This document discusses the role of Entrepreneurs-in-Residence (EIRs) and lessons learned from seed grant programs. EIRs provide expertise, mentoring and assistance to startups, universities, and other organizations. Seed grants are used by universities to fund early-stage projects and help bridge the gap between university technologies and corporations. Effective EIR programs require patience, educating faculty, monitoring progress, and focusing on technologies with market potential.

1. Entrepreneurs-in-Residence:
Best Practices for Economic
Development
University Economic Development
Association Annual Summit 2012

2. Defining the EIR
 Entrepreneur-in-Residence
 Executive-in-Residence
 Mentors, Alumni, Community Partners

3. Role of the EIR
 To launch a new venture, typically
with the backing of a venture capital
firm or other organization
 To assist in the evaluation of a
potential start-up company
 To provide expertise to an
organization in launching a new or
early stage venture

4. Who uses EIR’s
 Venture capital firms
 Economic development organizations
 Universities
 Law firms
 Incubators
 Others

5. Typical EIR Services
 Strategic planning
 Business plan writing
 Investor presentations, fundraising
 Go to market/marketing strategy
 Budget, finance and projections
 Management team/team building
 Resource planning
 Operations planning
 Technology development
 Intellectual property
 Board composition and management

6. VIEW FROM THE MIDDLE

7. DAN TRIPODI
 FOUNDING PARTNER – SAGE GROUP
 SAGE GROUP – HEALTH CARE CONSULTING
 STRATEGIC, M&A, LICENSING, VALUATIONS
 GLOBAL
 PHARM, BIIOTECH, DEVICES, DIAGNOSTICS, RES.
PRODUCTS
 ˜ 20 YEARS

8. PRIOR EXPERIENCE
 J&J
 B-D
 NEN
 FACULTIES
 U OF PENN (ADJUNCT PROFESSOR)
 TEMPLE UNIVERSITY (ADJUNCT PROFESSOR)
 UNIVERSITY OF DELAWARE (ADJUNCT PROFESSOR)
UNIVERSITY OF UTAH (CONSULTANT)
TRUSTEE – FTC

9. VIEW FROM THE MIDDLE

10. PRE-GAME TALK
 VIEW FROM THE MIDDLE
 UNIQUE PERSPECTIVE
 IN THE MIDST OF THE ACTION
 CONTROLLING GAME AND EMOTIONS
 “COACHING”
 PREVENTING PENALTIES

11. SEED GRANT INVOLVEMENT
 STONY BROOK
 “CLONING”
 EVOLUTION OF TIER FUNDING
 APPROX 30 YEARS
 INDUSTRY EXPERIENCE OF START-UPS
 SCARS AND BRUISES

12. LESSONS LEARNED
 PATIENCE
 EDUCATING FACULTY
 OMBUDSMAN
 EARLY GUIDANCE
 MONITORING
 FOCUS OF TCO
$

13. LEARNED LESSONS
(CONTINUED)
 EXTERNAL ACCEPTANCE (ADMINISTRATIVE
CREDIBILITY)
 EVOLUTIONS OF TIER FUNDING
 OUTSIDE INVESTMENT
 DEAL FLOW
 INCUBATOR

14. FOCUS OF SEED GRANT
 TECHNOLOGY
 MARKET POTENTIAL

15. PROCESS
 MEET WITH CHAIRMAN AND FACULTY
 REVIEW POTENTIAL CANDIDATE PROGRAMS
 SUBMISSION OF PROPOSALS
 PANEL REVIEW OF PROPOSALS
 SELECT GRANTS
 MONITOR PROGRESS

16. BEYOND SEED GRANT
TIER FUNDING OPTIONS
 CONCEPT – $7-10
 TEST THEORY OR CONCEPT
 SEED GRANT - $30 – 40
 PROOF OF CONCEPT
 IP
 INROADS TO COMMERCIALIZATION

17. BEYOND SEED GRANT
TIER FUNDING OPTIONS
 NEXT STAGE DEVELOPMENT - $50 (LOAN)
 FORMED COMPANIES ONLY
 OUTSIDE FUNDING
 PROTOTYPE DEVELOPMENT
 EARLY BETA TESTING

18. BEYOND SEED GRANT
TIER FUNDING OPTIONS
 EXCELLENCE GRANT - $100-250
 HIGH POTENTIAL
 LOWER RISK
 LATE DEVELOPMENT
 FOCUSED ATTENTION REQUIRED

19. TRENDS
 POWER OF THE INTERNET
 POSITIONING OF THE TECHNOLOGY – KEY
 OUTSOURCING
 COST CONSTRAINTS
 SPECIALISTS – GREATER EFFICIENCIES
 FOCUSED, PROFESSIONAL, SPECIALTY
COMPANIES EMERGING

20. Gap
University Corporations
Technology

21. Gap
UNIVERSITY CORPORATIONS
Tech

22. FUTURE OUTLOOK
 EXPLOSION OF NASCENT, NOVEL TECHNOLOGY
 RESISTANCE OF CO’S TO LICENSE OR ACQUIRE
 GAP WIDENS
 SHRINKING OF FED AND STATE FUNDING
 U’S MUST NURTURE TECHNOLOGIES
 U’S MUST BE SMART IN SELECTING TO BRING
IN VALUE
 TCO’S WILL CONTINUE TO BRING IN FUNDING
 PUSH FOR GREATER EFFICIENCIES

23. SUMMARY
 EXTERNAL HELP
 NEED TO BE “IN THE MIDDLE” TO BE
EFFECTIVE
– NOT INDUSTRY, NOT UNIVERSITY
“NEITHER/NOR”
 TRUST AMONG FACULTY TO BE THEIR
SPOKESMAN
 PATIENCE