6/4/10 The NCIIA Venture Capital


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6/4/10 The NCIIA Venture Capital

  1. 1. The NCIIA Venture Capital at Rowan University <ul><ul><ul><li>Anthony J. Marchese, John L. Schmalzel, </li></ul></ul></ul><ul><ul><ul><li>John C. Chen, T.R. Chandrupatla, Kevin Dahm, Shreekanth A. Mandayam, Ravi P. Ramachandran, and Paris von Lockette </li></ul></ul></ul>Rowan University College of Engineering Henry M. Rowan Hall 201 Mullica Hill Rd. Glassboro, NJ 08028 2000 ASEE Annual Conference & Exposition St. Louis, MO, June 2000 http://engineering.rowan.edu/~marchese
  2. 2. Overview The NCIIA Venture Capital Fund at Rowan <ul><li>History of Rowan University </li></ul><ul><li>The Engineering Clinic Sequence </li></ul><ul><ul><li>Four years (8-semesters) of design </li></ul></ul><ul><li>R.A.P.I.D. </li></ul><ul><li>The NCIIA Venture Capital Fund </li></ul><ul><li>Example Projects </li></ul><ul><li>Summary and Discussion </li></ul>
  3. 3. Rowan University <ul><li>The comprehensive state university of Southern New Jersey. </li></ul><ul><li>Located in Glassboro, NJ. Founded in 1923. </li></ul><ul><li>University renamed in honor of Henry Rowan after $100 million gift in 1992 to create the College of Engineering. </li></ul><ul><li>Rowan University consists of six colleges </li></ul><ul><ul><li>Business </li></ul></ul><ul><ul><li>Communication </li></ul></ul><ul><ul><li>Education </li></ul></ul><ul><ul><li>Engineering </li></ul></ul><ul><ul><li>Fine and Performing Arts </li></ul></ul><ul><ul><li>Liberal Arts and Sciences </li></ul></ul>Who we are...
  4. 4. History and Background <ul><li>The Gift </li></ul><ul><li>Four Departments: </li></ul><ul><ul><li>Civil and Environmental Engineering </li></ul></ul><ul><ul><li>Chemical Engineering </li></ul></ul><ul><ul><li>Electrical and Computer Engineering </li></ul></ul><ul><ul><li>Mechanical Engineering </li></ul></ul><ul><li>Henry M. Rowan Hall </li></ul><ul><li>The Curriculum </li></ul><ul><li>The Hallmarks: Engineering Clinic </li></ul>Rowan Engineering A view from the atrium at Henry M. Rowan Hall. The $30 million, 90,000 sq. ft. facility was completed Nov.1997
  5. 5. Program Hallmarks <ul><li>Hands on (and minds on!) </li></ul><ul><li>Multidisciplinary </li></ul><ul><li>Integrated </li></ul><ul><li>Value teamwork </li></ul><ul><li>Emphasize communication </li></ul><ul><ul><li>writing and public speaking faculty have been given offices in Rowan Hall </li></ul></ul><ul><li>Entrepreneurship </li></ul><ul><ul><li>Create jobs in Southern New Jersey </li></ul></ul>Rowan Engineering
  6. 6. The Engineering Clinic <ul><li>Freshman Clinic I: Engineering Measurements </li></ul><ul><li>Freshman Clinic II: NSF Competitive Assessment Lab </li></ul><ul><li>Sophomore Clinic I: Total Quality Management </li></ul><ul><li>Sophomore Clinic II: Entrepreneurship </li></ul><ul><li>Junior Clinic: Multidisciplinary Design Project (semester) </li></ul><ul><li>Senior Clinic: Multidisciplinary Design Project (year) </li></ul>An 8-Semester Design Sequence Hybrid Rocket Motor NASA  G Combustion Guitar FX Pedals Automated Crash Notification System C o m p le x I t y
  7. 7. R.A.P.I.D. Rowan Alliance for Product Innovation and Development <ul><li>R.A.P.I.D. builds upon the success of Rowan Engineering Clinic in creating multidisciplinary teams of </li></ul><ul><ul><li>undergraduate students, </li></ul></ul><ul><ul><li>graduate students, </li></ul></ul><ul><ul><li>engineering faculty, and </li></ul></ul><ul><ul><li>industry professionals, </li></ul></ul><ul><li>to engage in original product development enterprises. </li></ul><ul><li>R.A.P.I.D. is a network of experts, facilities and services geared toward assisting regional businesses and individuals in developing new products. </li></ul><ul><li>The goal of R.A.P.I.D. is to quickly convert ideas into products! </li></ul>
  8. 8. R.A.P.I.D. From Idea...to Prototype...to Profitable Enterprise
  9. 9. R.A.P.I.D. Electromechanical product realization process
  10. 10. R.A.P.I.D. <ul><li>The following resources are available for Rowan student teams: </li></ul><ul><ul><li>NSF Competitive Assessment Laboratory </li></ul></ul><ul><ul><li>3-D Systems SLA-250 Stereolithography Machine </li></ul></ul><ul><ul><li>Actua 2100 MJM rapid concept modeler </li></ul></ul><ul><ul><li>QuickCircuit rapid circuit prototyping machine </li></ul></ul><ul><ul><li>Student machine shop featuring CNC tools </li></ul></ul><ul><ul><li>Pro/ENGINEER, Solid Works, AutoCAD, FLUENT, PSPICE, Working Model 3D, Mentor Graphics, etc. </li></ul></ul>Resources for Rapid Product Development Competitive Assessment Lab SLA Machine Student Shop
  11. 11. <ul><li>Project Sponsorship / Funding </li></ul><ul><li>local industry </li></ul><ul><li>faculty research grants </li></ul><ul><li>departmental budgets </li></ul><ul><li>Some Recent Projects </li></ul><ul><li>Automated Crash Notification System </li></ul><ul><li>Guitar Effects Pedals </li></ul><ul><li>Human Powered Stair Climber </li></ul><ul><li>Stair Lift Rapid Product Development </li></ul><ul><li>Road Towable Trailer for Garden Rental Equip. </li></ul>R.A.P.I.D. Product Development in the Engineering Clinic Stair Lift Project FX Pedals ACN System
  12. 12. Junior / Senior Clinic <ul><li>What’s often missing? </li></ul><ul><li>the spirit of invention, innovation and entrepreneurship. </li></ul><ul><li>How do we promote these ideals? </li></ul><ul><li>provide students with the opportunity to propose their own original inventions </li></ul><ul><li>provide real funding for development of the invention. </li></ul><ul><li>What is the appropriate vehicle? </li></ul><ul><ul><li>The Venture Capital Fund for the Rowan Engineering Clinic </li></ul></ul>Innovation and Entrepreneurship
  13. 13. Junior /Senior Clinic <ul><li>The Venture Capital Fund has been initiated by three successive NCIIA Grants. </li></ul><ul><li>Funding of up to $2500 per team is awarded to student teams based on a competitive proposal process. </li></ul><ul><li>To be funded, a team must: </li></ul><ul><ul><li>be multidisciplinary </li></ul></ul><ul><ul><li>organize into a corporate structure and submit a business plan. </li></ul></ul><ul><ul><li>appoint a project director from Engineering and an industry advisor </li></ul></ul><ul><ul><li>describe an original product idea that can be successfully designed and prototyped in a single semester. </li></ul></ul>The Venture Capital Fund
  14. 14. The Venture Capital Fund <ul><li>The following rapid product development projects have been sponsored to date: </li></ul><ul><ul><ul><li>Portable MP3 Player, </li></ul></ul></ul><ul><ul><ul><li>3COM Palm® RS232 Protocol Analyzer, </li></ul></ul></ul><ul><ul><ul><li>Automated Synchronized Spinning Exercise Cycle, </li></ul></ul></ul><ul><ul><ul><li>Coating Thickness Monitor, </li></ul></ul></ul><ul><ul><ul><li>Linear Combination Guitar Effects Processor, </li></ul></ul></ul><ul><ul><ul><li>Hybrid Rocket Motor Demonstrator, </li></ul></ul></ul><ul><ul><ul><li>Dorm-Sized Air Conditioner, and </li></ul></ul></ul><ul><ul><ul><li>Articulated Leaf Spring for Enhanced Four-Wheel Drive Suspension. </li></ul></ul></ul>Rapid Product Development Projects
  15. 15. E-Team Product Development <ul><li>Proposal: pressure relief system to prevent residential roof damage during high wind loading. </li></ul><ul><li>Funding: $2500 for Fall 1998 </li></ul><ul><li>Team Background: </li></ul><ul><ul><li>Civil Engineering (3 Students) </li></ul></ul><ul><ul><li>Chemical Engineering (1 Student) </li></ul></ul><ul><ul><li>Mechanical Engineering (1 Student) </li></ul></ul><ul><li>Research and Development: </li></ul><ul><ul><li>Intellectual property search </li></ul></ul><ul><ul><li>wind tunnel testing </li></ul></ul><ul><ul><li>CFD modeling </li></ul></ul><ul><ul><li>full scale pressurized test bed </li></ul></ul>The Hurricane Roof Vent
  16. 16. E-Team Product Development <ul><li>Proposal: Develop a portable device to play CDs in multiple formats, including standard music CDs and CDs containing files in MP3 format. </li></ul><ul><li>Funding: $2500 for Fall 1999 (No-cost extension for Spring 2000). </li></ul><ul><li>Team Background: </li></ul><ul><ul><li>Mechanical Engineering (1) </li></ul></ul><ul><ul><li>Electrical and Computer Engineering (3) </li></ul></ul><ul><li>Research and Development: </li></ul><ul><ul><li>Intellectual property search </li></ul></ul><ul><ul><li>3-D solid modeling and SLA </li></ul></ul><ul><ul><li>Computer interfacing with MP3 decoder chip </li></ul></ul><ul><ul><li>Alpha Prototype breadboard complete </li></ul></ul>Portable MP3/CD Player
  17. 17. E-Team Product Development <ul><li>Proposal: Develop an after-market lift kit for an SUV that eliminates torsional stress in the leaf springs. </li></ul><ul><li>Funding: $2500 for Fall 1999 (No-cost extension for Spring 2000). </li></ul><ul><li>Team Background: </li></ul><ul><ul><li>Mechanical Engineering (4) </li></ul></ul><ul><ul><li>Electrical and Computer Engineering (1) </li></ul></ul><ul><li>Research and Development: </li></ul><ul><ul><li>Intellectual property search </li></ul></ul><ul><ul><li>3-D solid modeling and CNC </li></ul></ul><ul><ul><li>Strain gage instrumentation </li></ul></ul><ul><ul><li>Static and dynamic testing </li></ul></ul>Advanced 4WD System
  18. 18. E-Team Product Development <ul><li>Proposal: Develop a portable rocket test stand to market to undergraduate engineering educators. </li></ul><ul><li>Funding: $2500 for Fall 1999 (No-cost extension for Spring 2000). </li></ul><ul><li>Team Background: </li></ul><ul><ul><li>Mechanical Engineering (1) </li></ul></ul><ul><ul><li>Electrical and Computer Engineering (1) </li></ul></ul><ul><li>Research and Development: </li></ul><ul><ul><li>Intellectual property search </li></ul></ul><ul><ul><li>3-D solid modeling and CNC </li></ul></ul><ul><ul><li>Alpha Prototype complete </li></ul></ul><ul><li>Marketing - discussions are underway to license product. </li></ul>Hybrid Rocket Motor Test Stand
  19. 19. The Venture Capital Fund <ul><li>All faculty must “sign on” and encourage students to respond to the Request for Proposals. </li></ul><ul><ul><li>Misconception that all inventions are electromechanical widgets. </li></ul></ul><ul><ul><li>Some faculty members say, “I am not an inventor.” </li></ul></ul><ul><ul><li>This year: 8 of 28 faculty members supervised projects. </li></ul></ul><ul><li>For students, funding does NOT appear to be a significant incentive! </li></ul><ul><ul><li>This year: 8 projects were funded. </li></ul></ul><ul><li>Completion of project in one semester is a challenge </li></ul><ul><ul><li>No-cost extensions were granted in 5 of 8 projects. </li></ul></ul>Issues to Consider: Last Year
  20. 20. The Venture Capital Fund <ul><li>The patent process continues to be a challenge. </li></ul><ul><li>How do we complete the process of bringing a product to market? </li></ul><ul><ul><li>Industrial partnerships? </li></ul></ul>Issues to Consider: This year
  21. 21. Acknowledgments <ul><li>The venture capital fund has been supported by three grants from the NCIIA. Resources used in this project were supported in part by NSF under the grants DUE-9751651 and DUE-9850563. Special thanks to Rowan engineering studentsBrian Fitzpatrick, Mark Farwell, Jason Childs, Jason Daniel, Sam Greenfeld, Doug Gabauer, Anthony Docimo, Robert Jones, Harry Wiedman, Mike Ciocco, Dave Bowen, Glen Roames, Mike Jensen, Brian Kuritz and Matt Johnson for providing information on the individual projects. </li></ul>