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Ruggero Frezza - Uni Padova - M31 - Stanford - Feb 14 2011

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Ruggero Frezza - Uni Padova - M31 - Stanford - Feb 14 2011

  1. 1. Università  di  Padova   Founded  in  1222   More  than  65.000  students   More  than  2.400  researchers   Strong  engineering,  agricultural,medical  and  law   schools   Budget  >  600  Mln  Euro   2
  2. 2. Tech  Transfer  Offices  in  Italy   TT  offices  have  been  opened  only  recently   Only  5  TT  offices  opened  before  the  year  2000,  58   in  the  year  2008   3
  3. 3. Yearly  budget  of  Universi<es  with  TTO   Budget  of  the  top  5  UniversiJes  on  average    ~  650  Mln   Euro   Average  on  all  UniversiJes  ~  210  Mln  Euro   Approximately   26%   of   the   funding   comes   from   the   government   Another  26%  from  research  contracts   12%  comes  from  the  European  Union   12%  from  local  regional  government     14%  from  the  universiJes  own  resources   the   remaining   10%   from   different   sources,   bank   foundaJons,  etc.   4
  4. 4. TTO activities   The  TT  offices  declare  the  following  main   ac<vi<es:   Support  to  creaJon  and  to  the  development   of  spinout  companies   IP  management   Research  contracts  with  companies   Management  of  conflicts  of  interest   5
  5. 5. Support  to  spinout  companies   Business  Plan  compeJJons,  seminars  on  business   plan  wriJng,  entrepreneurship   Beneficial  condiJons  on  IP  licensing  to  spinout   companies   Lab  space,  instruments   Company  incubators   The  University  may  become  a  minority  shareholder   6
  6. 6. The  spinout  scenario   How  many,  where,  sectors:   In  2008  the  overall  number  of  university  spinout   companies  was  higher  than  800   The  average  revenues  are  about  500  K  Euro  per  year   The  creaJon  rate  was  higher  than  100/per  year  since     2006   Spinouts  are  based  mostly  in  northern  and  central  Italy,   but  also  in  some  regions  of  the  south  like  Puglia   The  three  main  sectors  are:  ICT  33%,  Energy  cleantech   16%,  Life  sciences  15%     7
  7. 7. Spinout  and  venture   According  to  AIFI,  the  Venture  Capital  and  Business   Angel  Associa<on  in  Italy,    the  total  seed  investment  in   Italy  is  lower  than  40  Mln  Euro  per  year   The  investments  are  mostly  in  companies  that  are  NOT   university  spinout   8
  8. 8. Spinout  and  venture   Most  spinout  companies  are  not  fit  for  investments   by  venture  capitals   Some  direct  examples  of  two  spinout  companies  that   I  personally  founded  before  M31:   eMoJon  Srl,  first  official  spinout  company  of  the   University  of  Padova;   VI-­‐grade  GMBH.   9
  9. 9. eMo<on  Srl   Founded  in  the  year  2000  with  an  investment  of  300  K  Euro   from  a  business  angel  and  a  private  company   It  offers  moJon  capture  systems  for  clinical  applicaJons   Based  on  research  on  tracking  and  data  associaJon   10
  10. 10. eMo<on  Srl   Sold  in  2002  to  a  public  company  and  merged  into  BTS  Spa   Today  it  counts  28  employees  and  it  has  revenues  for  about   5  Mln  Euro     11
  11. 11. VI-­‐grade  GMBH   Founded  with  a  manager  who  had  an  important  sale   experience  in  the  area   It  offers  CAE  tools  for  the  automoJve,  train  and  aerospace   industry   Based  on  research  on  the  control  of  mechanical  systems   12
  12. 12. VI-­‐grade  GMBH   VI-­‐grade  counts  25  employees  and  it  has  revenues  for  2.5   Mln  Euro   It  is  owned  by  the  managers  who  joined  the  company  one   year  acer  its  incorporaJon   13
  13. 13. IP  issues   In  both  eMoJon  and  VI-­‐grade  cases  the  support  by  the  TTO   on  the  possibility  of  protecJng  the  products  with  patents   was  non  existent.  There  was  no  “procedure”   The  Italian  law  assigns  the  ownership  of  the  invenJon  and   the  rights  to  the  inventor,  not  to  the  University   Most  TTO  do  not  have  budget  to  cover  the  costs  for  the   deposit  of  the  patent  applicaJon     14
  14. 14. The  IP  scenario   The  “top  5”  universiJes  count  at  the  end  of  2008  a   porfolio  of  about  200  patents  each   The  average  of  all  the  universiJes  that  have  a  TTO  is  of   about  40  patents  each   The  investment  in  IP  is,  on  the  average,  of  about  220   thousand  Euro  per  year  for  the  “top  5”  and  of  somewhat   more  than  50  thousand  Euro  for  all  the  universiJes  with  a   TTO   On  the  average  the  “top  5”  close  5  to  7  licensing  deals  per   year  and  all  the  universiJes  1   15
  15. 15. The  IP  scenario   The  revenues  generated  by  the  licensing  deals  for  the  “top   5”  universiJes  is  about  150  thousand  Euro  per  year  on   average   Netval,  an  associaJon  of  46  TTO  in  Italy  recently  assigned   to  a  private  company  the  commercializaJon  of  their  IP   16
  16. 16. The  minuses  of  the  Italian  scenario   Doctoral  schools     •   There  are  few  students   •   The  basin  of  airacJon  is  local,  few  internaJonal   students   •   Entrepreneurship  is  weak  amongst  the  PhD  students     •   The  recruiJng  process  is  defecJve   The  innova<on  ecosystem   •   There  is  a  limited  M&A  acJvity  on  high  technology   companies   •   The  intangibles  are  ocen  not  considered  in  the   evaluaJon  of  a  company   •   There  is  no  altude  to  design  companies  that  work  in   the  early  stages  of  the  supply  chain  offering  IP   17
  17. 17. The  pluses  of  the  Italian  scenario   Opportuni<es   •   There  are  numerous  pockets  of  excellency  in  research   Italy  is  the  third  country  in  the  world  for  number  of   scienJfic  publicaJons   •   Engineers  are  prepared,  skilled,  loyal  and  do  not  cost   astronomically   •   Funds  are  becoming  available,  see  for  example  the   Fondo  Italiano  di  InvesJmento   •   The  UE  is  pushing  on  the  local  regional  governments   to  support  the  creaJon  of  new  ventures   •   The  quality  of  life  is  high  and  can  airact  skilled   managers  and  researchers  from  abroad   18
  18. 18. The  needs  of  the  Italian  scenario   Doctoral  schools  and  research   •   InternazionalizaJon   •   Stronger  and  focused  public  investments  on  doctoral   programs   •   Support  for  hiring  few  qualified  research  managers,   world  famous  scienJsts  capable  of  managing  large  labs   The  innova<on  eco  system   •   Build  the  innovaJon  supply  chain  starJng  from   companies  accellerators  linked  to  early  stage  venture   capitals   •   Focus  on  the  global  market  for  the  M&A  acJvity   19
  19. 19. What  does  M31  do?   M31  Italia  turns  innovaJve  technologies  into  start-­‐ ups.   M31  USA  turns  technology  start-­‐ups  into  successful   global  companies.   M31  was  incubated  in  Startcube  the  University  of   Padova  start  up  accellerator   20