Advisory Board and Commission Retreat September 11-12, 2013.
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Transcript of Advisory Board and Commission Retreat September 11-12, 2013.
Advisory Board and Commission Retreat
September 11-12, 2013
Innovation & Entrepreneurship
Objectives:
1. Foster a vibrant entrepreneurial ecosystem in Ohio that increases the number of quality technology start-ups
2. Improve the likelihood of success and accelerate the growth of young Ohio technology companies by providing high-value coaching, resources, and connections to entrepreneurs
3. Increase the capital invested in Ohio technology companies; attract or retain top entrepreneurial talent in Ohio
4. Promote entrepreneurial successes and generate buzz about entrepreneurship in Ohio
Services:
1. Intensive coaching from seasoned entrepreneurs, industry experts, and investors
2. Market research and validation; business strategy and path to market
3. Connections to customers, strategic partners, and investors, recruiting C-level and technical talent
4. Investment preparation; access to capital
5. Legal, tax, and accounting support
6. Patent protection; regulatory strategy
Company Industry Brief Description
Assistance Timeframe (years)
Capital ($M)
Sales ($M)
New Jobs
Comments
Medical
technology
Diagnostic test for behavioral health
☒ Entrep. Services ☐ Incubation ☒ Pre-Seed
5 32 * 143 Gazelle
Medical technology
Prevents lens fogging and debris in surgery
☒ Entrep. Services ☒ Incubation ☒ Pre-Seed
7 23 2 30 “Big hit” with longer timeframe
Information technology
Software for logistics and inventory management
☒ Entrep. Services ☒ Incubation ☒ Pre-Seed
2 2 2 30 Short two-year timeframe
Advanced materials
Shape memory polymers for composite manufacturing
☒ Entrep. Services ☐ Incubation ☒ Pre-Seed
3 1 12 30
Limited outside capital; product sales and R&D contracts
Sensing and automation
Terahertz camera for non-destructive testing
☒ Entrep. Services ☒ Incubation ☒ Pre-Seed
5 8 1 2 Significant non-OH capital raised; jobs a lagging indicator
Medical technology
Instruments for spinal surgery
☒ Entrep. Services ☐ Incubation ☒ Pre-Seed
3 0 75 46
No outside capital; significant sales and jobs; existing sales at time of engagement
Advanced materials
Ultra low-temperature freezers
☒ Entrep. Services ☐ Incubation ☒ Pre-Seed
6 6 10 32 Steady growth in capital, sales and jobs over six years
Photovoltaics Solar site analysis and installation
☒ Entrep. Services ☒ Incubation ☐ Pre-Seed
9 0 36 28
Significant sales and jobs; organic growth; longer timeframe
*Not available for this privately held company that has exited the portfolio.
CapitalObjectives:
1. Fill a gap in the capital continuum by increasing the amount of early-stage capital and loan financing available to young Ohio technology companies
2. Help companies bridge the gap to sufficiently mature in order to attract venture capital funds or other forms of commercial financing
3. Increase the number of professionally managed pre-seed funds investing throughout Ohio; attract or retain top fund management talent
4. Create a risk capital climate that supports the development, retention, and attraction of investable technology companies in Ohio
Services:
1. Loans to capitalize for-profit and non-profit pre-seed funds that have attracted the support of private investors
2. Working capital/fixed asset loans to support young Ohio technology companies in addressing the barriers to commercialization of technology products and processes in Ohio.
Commercialization Objectives:
1. Increase the number and quality of technologies from Ohio universities/research institutions that are licensed to Ohio companies and improve upon their viability
2. Leverage nationally recognized Ohio university/research institution technology platforms in the acceleration of late-stage technologies, the creation of new companies and the attraction of investment capital to support them
3. Spur the development and commercialization of industry relevant and company directed late-stage technologies and new products and new product innovations
Services:
1. Validation of potentially commercializable technologies, and access to initial funding for start-up companies licensing university technologies
2. Business acceleration of tech-based start-ups that form from or cluster around commercialization centers
3. Access to university technical expertise and resources, business expertise mentoring, and professional investment capital for tech-based start-ups
4. Access to university innovation platforms for established companies wanting to “in-source” those capabilities for the development of new products
5. Access to and collaboration around highly specialized technical equipment and facilities for companies developing new product
6. Subsidization and attraction of major R&D centers focusing on industry relevant technology development