ueda 2015 awards of excellence - innovation & entrepreneurship - university of new mexico &...
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September 28, 2015
Cara Michaliszyn
University Ventures & Engagements Manager
STC.UNM
UNIVERSITY OF NEW MEXICO (STC.UNM)
&
NEW MEXICO ANGELS (NMA)
PARTNERSHIP
Presented by
STC AND NMA PARTNERSHIP
2005 –Lisa Kuuttila (CEO, STC.UNM) joined NMA Board of
Directors
Interest in gaining visibility for UNM technologies as potential start-
up investment opportunities for NMA
First technology presentation by STC in March 2008 (one
technology and one early start-up company)
STC presented four technologies to NMA in October 2009
Early History
STC AND NMA PARTNERSHIP
Gap Fund Program ongoing since 2007
Gap Fund @ UNM Committee membership solely from UNM until 2011
Added NMA President, John Chavez, to Committee in 2011
STC received 22 proposals totaling $544,950 that year
NMA selected 7 proposals
for further review (including
the 2 funded by UNM)
Gap Fund
STC AND NMA PARTNERSHIP
Since STC has consistently received a number of excellent
proposals—more than it has been able to fund—this year, we have
partnered with the NMA, a group of 70+ investors, in order to fund
more projects. In addition to the two projects selected for funding
from UNM, NMA plans to select several proposals for presentation
to the NMA. Accordingly, we have asked John Chavez, President
of the NMA, to join our selection committee. (Fall, 2011)
Gap Fund
$John Chavez
STC AND NMA PARTNERSHIP
NMA selected three PIs for presentation of their projects in
November 2011
John Chavez and STC staff coached PIs and helped prepare
presentations
One company formed as a result
Technology Showcase Concept
STC AND NMA PARTNERSHIP
In October 2012, STC added 3 additional outside investors to its
Gap Fund @ UNM Committee
STC received 21 proposals totaling $479,149
NMA and STC held a second Technology Showcase
One new company was started as a result
Technology Showcases Continued
STC AND NMA PARTNERSHIP
By 2012, STC and NMA had developed a template set of
slides for PIs:
● Title of Technology
● Inventors and Funding
● Overview of Technology
● Summary of Data/Findings
● What Is the Product/Who Will Pay for It?
● Market Opportunity
● Intellectual Property
● Specific Expertise Needed
● Review and Request for Action….
Technology Showcases Continued
STC AND NMA PARTNERSHIP
By February 2013, the NMA wanted to see many more technologies, in addition to the gap fund process
STC presented 18 technologies to NMA
The Technology Showcase in 2013 included 3 STC technologies (after selecting 5 technologies for further review), resulting from the gap fund committee process
No companies were started but one technology was incorporated into another start-up
(Another gap fund committee investor member elected to start a company based on one of the proposals)
Evolution to Other Venues for Technology Presentations
STC AND NMA PARTNERSHIP
STC and NMA began to meet more frequently from 2013 - 2015
Presentations were made to John Chavez and small groups of NMA
members on almost a monthly basis
Many of these meetings were called as convenient for NMA, or they
had specific technology opportunities of interest to NMA
Less Formal and More Frequent Communications
STC AND NMA PARTNERSHIP
Lotus Leaf Coatings
Zocere, Inc.
Synfolia, Inc. (no longer active)
EcoPesticides International
Dynamic Photonics, Inc.
ExoVita BioSciences
Start-Ups Evolving from Partnership
WHY?
Why Did We Create The Start Up Factory One
and Two?
● Low Pre-Money Value
● Diversification of Portfolio
● Creating our Own Deal Flow
● Creating opportunities in NM
The Business Plan
Designed to spin out individual investable companies based on
early options of technology from New Mexico Angels technology
partners
Holding Company
TechnologiesNew Mexico
Start Up Factory
Hard work and Magic
New Companies
for NM
TACTICAL PLAN
Seed NM Start-up Factory Two, LLC
Find Technology with Market and Commercial Potential at UNM,
LANL, Sandia or NMSU
Write IP and Commercialization Plans for each potential technology
Simultaneously option, and negotiate licensing agreement with
technology partner
Find the Right People for Start-ups: NM Angels and others
Stand up individual company and support, and send them on their
way according to commercialization plan
CLOSING NM START UP FACTORY TWO
Small amount of individual angel capital to create a diversified
portfolio
Funding opportunities with technology from our technology partners
Low valuation in follow on rounds, so that the individual company
exits can be reasonably priced
It is a technology transfer model that seems to be working!
STC AND NMA PARTNERSHIP
NMA is a strong supporter of Innovate ABQ,
promoted by UNM
NMA was an advocate with UNM Foundation for
establishment of the Co-Investment Fund
NMA presents to STC and UNM constituent
groups on a regular basis
NMA has table display at STC Annual Innovation
Awards and other events
Other Partnerships
STC AND NMA PARTNERSHIP
+
Six start-ups have evolved from the partnership between
STC and the NMA. It has allowed the UNM Co-Investment
Fund to invest $174,000 in Start-Up Factory companies.
Trust and connections have created a solid foundation for
continued growth and larger initiatives
The initiative is being expanded to the state’s other
research institutions
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