THE ROAD TO COMMERCIALIZATION - APS Home...• Safety Net Money VS. Reinvestment • Audits and...

Dr. Siva Sivananthan

THE ROAD TO COMMERCIALIZATION

December 3, 2013

DISCLAIMERTheviewsexpressedbythespeakerarehisownandmaynotnecessarilyreflectthoseofhisUniversity.

OVERVIEW• Background

– FamilyinSriLanka&U.S.– Research–FromBeginningstoNextGenerations

• TheRoadtoCommercialization– BridgingtheGap– EarlyStages– CreatingaFoundation– ImportanceoftheTeam– Equipyourselfwith…– SmallBusinessEconomics– Challenges:BeReadytoEmbraceThem– IP/LicensingandManagingConflicts– WhatareYourOptions?

• Wrap‐Up– Insights– Q&A

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FAMILY‐SRILANKAHERITAGEBackground

Peradeniya

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FAMILY‐U.S.Background

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RESEARCH‐BEGINNINGSBackground

RESEARCH‐NEXTGENERATIONSBackground

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BRIDGINGTHEGAPRoad to Commercialization

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BRIDGINGTHEGAPRoad to Commercialization

University Research

Episolar

Epimaterials

EPIR 

Episensors

EARLYSTAGES• Resources

– Whatdoyouneed?– Whatdoyouhave?– Howmuchriskareyouwillingtotake?

• Priorities– Technology,creatingaconcept– Capital– Location– Formulateateam

Road to Commercialization

Be vigilant and make common sense decisions  

CREATINGAFOUNDATION– TheFourKeysMissionVisionStrategyValues– Businessplan– Risk

Youneedtotakemoreriskthanothers.Riskisanimportantfactorthateveryentrepreneurwillconsider.Ifyouarenotwillingtotaketheriskonyourself,howcanyouexpectanyonetobelieveinyou?

Road to Commercialization

The landscape may change but your values must stay the same 

Values

TEAMYouarethe:

Be ready and willing to do everything yourself at every stage of development

Road to Commercialization

TEAM

Driver

Engineer

CEO

Accountant

JanitorSecretary

TEAMImportant:

A.)Respectisearned,notdemanded.B.)Focuson“Whatisinitforthem?”foryouremployees.C.)Surroundyourselfbythosethatwillchallengeyou.D.)Knowyourstrengthsandweaknessesandbuildyourteamaccordingly.

Road to Commercialization

Your success depends on your team!

EQUIPYOURSELFWITH:• Whatnecessarytoolshelpedyoualongtheway:

– Talentedpeople– Immenseskillset– Networks– Family

Puttingtogetherateamoftalentedpeoplewithanimmenseskillsetisonlypartoftheneedsforanysmallbusiness.Relyingonyournetworksofindividualsandfamilytosupportyouisalsonecessaryforsuccess.

Road to Commercialization

Look beyond the basic skill set of a potential employee

SMALLBUSINESSECONOMICS• Whatisthebestwaytoraisemoneyformysmallbusiness? Neverthesameanswer

• Whatportionofthecompany’smoneyshouldbeconsideredyours? 0%

• Howshouldmycompanyinvestthemoneyitmakes? Investinvariousportfoliosofassets,technology,peopleandcommunityoutreach

Road to Commercialization

Focus the income of your business on growth 

CHALLENGES

Whatchallengesdidyouencounter?

• SafetyNetMoneyVS.Reinvestment• AuditsandInspections• UncontrolledGrowth• IntellectualProperty• ConflictofInterest

Road to Commercialization

Challenges and perceived failures provide opportunities to succeed 

INTELLECTUALPROPERTY

• EveryonewillneedtoaddressitANDmanageit

• IPneedstobekeptconfidentialandprotectedBUTitmustbediscussedopenlywithallpartiesinvolved

• DependingontheUniversitytheyhavedifferentpolicies

• OwnershipoftheIPbelongstowhereyouareworking

• Youneedtohaveaplan

Open and fair discussion with all parties involved 

MANAGINGPOSSIBLECONFLICTOFINTEREST

• Therewillbepotentialconflictofinterestwhencommercializingyourresearch

• IfyouareemployedatUniversityaswellasoutside,youneedtohaveanopenconversationtoestablisha“conflictofinterest”managementplan

• Implementstructuressothatyoursituationcanbebeneficialtoparties

• Ensurethatthosewhoreporttoyouhaveindependentmentors/counselorstodiscusstheirprogressandconcerns

“Conflict of Interest” – if you can’t avoid it, manage it

WHATAREYOURFUNDINGOPTIONS?• GovernmentorNGOfundingsuchasgovernmentR&Dcontractsandgrants

• Yourownsavings(“bootstrapping”!!)• Friendsandfamily• Angel‐investorfunding($100k+)• VentureCapital($1million+)• Universitysupport(incubators,freespace,labusage,etc.)

• Crowdfunding• Collaboration/partnership• Bankloans(interest)

Road to Commercialization

Invest in yourself before you expect others to invest in you

WHATAREYOURFUNDINGOPTIONS?Road to Commercialization

WHATAREYOURFUNDINGOPTIONS?

Road to Commercialization

FINALTHOUGHTS

• Haveamission,vision;andknowyourcorevaluesastheywillguideyouinyourmostchallengingtimes.

• Ifyoubelieveinyourproduct,youshouldbewillingtoshouldertherisk

• Bereadyandwillingtodoeverythingyourself ateverystage;surroundyourselfwithpeoplebetterthanyourself

• Invest yourmoneyinyourcompany;assume0%ofthecompanymoneyisyours.

• Recognizetheimportanceofthesupport ofyourfamilyandcommunity.

Road to Commercialization

THANKYOU!Pleasefeelfreetoreachouttomewithanyadditionalquestionsorcomments!Youcangetintouchwithme

throughtheemailaddressesprovidedbelow:• YesimAnter,ProjectCoordinatoroftheMicrophysicsLaboratory,UIC

yanter1@uic.edu• CynthiaDeters,AssistanttotheCEO,SivananthanLaboratories

cdeters@sivananthanlabs.us

Questions?