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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
[email protected]• CynthiaDeters,AssistanttotheCEO,SivananthanLaboratories
Questions?
