, the technology lead or window of opportunity is diminished (ideally you want 2 years)

  8. How Entrepreneurs Get Around this Conundrum Look for the improvements on the innovations that have yet to be published, which can be significant Work with the OTM and University faculty in determining the value proposition of commercializing their unpublished technical papers

  9. Second Question to Address How to partner with University faculty and inventors in starting up a business

  10. Primary Ways of Partnering If you’re a student or entrepreneur in the audience Reach out directly to the UIC’s OTM office to learn of IP that they’ve identified as good potential for commercialization Reach out directly to a professor whose area interests you and, if the professor would like to proceed with commercializing the technology, then reach out to the OTM

  11. Primary Ways of Partnering (Cont.) If you’re a professor or researcher in the audience Work with the OTM office in seeking an entrepreneurial team Talk to David Weinstein, President of the Chicagoland Entrepreneurial Center (CEC) The CEC plays a strong role in helping startups on every aspect of their business at every stage The CEC’s vast resources can also help you find an entrepreneurial team

  12. Partnership Commitment Participation of University faculty in the early stages of a startup will play a major factor in the success of the company.

  13. Major Milestones of an Early Stage Software Company Knowing competing software technologies and potential disruptive ones not on the market Developing a product (and not just selling a technology) Obtaining a Beta or Trial Customer Obtaining paying customers Creating a product road map that is sustainable and visionary Validating the business model and go-to-market strategy Raising capital beyond friends, family, and/or grants

  14. How Did Google Raise its First Round of Capital Venture Capital Strategic Partner (i.e. Fortune 500 company) Friends and Family Answer: Friends & Family

  15. How Much Did Google Raise from Friends & Family $500,000 $1,000,000 $5,000,000 $9,000,000 Answer: $1,000,000

  16. The Moral of Google’s First Round of Capital Raise Even with the best technology, it is quite rare to obtain customers until the technology is incorporated into a product Even with a product, it is quite rare to obtain investors (i.e. Angel, VC, strategic partners) without having a growing customer base to validate marketplace acceptance

  17. What Should University Faculty Look for in an Entrepreneurial Team Your team should consist of more than one entrepreneur and ideally those that complement your R&D (i.e. Sales/Marketing, Product Development). Very few successful start-ups succeed on just one entrepreneur (i.e. Apple had 3 Co-Founders (Steve Jobs, Steve Wozniak, and Ron Wayne); Microsoft had 3 Co-Founders (Bill Gates, Paul Allen, Steve Ballmer). Your team should be 100% committed (at least in due time). Your team has to have a passion for learning every aspect of your research and evangelizing it. Your team should have an active Board of Advisors that can help out when you need them.

  18. Thank You !

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