Invent Penn State Update: Projects, People and Progress€¦ · • Ben Franklin (Loan) $150,000...
Transcript of Invent Penn State Update: Projects, People and Progress€¦ · • Ben Franklin (Loan) $150,000...
Invent Penn State Update:Projects, People and ProgressPresented to the Board of TrusteesNovember 4, 2016
A quick look at Penn State and entrepreneurship
• https://drive.google.com/file/d/0B-O0Yfz_aIQWLXk4RzdkeFpBXzg/view
Launched January 2015
Goal: Drive job creation, economic development and student career success
Invent Penn State Areas of Focus1. Internal: Transforming our ability to promote economic
development2. External: Promoting visibility for our intellectual
property3. Creating an entrepreneurial ecosystem around our
campuses: Develop startups and attract companies4. Students: Enhancing entrepreneurship and career
success
1. Internal: Transforming our ability to promote economic development (examples)
• Funding for commercialization (Fund for Innovation)
• University-community collaborations• SEED grants to Commonwealth Campuses • Investment in Invent Penn State staff• Dedicated resources to expanding
innovation in $6.54 billion EdTech Industry
Penn State York
Meet Dr. Steve Benkovic• Evan Pugh University Professor and Eberly Chair in Chemistry • Named first Invent Penn State Inventor of the Year• Joined Penn State in 1965 and is renowned for his pioneering
research and discoveries at the interface of biology and chemistry• Received the National Medal of Science, Benjamin Franklin Medal
of Science, and dozens of other awards • His work has been of fundamental importance in the design of
cancer drugs and antibiotics• Co-founder of pharmaceutical company Anacor, recently sold to
Pfizer for $5.2 billion
2. External: Promoting visibility for IP (examples)
• First Venture & IP Conference held Oct. 6&7• It was successful beyond all expectations:
– nearly 600 attendees – 95 startups – 60 professional investors – 39 sponsors and dozens of student entrepreneurs – Nearly $200,000 was awarded in competitions to startup
companies and IP-based technologies
2. External: Promoting visibility for IP (examples)
• Invention disclosures (144) are up 23%• Licensing revenue for 2016 is already our highest revenue
year in Tech Transfer (more than double our next best year)• Nearly 40% of our patents are licensed annually • Penn State has the most industry-friendly IP policy among
universities—and first to develop it• Penn State just established the Office for Entrepreneurship &
Commercialization to connect entrepreneurs with faculty, students and staff across PA
Meet Dr. Jeff Catchmark
• Professor of Agricultural and Biological Engineering
• 9 years of industrial experience in product development and commercialization and 17 years of academic experience
Biofoams for wound care: a story of innovation at Penn State
Wound care impacts every human being
• Cuts and abrasions• Deep wounds• Burns• Chronic wounds• Surgical wounds• Traumatic wounds• Battlefield wounds
U.S. market > $6 billion in 2015
Distant beginnings: A passion to stop pollution
“The great garbage patch”
A new biofoam was born!
PSU Starch based biofoam Styrofoam
How do you translate technology to make an impact?- Start with higher value applications!
Interdisciplinarity: Penn State’s engine of innovation
Materials Research Institute Biomaterials Innovation Group: ~ 25 faculty including doctors from Hershey
Millennium Science Complex
Hershey Medical Center
Building interdisciplinary collaborations
Scott Armen, MD, FACS, FCCP, FCCM
Melissa Linskey, MD
JingxuanYang, Ph.D. student
College of Agricultural Sciences: Making it RAIN opportunities
Dr. Gary Thompson, Associate Dean for Research, COAS
Ben Franklin TechCelerator Program
RAIN –Research Applications for Innovation
Product comparisonPSU biofoam Gauze Surgifoam Hemcon Quikclot
Absorbing
Clotting
Sealing
Hydrating
Mechanical
Bioabsorbable
Approximate cost
Materials: $0.10/spongeor pad $0.25/pad $10/sponge $30/pad $10/pad
Thank you!
Meet Dr. Nina Jenkins
• Senior Research Associate, Department of Entomology
• 20 years of experience researching and developing biopesticides
• Collaborated in development of Green Muscle for locust/grasshopper control; now owned by BASF
www.conidiotec.comwww.aprehend.com
CEO - Nina Jenkins [email protected]
CTO - Giovani Bellicanta [email protected]
Chemical treatments
• Require 3 separate applications
• Need long-term exposure
• Increasing chemical resistance
APREHENDTM application
Advantages APREHEND™ Chemical
Single application Yes No
PCO labor cost $ $$$
PCO profit $$$ $
Residual activity (Efficacy) 3 months Up to 1 month
Prevention Yes No
Natural and non-toxic Yes No
Why APREHEND™?
Market Strategy & Expansion
2015 - US5 million hotel rooms
Canada - Europe
$236 Million annually
Milestones
2013 – Patent pending
2016 – EPA registration
2016 – State Registrations
Product sales - 2017
Penn State Resources• Office of Technology Management
• TechCelerator (4 & 10-week courses)• College of Ag. Research Applications for Innovation (RAIN)• Ben Franklin• Entrepreneurship and Innovation program (College of Ag)• Invent Penn State (VIP conference)• Small Business Development Center (Penn State SBDC)• PennTap• Center County Industrial Development Corporation (IDC)• Innovation Park
• North East Regional IPM (USDA NIFA) $21,000• IR4 (USDA NIFA) $40,000• PSU College of Ag. RAIN grant funding $50,000• Combined prize money from Ben Franklin $36,000• North Carolina Biotech prize money $2,500• Penn State Innovation Programs Discovered and Developed in PA $5,000• Penn Tap (student bursary) $1,500
Total Pre-operational funding $156,000• Founders investment $50,000• Committed investors $150,000• Ben Franklin (Loan) $150,000 Total Start-up capital $350,000
Funding
Thank you!
www.conidiotec.comwww.aprehend.com
CEO - Nina Jenkins [email protected]
CTO - Giovani Bellicanta [email protected]
3. Creating ecosystems: Develop startups and attract companies (examples)
• Funding 13 innovation hubs at Commonwealth Campuses across Pennsylvania – 6 more with successful proposals + 3 planning grants
• Business startup training (Incubators and LaunchBoxes).• 20 new startups in the Happy Valley LaunchBox alone• Collaborations with companies like the Volvo Group, who
was named 2016 Partner of the Year
3. Creating ecosystems: Develop startups and attract companies (examples)
• Partnering with EdTech companies and accelerator Dreamitto attract young companies including InsideTrack– 18 companies have gone through Dreamit accelerator; 10
companies have graduated; 3 working pilots• Summer Founders Program: Connects alumni entrepreneurs
with undergraduates to launch companies. 12 new companies have participated.
• Legal assistance to form companies & protect IP• University-community collaborations
4. Students: Enhancing entrepreneurship and student career success (examples)
• Created and connected entrepreneurship-focused academic programs in numerous colleges/campuses
• Redefining the entrepreneurship experience and its role adding value to a 4-year degree
• Entrepreneurship and Innovation Minor• Partnerships and collaborations (30 Penn State
students have had internships with Dreamit companies)
4. Students: Enhancing entrepreneurship and student career success (examples)
• HackPSU Ed Tech Challenges and other competitions• EdTech Network created Nittany Watson Challenge
– In partnership with IBM, students and faculty will explore the potential of Watson computer to transform education and advance World Campus capabilities
– Challenge kicks off in Jan. 2017 with Watson Immersion and Idea Generation Event
– Concludes July 2017
Student Pitch: Phospholutions
• Presenter: Hunter Swisher• Team: Swisher and Erin Knabe• This startup was borne out of research
conducted in the College of Agricultural Sciences
• Company was started in April
Alumna Pitch: Project Vive
• Presenter: Mary Elizabeth McCulloch ‘16• Inspiration for company came from
working in Ecuador with individuals with cerebral palsy
• Product is designed to make communication easier
• Recently received first patent
In Summary
• We have made great strides, but we need to do more• Need to improve our ranking for tech transfer • Need to continue to build capital • Need to improve pairings of entrepreneurs with our
investors to help them commercialize more quickly • Stay focused on increasing interest in innovation
among our undergraduates; they are the future
Thank you!