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The CTRECP Commercialization Core focuses on bioscience-based business.
The core is engaged in Phase I of a four phase initiative to have “commercialization” become part of the health sciences centers’ culture; to promote retention of intellectual property; to retain talented business, law, and science graduates; to assist in talented research; and to promote clinical faculty retention – while providing a wide range of quality job opportunities for the New Orleans area workforce.
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Phase I provides for interns to conduct initial patent searches, preliminary size of market studies, competitive analyses, and assessments of potential sustainable competitive advantages. Expected outcomes from Phase I are:
- Increased entrepreneurial knowledge of new business development mechanisms, knowledge of the local business infrastructural resources, and creation of entrepreneurial role models.
- Training of students who have the potential and opportunity to pursue careers in technology evaluation and business development.
- Enhanced faculty understanding of an invention’s commercial viability.
- Enhanced faculty awareness of commercialization options.
- Enhanced faculty understanding of their respective universities’ intellectual property policies.
- Increasing technology disclosures to the respective technology transfer offices.
- Increased technology disclosures that represent significant business opportunities worthy of being taken through the complete business plan development process.
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Phase II includes the project selection and assignment process and will focus on faculty members who disclose new intellectual property and express an interest in seeing their discoveries commercialized through a spin out business. Their ideas will be screened to determine the best method for advancing their discovery. The selection team will include experienced entrepreneurs, venture capitalists, university technology managers, business incubator and business accelerator managers, and experienced pharmaceutical and medical device company managers. Opportunities will be evaluated based on:
- Strength of the intellectual property base.
- Commercial robustness of their underlying technology.
- Quality of the management team or likelihood of developing and/or recruiting a skilled management team.
- Appropriateness for exploitation within the regional biosciences support infrastructure.
- Potential size of the market the future products would address.
- Competitive environment for potential products.
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Phase III focuses on business plan development and assigns the most promising opportunities to an inter-disciplinary team of students studying business, health systems management, law, and the sciences. The expected outcomes from Phase III are:
- Students form relationships with scientists, bio-business entrepreneurs and professionals, economic development officials, and investors while developing the business plans and gain invaluable business positioning experience. These students are the future managers who will work with the companies that emerge as the bioscience industry sector develops in the New Orleans area.
- Very early stage technologies gain further validation and move into the full business plan development stage.
- Other early stage technologies are recommended for out-licensing or returned to the inventors.
- Full business plans are completed and ready for marketing and positioned to attract the managerial talent and capital necessary for launch.
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Phase IV includes presentation of business plans, raising capital, recruiting managers, and launching new ventures. In this phase, pre-validated technologies inappropriate to regional development are out-licensed to large companies and the technologies selected for full business plan development are brought to market through venture capital conferences, road shows, business plan competitions, venture capital showcases, and the Louisiana Angel Network. Expected outcomes from Phase IV are:
- New venture teams with completed business plans compete in the annual Tulane Business Plan Competition sponsored by the Levy Rosenblum Institute for Entrepreneurship. The venture teams also present at other competitions across the country. The venture teams are comprised of the students who worked on the plans, the scientists who invented the technology, and recruited managerial talent. These competitions provide valuable experience to the participants by helping to build a network of contacts in the national bioscience community, and cash prizes that can provide early stage funding.
- Ventures are posted on the Louisiana Angel Network. The Louisiana Angel Network is a select network of accredited investors across Louisiana that provides early stage investment capital to viable start up companies ready for angel-round funding.
- New ventures will be funded, launched and managerial talent is recruited.
- New ventures will be admitted into The Idea Village boot camp.
- New ventures will be admitted into the New Orleans BioInnovation Center.
- Students participating in the development of the business plans graduate and are attracted to regional bio-business management positions.
- More revenue from commercialized technologies flows back to the universities and funds more basic research.
- A network of relationships is built among research scientists, the business community, students, university technology management, business incubators, business accelerators, venture capitalists, angel investors, experienced bioscience company managers, and industry partners from pharmaceutical and medical device companies, creating a robust, self-sustaining bioscience sector in the New Orleans area.
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copyright © 2008, Tulane/LSU Clinical and Translational Research, Education, and Commercialization Project |
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