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 nej2@psu.edu

CTO - Giovani Bellicanta gsb12@psu.edu

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 nej2@psu.edu

CTO - Giovani Bellicanta gsb12@psu.edu

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!