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University cross discipline presentation oct 16, 2013
- 1. the center for |"advancing innovation The Avon Founda-on, Na-onal Cancer Ins-tute and Discussion Document: July 6, 2009 Center for Advancing Innova-on Business Plan and Startup Challenge University Presenta-on By: Rosemarie Truman, Founder and CEO, The Center for Advancing Innova-on October 16, 2013
- 2. What is the Challenge: Develop a business plan and launch a startup using 10 near-‐ term, commercially viable inven-ons Challenge Overview • Business Plan (BP) and Startup Contest using 10 near-‐term, commercially viable inven8ons conceived and developed by inventors from the NCI and an Avon Founda8on (AF) grantee • Challenge teams will par8cipate in three phases: LeFer of Intent, Business Plan and Start-‐up Goals: • Breast Cancer (BC): Increase survivability and improve the standard of care in areas of unmet need • Technology Transfer (TT) Memorandum: “Accelerate and increase the volume of Federally funded technology transfer in support of high growth businesses” • Economic Growth: Spur economic growth across the na8on through new startups and jobs • Entrepreneurship Learning: Provide a plaLorm for Universi8es to expand their entrepreneurial programs • Business Model: Create new business models in TT, transla8onal research and R&D funding Phases: Three phases -‐ Challenge Teams’ Opportunity: • Business Plan Prize: Up to 100 teams will par8cipate, 10 teams per inven8on. There will be one $5K prize per inven8on ($50k in total awards) • Start-‐up Phase Seed Funding: Up to 30 successful start-‐ups will apply and poten8ally be awarded funding which could range from $100K to over $1MM • Funding will come from venture capital, economic development corpora8ons, Avon Founda8on or other private sources. Funding will not be provided from the NIH 2 Proprietary and Confidential to The Center for Advancing Innovation. Do not distribute outside The Center for Advancing Innovation
- 3. Who are the key players? Judges/Mentors Seed Funders • Economic Development organiza8ons • Venture capital • Private equity • Angel investors • • • • • Breast Cancer Survivors Venture Capitalists Successful Serial Entrepreneurs Industry Execu8ves and Experts Founda8on, NCI and CAI Core Team Core Partners: • The Avon Founda8on • Na8onal Cancer Ins8tute • The Center for Advancing Innova8on Universi8es Supporters BIO SoPE CoFoundersLab • Students gain: real-‐world, cross-‐discipline, entrepreneurship experience; gain exposure to experts • Universi/es gain publicity for providing entrepreneurial student opportuni8es and new way to create jobs 3 Proprietary and Confidential to The Center for Advancing Innovation. Do not distribute outside The Center for Advancing Innovation
- 4. Challenge Topics: Novel, Commercially Viable Breast Cancer Inven-ons NCI Inven-on Example Breast Cancer Challenge Topics Therapeu8cs: 5 Diagnos8cs: 5 Prognos8cs: 1 Vaccine: 1 Health IT: 1 Device: 1 Delivery Method: 1 Note: some inven8ons have more than one use and cover 2 or more of the above 4 #1 -‐ Diagnos-c from Biopsies with SoYware Analysis Title: Breast Cancer Diagnos-c Based on Spa-al Organiza-on of Genes in the Cell Nucleus Execu-ve Summary Category: Diagnos8cs/Health IT Disease Focus: Breast Cancer using tumor biopsies Basis of Inven-on: Gene (DNA) How it works: Uses the 3D placement of genes to detect breast cancer in 8ssue Patent Status: Patent issued in Europe (validated in Germany, UK, France), pending in US, Canada Lead Inventor: Tom Misteli, PhD Development Stage: In vitro and retrospec8ve in vivo Proprietary and Confidential to The Center for Advancing Innovation. Do not distribute outside The Center for Advancing Innovation
- 5. Who can par-cipate? Challenge TEAM Team Design: Mandatory Requirements* Business Legal Medical/Scien8fic Seasoned Entrepreneur • Over 18 years old • At least three students on the team *Note: two inven8ons require addi8onal disciplines Inven8on #1: computer science; inven8on #3: engineering 5 Other Key Notes on Who May Par-cipate Students: • Graduate and undergraduate Students • Post-‐docs, those in residency Anyone else beyond the three mandatory students Others Areas of Recommended Knowledge Sources: • Business development • Payers • Key Opinion Leader • FDA/Regulatory • Venture Capital • Clinical Research Outsourcer Proprietary and Confidential to The Center for Advancing Innovation. Do not distribute outside The Center for Advancing Innovation
- 6. Overview of Phases: 100 teams enter; a poten-al of 30 startups Planning Phase 1: Letter of Intent 10 Inven-ons 10 Teams for Each Inven-on Inven-on 1 • Select an inven8on • Form a team 6 • Enter your core team, mentors, advisors and collaborators Phase 2: Business Plan Phase 3: Startup Post-Contest 3 Teams per 3 Startups for Each “Startup Winner” Inven-on Go to Ph3 Inven-on Has Licensing Agreement and Seed Funding Inven-on 1 • Business Plan • Revise Business • Pitch Plan • Elevator • Launch Startup Speech • Apply for seed funding • Apply for a license • Collaborate with the NCI or AF grantee University, Clemson • Launch a Product Proprietary and Confidential to The Center for Advancing Innovation. Do not distribute outside The Center for Advancing Innovation
- 7. Lecer of Intent: Guidelines, Deliverables and Key Dates Phase 1: 10 Teams for Each Inven-on Inven-on 1 7 Letter of Intent Deliverables: • LeFer of Intent form (it contains a CDA click through) • Prize Alloca8on Form • Resumes (one package containing all resumes of core team members, mentors, and advisors) • Join Wiggio; create group and invite CAI to your group • OPTIONAL: Stakeholder Analysis and Collaborators Guidelines: • Augment your team with Venture Capitalists who may provide funding • Iden8fy collaborators that can provide seed funding and/or services to your start-‐up (e.g., legal, accoun8ng, valua8on, etc.) • Include team members that have relevant inven8on experience • Prepare a strong LOI with all disciplines required, mentors and advisors. We are accep8ng strong teams on a rolling basis Key Dates: October 1st, 2013 to November 29, 2013 • Start accep8ng LOIs: October 1st; Stop accep8ng LOIs, December 1st, 2013 • Receive final LOI communica8on by December 4th , 2013 Proprietary and Confidential to The Center for Advancing Innovation. Do not distribute outside The Center for Advancing Innovation
- 8. Challenge Team Member Defini-ons Challenge Team Defini-on: The “Challenge Team” is made up of the Team Leader, Core Team Members, Advisors, Mentors A Team Leader is our single point of contact for the Challenge and accountable for deliverables A Core Team Member is accountable for deliverables A Mentor has domain experience and will ac8vely work with the team on a daily/ weekly basis to review/complete deliverables An Advisor has domain exper8se and the team uses for Q&A sessions, e.g., KOL A Collaborator is an organiza8on that can improve your probability of success; they will include seed funders, services firms, etc. 8 Proprietary and Confidential to The Center for Advancing Innovation. Do not distribute outside The Center for Advancing Innovation
- 9. Business Plan: Guidelines, Deliverables and Key Dates Phase 2: Business Plan Deliverables: 3 Teams per • 10 page business plan or a business model canvas Inven-on Go to Ph3 • 1 minute elevator pitch posted on YouTube • 5 minute live pitch via Skype or video conferencing to judges • 10 page pitch deck (maximum 10 pages Powerpoint or Prezio) Guidelines: • Begin with the end in mind. Make sure you understand • Seed funders criteria for investment • NIH or Clemson’s license agreement requirements • Leverage CAI’s templates/guidelines for your business plan, regulatory strategy, development plan, and commercializa8on plan, etc. • Check the criteria we are using to assess deliverables Key Dates: • Deliverables due: February 3rd (can be submiFed early) • Pitches: February 3rd to February 13th • Award Announced: February 19th Prize: $5K for each of 10 winning teams– one award per inven8on 9 Proprietary and Confidential to The Center for Advancing Innovation. Do not distribute outside The Center for Advancing Innovation
- 10. Start-‐up: Guidelines, Deliverables and Key Dates Phase 3: Start-up 3 Startups for Each Deliverables: • Revised regulatory strategy, commercializa8on plan and development plan Inven-on • Start-‐up incorpora8on • Seed funding applica8on(s) • NIH or Clemson licensing applica8on Inven-on 1 Guidelines: • Incorporate your start-‐up as soon as possible • Revise your deliverables by gaining addi8onal input from KOLs, payers, the FDA, VCs, poten8al collaborators, CROs, CMOs, service providers, etc. • Parallel process your deliverable crea8on – especially seed funding and licensing applica8on; there could be a “chicken or the egg” scenario Key Dates: • Start date: February 20, 2014 • Deliverables due: June 17, 2014 • Awards announced: June 27, 2014 (or later) Defini-on of Success: Start-‐ups launched a company; raised capital and in-‐ licensed an inven8on. Successful start-‐ups are honored with a “Start-‐up Medal of Honor” in an awards ceremony 10 Proprietary and Confidential to The Center for Advancing Innovation. Do not distribute outside The Center for Advancing Innovation
- 11. Post-‐Challenge Expecta-ons Avon Founda-on: Ongoing partnering to ensure success NCI/Clemson University Research Founda-on: Ongoing Collabora8on The Center for Advancing Innova-on: Ongoing coaching/mentoring EVENTUALLY: NEW BREAST CANCER PRODUCTS/SOLUTIONS ON THE MARKET 11 Proprietary and Confidential to The Center for Advancing Innovation. Do not distribute outside The Center for Advancing Innovation
- 12. More on the inven-ons, page 1 of 2 #1 – Health IT Inven8on – Detects Breast Cancer based on Spa8al 3D Gene Placement Tom Misteli, Patents issued in Europe (validated in Germany, UK and France) pending in US/Canada In vivo and in vitro data #2 – Therapy/Vaccine– Slows tumor growth, preven8ng metastasis post surgery Dennis Klinman, Patent pending in the US, pre-‐clinical in mice #3 – Device/Therapeu8c/Vaccine– Collagen composite 8ssue replacement material as a reconstruc8on plaLorm with an8-‐tumor capabili8es Karen Burg, Patent issued in the US, human breast 8ssue tested in pre-‐clinical #4 – Therapeu8c/Diagnos8c – Binds specifically to a cancer cell target and inhibits the tumor growth Mitchell Ho, US patent pending, in-‐vitro data also mouse xenograph models #5 – Therapeu8c/Vaccine– S8mulates immune response for tumor inhibi8on Alan Krensky, Patent Pending in US, Canada, Australia, and Europe, pre-‐clinical in mice 12 Proprietary and Confidential to The Center for Advancing Innovation. Do not distribute outside The Center for Advancing Innovation
- 13. More on the inven-ons, page 2 of 2 #6 – Therapeu8c– Small molecule that works with current drugs to enhance their effec8veness Nayda Tarasova, US patent issued; Europe, patent pending; pre-‐clinical in-‐vitro #7 – Two Inven8ons Vaccine and/or Drug Delivery – PlaLorm to deliver proteins to cancer cells – much less toxic and more specific than current models Deb Chatterjee, Patents issued in US; another pending, in vitro and in vivo data #8 – Diagnos8c– Uses genes to detect Cancer and associated stage Steven Libus, US patent pending, retrospec8ve human data from clinical trials #9 – Diagnos8c– Predict pa8ents survival rate and guides treatment Stephen HewiF, Pending in U.S., Canada, Europe, Australia, Japan, Israel, and New Zealand, more than a thousand samples of human data #10 – Diagnos8c– Determines the effec8veness of chemotherapy for a pa8ent Sherry Yang, US patent granted; Pending in Europe, Canada, Australia, and Japan, data from >1500 human 8ssue samples 13 Proprietary and Confidential to The Center for Advancing Innovation. Do not distribute outside The Center for Advancing Innovation
- 14. SUMMARY: Key Dates Under the “Overview” Sec-on on hcp://www.breastcancerstartupchallenge.com Key Dates LeFer of Intent Oct 1-‐Nov 29 2013 • 8/30/13 – 10/1/13: Form team • 10/1/13: Submit LOI • 11/29/13: LOIs due • 12/4/13: Communicate to teams Ongoing 14 Business Plan Dec 2 2013 – Feb 19 2014 • 12/2/13: Launch BP effort • 2/3/14: Deliverables due • 2/3/14 – 2/13/14: Virtual pitches with teams • 2/19/14: Award top teams for each inven8on Start-‐up Feb 20, 2014-‐ June 27, 2014 • 2/20/14: Launch SU effort • Ongoing: Revise BP; create SU; apply for funding and license • 6/17/14: Deliverables due • 6/27/14: Announce successful start-‐ups An8cipated Post-‐ Contest Ac8vi8es • Conduct discussions regarding collabora8ve R&D agreement • Con8nue R&D on inven8on • Con8nue raising capital • Provide mentoring / guidance to teams • Receive ques8ons and filter to SMEs as necessary • Review rolling BP and SU deliverables Proprietary and Confidential to The Center for Advancing Innovation. Do not distribute outside The Center for Advancing Innovation
- 15. Key Links Challenge Website hFp://www.breastcancerstartupchallenge.com LeFer of Intent Forms – For Teams Team Leader hFps://www.surveymonkey.com/s/TeamLeadLOISurvey Core Team Members, Mentors, Advisors and Collaborators: hFps://www.surveymonkey.com/s/BCSChallengeCDAForm Wiggio Links – For Teams Main Group hFp://wiggio.com/group_open_join.php? groupid=1838019&password=CAI1234&ref=1787839 Team Collabora8on hFp://wiggio.com/group_open_join.php? groupid=1848688&password=CAITEAM&ref=1787839 15 Proprietary and Confiden8al to The Center for Advancing Innova8on. Do not distribute outside The Center for Advancing Innova8on
- 16. Connect with us! Facebook -‐ Breast Cancer Start-‐up Challenge TwiFer -‐ @BCSChallenge Ques-ons: Contact Rosemarie Truman, rt@thecenterforadvancinginnova-on.org 16 Proprietary and Confiden8al to The Center for Advancing Innova8on. Do not distribute outside The Center for Advancing Innova8on