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The Role of Higher Education in Technology Based Economic Development


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The Role of Higher Education in Technology Based Economic Development

  1. 1. Emerging Ventures EcosystemEVEThe Role of Higher Education inTechnology Based EconomicDevelopment
  2. 2. MissionEVE’s mission is to turn Entrepreneurs’dreams into reality by accelerating thecommercialization of innovations out ofthe University and into the market place.
  3. 3. What is EVE EVE is the Emerging Ventures Ecosystem atRensselaer Polytechnic Institute we maintain astore front at 216 River Street in Troy, NY EVE is not a brick and mortar incubator rather itutilizes a distributed model where services areprovided to the companies at their location EVE has a close affiliation with the Centers ofExcellence at RPI and the other college basedincubators in the Region via Accelerate 518
  4. 4. History RPI opened the first University based Incubator in 1980 There have been 8 directors over the last 31years. Some of the notable successes include:Map Info, Albany Molecular Research, Vicarious Visions,1st Playable, Bullex and eCovative Design EVE was introduced on February 7, 2011 representingthe new paradigm in incubation – utilizing a Distributedbusiness model
  5. 5. Current Status Starting with 8 companies in February 2011 wenow have 32 companies in EVE The mix includes student, faculty and alumnicompanies as well as companies who are notaffiliated with RPI Market segments include: software, clean tech,bio, nano, gaming, ecommerce and internetcompanies They range from pre-seed (developing an idea),to seed (working demo and pre-revenue) toemerging (early revenues)
  6. 6. What services does EVE provide Mentoring and Coaching Access to RPI resources-Centers of Excellencelike CATS, CFES, and CASE for technicalevaluations, prototyping, consulting CEO Round Table Business Plan development and review Marketing and Sales planning Help Desk and Professional Services Networking Events and Memberships-CEG,Chambers, etc. Interns
  7. 7. Services continued….. Development and review of Quarterly goals andobjectives Identification and assistance recruiting key staffand temp resources ID Card access to on campus programsincluding the library, athletic facilities and guestspeakers Assistance preparing Investor/Fundingpresentations Introduction to Angels and VC’s
  8. 8. Services continued… Limited financial assistance for memberships,events, prototyping, market studies, businessplan competitions Annual Show Case
  9. 9. Business Model Companies do not pay for our services RPI is compensated in one of the followingways:– Students and Faculty develop IP which RPI owns andlicenses– Companies license Technology and RPI gets aroyalty– Companies use RPI resources to assist in developingtechnology, prototyping, analysis or consulting andRPI gets equity– Combination of Equity and Royalty
  10. 10. How do the pieces fit together Severino Center-Idea Stage– Student Sandbox– Mentors– Marketing Grants EVE – Incubation– Focus on Quarterly Goals– Mentoring/Coaching– Professional Services EVE – Acceleration– Focus on Funding– Sales and Marketing– Staffing
  11. 11. Severino CenterEIR’sFoundry RPIBiz Plan CompBurhmaster GrantsAlumniMentors/AdvisorsPlacement inIdeally SuitedLocation• Downtown Troy• Other Incubators• Watervliet Arsenal• Renss. Tech ParkIncubationProgram• Support programs• Advisory BoardsFund•Alumni Investors•Investment Mgmt BoardResearchPre Seed Seed – Early StageAcceleration –Early StageEmerging Ventures Ecosystem (EVE)Institute Advancement
  12. 12. RPI Centers of Excellence CATS- Center for Automated Technologies andSystems CASE-Center for Architecture Science andEcology CFES-Center for Future EnergySystems LRC-Lighting Research Center
  13. 13. Office of Technology Commercialization Close affiliation with EVE Goal to increase the number of patents issuedand the revenue from licenses Streamlined Student License Developing an Express License for Faculty IP generated from Sponsored Research as wellas Independent Research – Student and Faculty Individuals can purchase licenses from RPI
  14. 14. Thank YouQuestions ???Richard FrederickDirector, EVEfreder2@rpi.edu518.276.2917