Zeev Weinfeld New Srtategies For Starting Up

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Day of the Entrepreneur 2009

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  • Excerpted from: “Technology Transfer from U.S Universities — A Major Driving Force of U.S. Prosperous Economy,” presented by Terry Young, Texas A&M University System Technology Licensing Office .
  • Excerpted from: “Technology Transfer from U.S Universities — A Major Driving Force of U.S. Prosperous Economy,” presented by Terry Young, Texas A&M University System Technology Licensing Office .
  • Excerpted from: “Technology Transfer from U.S Universities — A Major Driving Force of U.S. Prosperous Economy,” presented by Terry Young, Texas A&M University System Technology Licensing Office .
  • Zeev Weinfeld New Srtategies For Starting Up

    1. 1. New Strategies for Starting Up the perspective of Ramot at Tel Aviv University Ltd. Ze’ev Weinfeld, Ph.D. CEO
    2. 2. Technology Transfer University-industry technology transfer is the process of moving research results from the laboratory to the marketplace
    3. 3. Ramot’s Objectives To foster, initiate and lead the transfer of new technologies from the laboratory to the marketplace To strengthen the relationship between TAU's research community and the business community
    4. 4. <ul><li>#2 (~20% value share) </li></ul><ul><li>UK mouthwash market </li></ul>x4™ Technology : The Next Level of NAND Flash 2 drug candidates in Phase II AL108 (AD/MCI, Schizophrenia) AL 208 (MCI-CABG) 3 drug candidates in Phase II PRX-03140 (AD) PRX-08066 (Pulmonary hypertension) PRX-07034 (AD, Schizophrenia)
    5. 5. Bio Pharmaceuticals Pipeline
    6. 6. Diagnostic, medical devices and agro pipeline Engineering and exact sciences pipeline
    7. 7. TT Process Research Disclosure Intellectual Asset Development Commercialization Strategy Intellectual Property Protection Licenses
    8. 8. Deal Models and Revenue Strategies <ul><li>Research Funds </li></ul><ul><li>Fees and Milestones payments </li></ul><ul><li>Running Royalties </li></ul><ul><li>Equity participation </li></ul>Licensing Deals Licensing of IP, know how to an existing company New venture formation / Spinouts Licensing of IP to the start-up company 20-25% of licensing deals
    9. 9. Why Spinouts? <ul><li>Academic research discoveries often too early for established companies </li></ul><ul><li>Large company focus is global marketing </li></ul><ul><li>Economic growth and job creation </li></ul><ul><li>Diversify institution’s research/service </li></ul><ul><li>Growth of entrepreneurial faculty </li></ul><ul><li>Potential to share in value — upside </li></ul>
    10. 10. Spinout Example Proton Conducting Membrane (Prof. Emanuel Peled) Research Fuel Cell Proton Cond Membrane
    11. 11. Spinout Example Proton Conducting Membrane (Prof. Emanuel Peled) Fuel Cell for Mobile Electronics Research Secondary Fuel Cells For Energy Storage TAU-Tech Active commercialization Fuel Cell Spinout Formation Tel Aviv University Fund for Applied Research TAU Future Technology Partnership (TAU-Tech) Return on investment Tel Aviv University technologies Industry Licensing: royalties and fees Start-ups: Equity participation Ramot: Technology management Business development Technology transfer investment $8.5M Proton Cond Membrane
    12. 12. Spinout Example <ul><li>Entrepreneur – Eran Yarkoni (CEO) </li></ul><ul><li>Later joined by Nachman Shelef (Chairman) </li></ul><ul><li>Founders team includes: </li></ul><ul><ul><li>Prof. Emanuel Peled (CSO) </li></ul></ul><ul><ul><li>Arnon Blum (VP R&D), a graduate Ph.D. student of Prof. Peled </li></ul></ul><ul><li>Funding </li></ul><ul><ul><li>Greylock Partners </li></ul></ul><ul><ul><li>Canaan Partners </li></ul></ul><ul><ul><li>Siemens Technology to Business Center LLC </li></ul></ul>
    13. 13. Spinout Formation @ Ramot <ul><li>Seasoned entrepreneur </li></ul><ul><li>Negotiate term-sheet & agreement </li></ul><ul><li>Require minimum investment by a pre-determined time </li></ul><ul><li>Hands-off relationship </li></ul><ul><ul><li>Warrants or non-voting shares </li></ul></ul><ul><ul><li>No BoD participation </li></ul></ul><ul><li>Researcher can be officer, director, consultant and perform research @ lab </li></ul><ul><ul><li>Ramot does not share in researcher’s extra consideration </li></ul></ul><ul><ul><li>IP owned by Ramot and under license </li></ul></ul><ul><ul><li>Conflict of interest taken care of by TAU </li></ul></ul>
    14. 14. Lessons Learned Proton Conducting Membrane (Prof. Emanuel Peled) Fuel Cell for Mobile Electronics Research Secondary Fuel Cells For Energy Storage Tel Aviv University Fund for Applied Research TAU-Tech Active commercialization Fuel Cell Spinout Formation
    15. 15. Thank You Ze’ev Weinfeld, Ph.D. CEO
    16. 16. Backups
    17. 17. Proton Cond Membrane
    18. 18. TAU-Tech TAU Future Technology Partnership (TAU-Tech) Return on investment Tel Aviv University technologies Industry Licensing: royalties and fees Start-ups: Equity participation Ramot: Technology management Business development Technology transfer investment $8.5M
    19. 19. Philanthropic Funds * Funded by the Yeshaya Horowitz Association , Jerusalem Tel Aviv University Fund for Applied Research* The Colton Family Next Generation Technologies Institute <ul><li>“ TAU Fund for Applied Research” supports 7-10 projects ~$1M per year </li></ul><ul><li>“ The Colton Fund” - Matching funds by Johnson & Johnson </li></ul><ul><li>Projects are selected following a stringent process by Ramot and a professional committee, to meet commercial as well as scientific criteria </li></ul>
    20. 21. How Does a Fuel Cell Work? Liquid Fuel carbon dioxide CO 2

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