Entrepreneurship | Education · Multi-year Institutional Ventures 1. Ventures emerge and advance...

Entrepreneurship | Education

Khanjan Mehta

Soumyadipta Acharya

How Ventures work at CBIDSoumyadipta Acharya, MD, PhD

Graduate Program Director Center for Bioengineering Innovation & Design

Our Mission

the education and development of

the next generation of leaders in healthcare

innovation

And

the creation and early-stage development of

healthcare solutions that have a transformational

impact

on human health around the world.

~

Our key measure of success is the positive impact

Of our students and our technologies

not

bench to bedside

bedside to

bench to

bedside

least favorite concepts…

not

tech transfer

inn

ova

tio

n

pa

rtn

ers

hip

s

Clinical

People –

Team

Strategic

Decisions

Finance

and

Resourcing

Patient,

Family

Health Care

Worker, Physician

Health Care

Facility,

Provider

Commercial

Technical -

Design

Organizational –

Strategic

Reimbursemen

t, Payer

Regulatory,

Compliance

Intel Property,

Competitive

Landscape

Solution Spec

and Concepts

Evaluation,

Verification

Idea, Concept,

IP Creation,

Development

Time and CostTime and Cost

Need to Invest Time/Funds in All Topic Areas

Copyright Youseph Yazdi 2013

Clinical

Commercial

Technical -

Design

Organizational -

Strategic

Time and CostTime and Cost

your investment

in

understanding

clinical needs

Copyright Youseph Yazdi 2013

Our Model: Careful, Efficient Resource Allocation

Clinical

Commercial

Technical -

Design

Organizational -

Strategic

Time and CostTime and Cost

your investment

in

understanding

clinical needs

your investment

in

understanding

commercial

value

Copyright Youseph Yazdi 2013

Our Model: Careful, Efficient Resource Allocation

Clinical

Commercial

Technical -

Design

Organizational -

Strategic

Time and CostTime and Cost

your investment

in

understanding

clinical needs

your investment

in

understanding

commercial

value

your investment

in developing

solution

Copyright Youseph Yazdi 2013

Our Model: Careful, Efficient Resource Allocation

Clinical

Commercial

Technical -

Design

Organizational -

Strategic

Time and CostTime and Cost

your investment

in

understanding

clinical needs

your investment

in

understanding

commercial

value

your investment

in developing

solution

your investment

in organizational

and strategic

alignment

Copyright Youseph Yazdi 2013

Our Model: Careful, Efficient Resource Allocation

Clinical

Commercial

Technical -

Design

Organizational -

Strategic

Time and CostTime and Cost

your investment

in

understanding

clinical needs

your investment

in

understanding

commercial

value

your investment

in developing

solution

your investment

in organizational

and strategic

alignment

go,

modify,

pivot, kill?

Copyright Youseph Yazdi 2013

Our Model: Careful, Efficient Resource Allocation

Clinical

Commercial

Technical -

Design

Organizational -

Strategic

Time and CostTime and Cost

your investment

in

understanding

clinical needs

your investment

in

understanding

commercial

value

your investment

in developing

solution

your investment

in organizational

and strategic

alignment

go,

modify,

pivot, kill?

Copyright Youseph Yazdi 2013

Our Model: Careful, Efficient Resource Allocation

Time and CostTime and Cost

Copyright Youseph Yazdi 2013

o Commercial:

o Courses: Insight Informed Innovation, Business of Biomedical Innovation

o Results: business plans developed, including regulatory, reimbursement,

investment

o Technical:

o multiple iterations of looks-like and works-like prototypes

o Provisionals filed, IP strategy outlined

o Clinical:

o Insights from multiple clinical immersions and end users

o Pre-clinical evaluations of several concepts

o Organizational:

o Startup options decided, follow-on team created

o Funding pipeline developed

o Funding:

o Year 1 : $30,000 prototyping fund

o ‘Intramural’ funds- Coulter, Tech Accel Fund

o ‘Extramural’ – Maryland, NIH, NSF, etc.

Over 12 Months:Iterate and Build Insights on all Stakeholders

Each Year:

~25 Medical Innovation Projects

~10 Global Health Related

~ 40 Clinicians Involved

~100 students

5-year translational outcomes

~ 41 Active Provisionals or Full Patents

~12 Licenses

~ 12 Startups

~ Startup Funding Raised $5.6M

~ Industry/Foundation Funding Raised $3M

~ Corporate Partnerships w GSK, BD, Medtronic, Boston Scientific,

J&J, GE, Laerdal Medical, DuPont

HESE Coursework

Certificate in ECE | Minor in Social Eship

Design Affordable Greenhouses

Affordable Greenhouses

SL, Moz: GRO Greenhouses

Solar Panel Certification

Current employees

21

Eunice Ann Salome Margaret Lillian Ann

Current Mashavu Social Franchisees

Low-Cost Diagnostics

$20 3D Printed Prosthetics

118 Pubs; 17 In Review; 30+ In Prep

Research: Engaged ScholarshipScholarly Research + Publication

Design with Communities

Commercialize for Markets

“Ellie on the keyboard. Holly on the mouse.

Jenny on the screen. Go Team!”

©2014

Art

by

Jab

ez

Issa

by Khanjan Mehta#57Frame Changers

Teamwork Models

1. Student Project Assembly Line

1. Students come with ideas; design products and systems

2. End of semester = end of (most) projects

3. Students champion them further....or they die!

2. Multi-year Institutional Ventures

1. Ventures emerge and advance over time

2. Student teams pass the baton from year to year

3. Faculty anchors � resources, strategy, continuity

Funding and Accountability

Deployment Channels

Partnerships

Long Time Horizons

Selected Spinouts & Startups

Selected Spinouts & Startupsin Three Years

Community based Pre-eclampsia screening

A low cost non-invasive tool for community basedanemia screening and surveillance

What the health worker sees:

What the health official sees:

Decision support system

ePartogram: better management of labor and delivery

A telemedicine enabled electronic partogram:

Android App running on low cost tablets.

Reminders, decision support, tele-consultation,

automated measurements

• CBID Solution: The CryoPop

• Uses liquid phase of gas tank to create a dry ice block on a stick � smaller gas tank needed

• lower cost device, no tubes to clog or repair

• As ablation proceeds, ice block evapolates

• Testing on sheep cervix shows equivalent ablation performance

Cryopop reusable handle

~$30.00 injection molded plastic

Requires a 10lb tank to

treat 10 women

We just opened Pandora’s Box:

1. Is your primary goal

1. Technical Education

2. Design Education

3. Entrepreneurship Education

4. Entrepreneurship?

2. Do you want to expose students to a certain

phase of the innovation lifecycle?

3. How vested do you want to be in the venture?

Student vs. Institutional Ventures

1. Venture Continuity:

2. Intellectual property concerns

3. Access to resources

4. Deployment channels: not the mission of the university?? No ‘scholarship’ in these activities?? Why should University put resources behind this?? ‘Glory is in- we designed a doohickey… and it does fancy stuff….. Nobody seems to care about the lives impacted ( or have the patience for it)? Got to get field partner engagement early on!! Could a ‘lean Launchpad’ / iCorps type model align the educational model and entrepreneurship objectives.

5. Student / Faculty Incentives

6. Learning Outcomes: learning to start and run a business/ learning engineering design/ user need centric design. If the goal is the venture.. Then it is easy to ‘cut corners’ in the didactic component. In contrast- do students really ‘learn’ entrepreneurship if it is not experiential?? Empathy (is that a learning objective?)/ co-creation.

7. Entrepreneurial Outcomes

8. Research Outcomes

9. Conflicts of Interest: Can faculty help with ongoing R&D, if it is a venture? Conflicts are good and healthy- they create diversity of educational models. Ned to manage with fairness. University says- “ is this for you or fir us”? Faculty can’t be advisor to student wit whom you are in business.

Access to Resources:

Funding and mentoring during post-university but pre-revenue situation, ownership/IP concerns when using/accepting resources, conflicts with university development for early support, student ventures have limited resources and validation, student ventures need new funding sources, there comes a time when university stop supporting the venture, access/pricing issues with research, teaching and commercial equipment

Entrepreneurship Outcomes:

Start-up vs. technical transfer of IP,

different partners/stakeholders have

priorities, how will project continue

when students graduate?, research

outcomes and university regulations

might conflict with entrepreneurship

outcomes

Student/Faculty Incentives:

Students focus on startups or jobs,

whereas institutions focus on PR and

money gained from ventures

Research outcomes:

Reasonable number of publications

vs. high-impact (and high-effort)

publications, Research not affiliated

with a university might be harder to

attain regulatory approval, who is the

lead on research determines future

trajectory, adequate

support/ownership for

undergraduate research experience is

lacking,

Engagement.

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IMPACTKhanjan MehtaSoumya Acharya