Formal Incubator Formal Incubator Partnership Partnership Industry-Academic Medical Industry-Academic Medical Center Center Pierre Theodore Pierre Theodore Division of Cardiothoracic Surgery Division of Cardiothoracic Surgery Van Auken Endowed Chair in Thoracic Oncology Van Auken Endowed Chair in Thoracic Oncology UCSF Medical Center UCSF Medical Center
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Formal Incubator Partnership Industry-Academic Medical Center Pierre Theodore Division of Cardiothoracic Surgery Van Auken Endowed Chair in Thoracic Oncology.
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Industry-Academic Medical CenterIndustry-Academic Medical Center
Pierre TheodorePierre TheodoreDivision of Cardiothoracic SurgeryDivision of Cardiothoracic Surgery
Van Auken Endowed Chair in Thoracic Oncology UCSF Van Auken Endowed Chair in Thoracic Oncology UCSF Medical CenterMedical Center
Device Development Life CycleDevice Development Life CycleInfluencing Factors
Project Management/NIH Budget/Faculty Hires
Culture of Innovation; Value to Faculty Advancement; Faculty Support Market Conditions; Consumer
Demand;
Organizational Counterparts
“The Lab”Consortia for early product development; OTM
Venture Capital Corporate Acquisition (The Value Add? Or Price Inflation?)
Elements For InnovationElements For Innovation (Norbert Weiner)(Norbert Weiner)
A creative process / environment A creative process / environment availability of proper materials and availability of proper materials and techniques for the validation and execution techniques for the validation and execution of the idea. of the idea. communication between the “philosopher” communication between the “philosopher” and the “artisan”. and the “artisan”. Creating economic value Creating economic value
“No Margin: No Mission”Source: UCSF Year End Financial Report: 2009
R.
O.
I.
Invention, Innovation, Entrepreneurship in Academic Medical CentersMehmet Toner, PhD and Ronald G. Tompkins, MD, ScDSurgery. 2008 February; 143(2): 168–171.
Internal Validation
Industry PartnershipsIndustry Partnerships
Bayh–Dole Act (1980) Bayh–Dole Act (1980) – ““A License to License” : To prosecute Patents And A License to License” : To prosecute Patents And
Generate Profit from the Technologies Generate Profit from the Technologies – Royalty SharingRoyalty Sharing
Bidirectional Relationships: Exchange Ideas, Bidirectional Relationships: Exchange Ideas, Materials, and ExpertiseMaterials, and Expertise
““Structured InnovationStructured Innovation” Boosts Performance: ” Boosts Performance: Facilitating the Facilitating the Entrepreneurially InclinedEntrepreneurially Inclined
Hamilton Moses, III, M.D., Eugene Braunwald, M.D., Joseph B. Martin, M.D., Ph.D., and Samuel O. N Engl J Med 2000; 342:1516-1518 Thier, M.D. N Engl J Med 2002; 347:1371-1375
Stakeholders and Incentive Stakeholders and Incentive AlignmentAlignment
Stakeholder motivation (Industry)Stakeholder motivation (Industry)– IP AcquisitionIP Acquisition– Access to potential new hiresAccess to potential new hires– Access to Novel Ideals and ExpertiseAccess to Novel Ideals and Expertise– Market Dominance – “Cover Bases”Market Dominance – “Cover Bases”
Scope of Product Design in alignment with Scope of Product Design in alignment with University Research ProgramsUniversity Research Programs
Market Capitalization sufficient to support Market Capitalization sufficient to support outsourced Research and Development outsourced Research and Development (Value addition to in-house R and D)(Value addition to in-house R and D)
California Based (or subsidiary in CA)California Based (or subsidiary in CA)
CandidatesCandidates
MedtronicMedtronic
Boston ScientificBoston Scientific
CovidienCovidien
St. Jude MedicalSt. Jude Medical
Edwards Life SciencesEdwards Life Sciences
Terms?Terms?
InvestmentInvestment
IP Provisions (Rights of Refusal / IP Provisions (Rights of Refusal / Ownership)Ownership)
Information Exchange / MeetingsInformation Exchange / Meetings
Gauge InterestGauge Interest– PDC; IR/Surgery/Anesthesia/Ortho/SpinePDC; IR/Surgery/Anesthesia/Ortho/Spine– Office of the ChancellorOffice of the Chancellor
Seek early Interest From Candidate FirmSeek early Interest From Candidate FirmThe Beauty ContestThe Beauty ContestArms Length Term Deal Construction by Arms Length Term Deal Construction by University AttorneysUniversity Attorneys