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UNIVERSITY OF ILLINOIS AND LOCAL RESOURCES FOR ENTREPRENEURS

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Page 1: Local resources for entrepreneurs.ppt - Research Parkresearchpark.illinois.edu/sites/default/files/Local resources for...Patent Clinic Pro Bono Legal Services Prototyping through MechSE

UNIVERSITY OF ILLINOIS AND LOCAL RESOURCES FOR ENTREPRENEURS

Page 2: Local resources for entrepreneurs.ppt - Research Parkresearchpark.illinois.edu/sites/default/files/Local resources for...Patent Clinic Pro Bono Legal Services Prototyping through MechSE

Research Park - Enterpr iseWorks I l l ino isVENTURES UCAN Loans/f inancing through the CCRPC Advantage I l l ino is - I IVF SBDC SCORE counselors EIRs I -Star t Mobi le Center TEC: Cozad TEC: Lemelson TEC: Idea to Product I l l ino is Launch Innovat ion Celebrat ion CEM course Invent ion to Venture Cozad Entrepreneur lecture at COB Student entrepreneur groups: IEN,

Entrepreneurs wi thout Borders , Chinese entrepreneur associat ion

Use thesis adv isors , senior des ign pro jects , course work to help you advance commerc ia l i zat ion

Innovat ion LLC Patent C l in ic Pro Bono Legal Ser v ices Prototyping through MechSE FastTrac Course at EW and at Rantoul

wi th Parkland Col lege Second Saturday New SBIR consul tant NSF I -Corps ass istance CODE: Sof tware Group Biotech Networking Group CEO Roundtable Women in Tech events TechMix events Tech Cocktai l Star tup Café events TEC courses : Entrepreneurship in

Engineer ing EIR mentor ing through a lumni Industr ia l des ign ass istance Student business consul t ing : IBC,

OTCR, senior des ign courses

ABUNDANT RESOURCES

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EnterpriseWorks (EW) is a 43,000 sq f t star tup business incubator in the Research Park for early stage tech firms. I t is owned and operated by the University of I l l inois to help launch successful star t -up companies.

Shor t term leasing of lab and of fice suites

Atrium and meeting space used for Research Park weekly events

Entrepreneur resources to suppor t company formation and growth

Shared labs with equipment, and co- location server space avai lable

Named by Inc.com as one of 10 “Incubators to Watch” in 2011

3

ENTERPRISEWORKS INCUBATOR

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STARTUPS CURRENTS INENTERPRISEWORKS

0

2

4

6

8

10

12

14

16

18

20

Number of Firms

Biotech

Clean Tech

InformationTechnology

Nanotech/Materials

Consulting Service

EnterpriseWorks Company Industry SectorsUI Company Origin: 56% of companies report their

origin as coming out of a University department or lab (does not include student started firms). Licensing: 45% of firms report have IP licensed from UIUC , 18% have

pending licensing.

4

5%

13%

44%2%

23%

13%

Alumni

External

Faculty

Spinoff

Student

UI Staff

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STARTUPS ATTRACTING FUNDING

5

Our incubating companies raise funds from VCs, angels, corporate partners, and SBIR funding.

• $146 Million received while at UIRP• $407 Million in capital raised in total by incubated companies

*Includes funding to startups while they were located in the Research Park, does not include consecutive rounds if they later moved out of Research Park.

$5,600,000 $8,350,000

$5,800,000

$39,405,000

$33,695,000

$6,775,000

$17,270,000

$23,015,000

$6,000,000

$32,345,000

$60,565,000

$47,450,000

$5,550,000

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STARTUPS ATTRACTING FUNDING

6

UIRP received over $28 Million from 2004 through 2010UIRP received 11% of amounts awarded in Illinois in 2010

New EDA University Center includes funding for SBIR consultant for startups

$3,268,738.00

$4,793,757.81

$2,008,570.02

$2,790,223.00

$6,176,309.00

$3,631,024.39

$5,469,374.00

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

2004 2005 2006 2007 2008 2009 2010

TOTAL SBIR/STTR AWARDS IN RESEARCH PARK

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7

ENTREPRENEURS-IN-RESIDENCE (EIR)

Chad SteiningMentor

Management & CEO of Kypha in

St. Louis, UI alum, PhD

Tim HoerrSerra Ventures &

Cbana, Phi Optics, Gameday Sports,

DxP, iCyt, CPA, Valuation expert

Dennis BeardSerra Ventures &

Open Prairie Ventures CFO,

UI Business Adj. Faculty - Finance

Jed TaylorJLT Consulting,

TEC and formerly with Pattern Insight , UI

Siebel Scholar

EIRs are local-experienced tech entrepreneurs that have commercializedtechnology, hired by the Research Park to consult startups

– The EIRs provide advice on business development, legal issues, attracting investment, revenue creation, and engagements with industrial clients.

– Monthly entrepreneur training workshops on business topics

– Paid for by the Research Park to help UI entrepreneurs access free consulting

Alan SingletonSingleton Law

Firm, specializes in tech startups

and IP

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8

ENTREPRENEUR-IN-RESIDENCE ASSISTANCE

EIRs: August 2010 to March 2012

Company Type

Number of Unique

CompaniesNumber of

Consultations

Biotech 31 69

Consulting/ Service 9 24

Green Technology 2 6

Info Technology 50 108

Materials Engineering 19 68

Unknown 20 23

Total 131 298

Business Plan, 15%

Commercial potential for

research, 12%

Contracts, 8%

Funding, 15%

General Startup

Assistance, 23%

Partners, 6%

Presentation Prep, 10%

Product, 4%

SBIR, 7%Consulted 131 entrepreneurs since August 2010 in EIR Program

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I-START PROGRAM

9

I-Start Entrepreneur Services

Service Types Legal Services Business Planning SBIR Assistance Financial and Payroll Services

Student Shared Services Center

Scope of Services

• Initial Company Formation, bylaws, application for FEIN (filing fees paid by entrepreneur)

• Stockholder agreements and certificates

• Stock option plan • Employment

Agreement • Non disclosure

agreements

• Write Business Plan with inventor input

• Market Research • Financial

Projections • Recommendation

on sources of capital

• Assistance with hiring and incorporation decisions

• Finding solicitation and agency fit

• SBIR process guidance

• Draft budget• Writing

assistance• Help with letters

of support • Project

Management • Registrations

and Submission

• Payroll admin• Quarterly

Financial Statements

• Assistance with Quickbookssetup for the business

• Market research• Presentation

assistance• Initial template

website• Logo assistance• Social media,

adwords• IT/Computer

system setup(up to 100 hours of student work)

• Competitive awards for 50-90% of service provider costs through EW• Focused on faculty entrepreneurs licensing technology from the University

of Illinois, but open to all UI entrepreneurs for application. • 14 initial clients accepted, including 4 graduate student startups

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EW MOBILE APP CENTER

New iOS professional development course Evening course for 8 weeks, offering again in summer Hands on Basics iOS programming, topics covered include

Development tools, iOS Anatomy, Objective-C, Memory Management, ARC, Foundation Classes, iOS Design Patterns, View Controllers, Views, Storyboards, Animations.

AppIncubate program design prototype of an app that will capture the initial version's work flow

Co-location space for mobile developers in EnterpriseWorks

Mobile Expert onsite 2 days a week for consulting and mobile development intern to help startups

10

Page 11: Local resources for entrepreneurs.ppt - Research Parkresearchpark.illinois.edu/sites/default/files/Local resources for...Patent Clinic Pro Bono Legal Services Prototyping through MechSE

Sof tware User Group Meet ings

Tech CEO Roundtables with speakers

Star tup Café with successful entrepreneurs

Monthly entrepreneur educat ional seminars

Monthly social events, F i re @ Five, Ping Pong, soccer, swing dancing

11

EVENTS FOR TECH FIRMS

Women in Technology Forum

Summer concer ts with Kranner t

Chari table events

Biotech group

TechCocktai l tech demonstrat ions

Annual Career Fair, student awards

The Research Park hosts weekly events for the employees and firms in the community.

Page 12: Local resources for entrepreneurs.ppt - Research Parkresearchpark.illinois.edu/sites/default/files/Local resources for...Patent Clinic Pro Bono Legal Services Prototyping through MechSE

New Incubator located in Rantoul at the former Chanute Air Force Base provides free space for entrepreneurs Onsite business consulting from the Small Business Development Center

Onsite FastTrac entrepreneur course offered through Parkland College starting in Fall 2012

Manufacturing/Shell Lab space access with loading doors

Affiliate status with EnterpriseWorks to utilize resources of our team Use of Shared Services student program with Parkland and UIUC students

RANTOUL BUSINESS INCUBATORENTERPRISEWORKS UNIVERSIT Y CENTER

Page 13: Local resources for entrepreneurs.ppt - Research Parkresearchpark.illinois.edu/sites/default/files/Local resources for...Patent Clinic Pro Bono Legal Services Prototyping through MechSE

FUNDING RESOURCES

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ILLINOISVENTURES, L.L.CSeed and early stage, research-based, investment

IllinoisVENTURESIETF I Size

IETF II SizeTotal Current Assets

$11 million$27 million$20 million$58 million

Management Team John Banta CEO, Managing DirectorJohn Regan Managing DirectorRob Schultz Managing DirectorKathryn Hyer Senior Director

Stage Seed & early-stage venture capital

Focus

Industries

Research-derived investment Start companies around licensed IP, technical foundersEstablish initial cap-structure, strategy, teams

IT, physical and life sciences, cleantechInter-domain “seams”

Geography IL and the Midwest

# 1 regionally

#19 nationally

Plus companies have attracted more than $450 million in outside capital = 12:1 leverage

The UI Board of Trustees created IllinoisVENTURES in 2002, to

catalyze the creation and development of research-derived

companies

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IllinoisVENTURES Funding

•Unite markets, IP, PI•Validate market•Rough commercial path

• Founder role• Secure license• IP development• Proof of concept

• Hire CEO• Product prototype• Market introductions• Early customer

identification/JVs• Identify funding

partner

Time

Valu

e

• Complete mgmt team• Beta product• Early customers• Attract domain

experienced VC

Source IdeaSource Idea

Company LaunchCompany Launch

Early Technology Execution

Early Technology Execution

Business Model Execution

Business Model Execution

15

EARLY STAGE INVESTING PATHWAY

IETF Funding

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Local angel network with investors in early stage companies

Managed through the Champaign County Economic Development Corporation

Meets 3-4 times a year for investment pitches

Entrepreneurs submit investment deals through Gust (AngelSoft), must register

Receive 10 minutes for presentations

URBANA CHAMPAIGN ANGEL NETWORK (U-CAN)

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Total IIVF capital for investment = $20,000,000

Launched Oct 2011

Risk capital - Up to 25% or $1M of the round Minimum investment round is $250,000

Investments structured as convertible notes, follow terms of other investors.

Aim to execute intent within 30 days

INVEST ILLINOIS VENTURE FUND (IIVF)

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The Economic Development Division of the CCRPC is a resource for a variety of innovative federal , state and local business loan programs:

Community Development Assistance Program (CDAP) – Loans to stimulate growth, job creation, expansion and retention of businesses located within Champaign County but outside the cities of Champaign and Urbana

Community Services Block Grant (CSBG) – Similar to CDAP used primarily within the Champaign-Urbana metropolitan region

Can make equity investments vs. loans if committee approves

All programs are intended for small businesses that cannot ful ly access conventional lending sources.

All programs have the specific goal of Job Creation, pr ior ity is given to technology businesses

http://www.ccrpc.org/economic/businessloans.php

Contact: Kathy Larson (217) 328-3313

CHAMPAIGN COUNTY REGIONAL PLANNING COMMISSION

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LEGAL AND PATENT HELP

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The Office of Technology Management (OTM) is responsible for managing the intellectual property generated by research and educational activities at the University of Illinois at Urbana-Champaign.

OTM evaluates, protects, markets, and licenses IP developed on the University campus. UI inventors make disclosures for OTM to evaluate for patenting

The OTM tech managers have domain expertise and work with departments across campus to identify opportunities

Generous student ownership policy Student Class Design Projects

Student Entrepreneurial Activities

Guidance on thesis publication

OFFICE OF TECHNOLOGY MANAGEMENT

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Founded in 2008 as a joint effort of the TEC and Professor Joseph M. Barich of the College of Law (COL) at Illinois, the Patent Clinic allows law students the opportunity to draft patent applications for student inventors.

The Patent Clinic reviews the student innovations and, if an innovation is considered potentially patentable, drafts a patent application on the innovation at no cost to the student.

PATENT CLINIC

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Meyer Capel law firm in Champaign provides pro bono legal services at EnterpriseWorks every other Thursday. The firm is the largest law firm in Champaign County, with 29

attorneys providing a wide range of legal services. Jeff Davis has been a practicing attorney since 1996, his experience

ranges from helping clients with start-up ventures to assisting clients with the purchase or sale of multi-million dollar businesses.

Our clients will have up to 3 hours of pro bono service available through Meyer Capel office hours at EnterpriseWorkswith one hour appointments at a time.

Scheduling is through EnterpriseWorks. Entrepreneurs may also seek business

advice and legal assistance through the EIR program from Alan Singleton.

PRO BONO LEGAL HELP AT ENTERPRISEWORKS

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BUSINESS COUNSELING AND MENTORING

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• Second Saturday is a group of local business people with a variety of backgrounds who get together the 2nd Saturday of each month to review business plans and give feedback to start-up companies (primarily high-tech) • Great opportunity to receive input on an investor pitch before actually facing venture

capitalists and other potential partners.

• The group has been reviewing plans for over 10 years and in order to maintain the integrity of the group and confidentiality of the presentations, membership is by invitation only.

• Meetings are held from 7:30 - 9:00 am at Singleton Law Firm, located in the Research Park

SECOND SATURDAY BUSINESS REVIEW

If you are interested in presenting at 2nd Saturday, contact: Liz Kellner, Singleton Law Firm [email protected] www.2ndsat.org

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Ill inois Launch, a new venture accelerator program in the College of Business at the University of Illinois, helps entrepreneurs develop their ideas into high-growth, sustainable businesses.

The program provides startups with access to curriculum, mentors, community, and an enormous network of alumni, investors, and successful entrepreneurs.

ILLINOIS LAUNCH

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SBDCs provide assistance to new and existing small businesses. Services include: One-on-one business counseling and management assistance

Assistance with the development of business plans

Help with development of marketing plans

Access to business financing programs

Assistance with financial analysis and planning

Access to business education and training opportunities

Patent searches

SBDC in Champaign has two free counselors: Greg Gonda, experienced business consultant and CPA

Chirag Shah, patent research expertise, biotechnology

Training in Constant Contact, QuickBooks

SMALL BUSINESS DEVELOPMENT CENTER

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• ECI-SCORE is made up of experienced business owners and managers who volunteer their experience to help small business owners and potential business owners through workshops and free confidential counseling

• Monthly workshops on small business basics:• Starting a Small Business

• Writing a Business Plan

• How to Finance a Business

• Check out their website for useful small business templates, business planning web-tools, and sample business plans by industry sector http://www.eciscore.org/business_toolbox.html

EAST CENTRAL ILLINOIS SCORE (ECI-SCORE)

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BUSINESS AND INNOVATION

COMPETITIONS

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COZAD COMPETITION

V. Dale Cozad New Venture Competition: 82 student startups competed in 2012 for this award through a series of competitions with elevator pitches, written business plans, and oral presentations

The competition encourages the development of the entrepreneurial spirit through teamwork and competition.

Assistance is available in the form of mentors, workshops, and courses to guide teams through the phases of business plan creation.

Teams in the final round compete for an estimated $50,000 in cash, plus valuable in-kind prizes.

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LEMELSON PRIZE

The Lemelson-MIT Illinois Student Prize, is a $30,000 competition administered by the TEC in the College of Engineering, awarded annually to a student who has created or improved a product or process, applied a technology in a new way, redesigned a system, or demonstrated remarkable inventiveness in other ways.

Students must be enrolled full-time at UIUC during the academic year in which the award will be presented.

Lots of press for winners

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Pitch your product idea for the chance to compete for $10,000

Idea To Product (I2P) is a unique academic competition looking at ideas at their earliest stage.

I2P is not a business plan competition. I2P only requires a one-page submission, done according to a format, outlining an idea for a product (or service) and its market.

IDEA TO PRODUCT (I2P)

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Annual Innovation Celebration in recognition of those individuals and organizations that have made significant contributions, taken risks, and provided leadership to ensure the continuing economic success of Champaign County.

Ten awards recognize individuals and organizations for innovation, creativity, and leadership Student Startup Award

INNOVATION CELEBRATION

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COURSES AND TRAINING

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I am developing a technology business and need help navigating the factors that go in to starting a business like acquiring funding and intellectual property protection.

Determine market opportunities and business strategies and pursue them successfully;

Define your target customers; Develop a solid marketing plan; Learn to assess and build a top management team; Calculate the funding needed at each stage of your business and discover

the best ways to access it; Learn the importance of protecting your intellectual property through

licenses, patents, trademarks, and copyrights; and Hone your elevator pitch and investor presentation.

Certificate Course will be offered at EnterpriseWorks will offered beginning on 6/5/12 for 12 weeks, every Tuesday night from 6-8 pm. Cost is $100 for books.

FASTTRAC CLASS: STARTUP YOUR IDEA

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Certificate courses: courses that feed into certificate programs in technology commercialization

Entrepreneurship courses: Developing Design Thinking, Lectures in Engineering Entrepreneurship, Tech Marketing TE/ENG 360 - Lectures in Engineering Entrepreneurship, Professor

Paul Magelli

Consider attending Prof. Magelli’s course, awesome speakers including many alumni that have been very successful

TEC COURSES

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The Certificate in Entrepreneurship and Management is a program for entrepreneurially minded MDs, DVMs, and PhDs in the l ife sciences who are interested in understanding the business, economic, and legal issues in biotechnology ventures.

Students learn the traditional ins and outs of entrepreneurship, such as creating a business plan and managing intellectual property, and also study topics specific to the l ife sciences, such as managing the FDA approval process and conducting clinical trials.

Work on technologies from UI as case studies

LIFE SCIENCES CERTIFICATE IN ENTREPRENEURSHIP AND MANAGEMENT

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The MechSE Rapid Prototyping Lab was made possible by a substantial gift of $750,000 by the Ford Motor Company in 1995.

The purpose of the MechSE RP Lab is to allow students access to current manufacturing technologies in their course work, independent projects, and research.

The RP Lab is equipped with a number of systems, including CNC milling and turning centers; a wire EDM machine; and three rapid prototyping systems.

https://www-s.mechse.uiuc.edu/ford_lab/

MECH ENG: RAPID PROTOTYPING LAB