Introduction to CIT VEDA Fall Conference October 1, 2015 © Center for Innovative Technology – September 2015
Introduction to CIT
VEDA Fall Conference
October 1, 2015
© Center for Innovative Technology – September 2015
Source: “Between Invention and Innovation,” U.S. Dept. of Commerce. Nov. 2002
RESEARCH
PROOF OFCONCEPT ORINVENTION
EARLYSTAGE
DEVELOPMENT
PRODUCTDEVELOPMENT PRODUCTION
Technology Innovation Continuum
Focus/Mission/Objective
CIT accelerates the next generation of technology and technology companies
Our objective is to be globally recognized as the innovator, builder and premier
provider of services that accelerate technology company development
© Center for Innovative Technology – September 2015
2
Organization
President and CEO
Nancy Vorona Paul McGowan
Tom Weithman Sandie Terry
Finance and Administration Public Relations
Linda GentryHap Connors (outsourced)
Chief Technology Officer
Dave Ihrie
SVP Operations
Bob Stolle
Rick Gordon
© Center for Innovative Technology – September 2015
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Region 2000
• Wireless RF
• Cognitive radio
• Nuclear plant life
• Education technology
• Integrated comms
• Sensor / measurement
Hampton Roads
• Modeling & simulation
• National defense
• Aerospace
• Logistics
• Health IT
• Cyber security
Roanoke - Blacksburg
• Energy systems
• Transportation technology
• Advanced engineering /
manufacturing
• Life & medical sciences / devices
• IT / software & applied informatics
• Advanced materials / chemicals
Southern Piedmont
• Energy efficient coatings
• Micro propagation
• Advanced manufacturing
• Biopolymers
• Data analytics
• Modeling & simulation
Southwest Virginia
• Biomass conversion
• Advanced manufacturing
• Plug-less power
• Telemedicine
• Tobacco-cultured vaccines
• Data management & analytics
Research and Technology Roadmap
Greater Richmond
• Cyber security
• Data management & analytics
• Smart grid and analytics
• Advanced manufacturing
• Biotechnology
• Medical devices
Shenandoah Valley
• Energy storage
• Biomass conversion
• Drug research
• Bio-threat defense
• Food processing
• Education technology
Virginia Piedmont
• Defense intelligence
• Specialty manufacturing
• Education technology
• Biomedical technologies
• Sensors & robotics
• Data management & analyticsFredericksburg
• Forensics
• Robotics
• Cyber security
• Information assurance
• Green tech
• Modeling & simulation
Northern Virginia
• Cyber security
• National defense
• Advanced manufacturing
• Data analytics
• Social media / technology
• Aerospace
© Center for Innovative Technology – September 2015
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IEMS
Innovation and Entrepreneurship Measurement System
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Significant progress with significant work yet to be accomplished
Broadband
Based on FCC Broadband Definition of 25Mbps download
© Center for Innovative Technology – September 20156
CRCF Program Overview
© Center for Innovative Technology – September 2015
• FY2012: $6M
• FY2013: $4.8M
• FY2014: $4.8M
• FY2015: $2.3M
• FY2016: $3.8M
2012-5 Program Performance Metrics
Nearly 470 proposals were received,
representing all ten tech council regions
$56.5M in funding was requested
184 awards announced
$16.5M funding was provided
Funding was 100% matched by
recipients
• Ovarian cancer – diagnostics & anti-body based drugs
• Diabetes – prevention technologies and therapeutics
• Brain tumor pharmaceutical – therapy for brain
cancer cell destruction
• Solar energy – high efficiency technology
• Simulation software – 3D modeling for homeland
security
• Oyster genetics - improved breeding for aquaculture
New companies formed
Additional investments
Technologies licensed
Intellectual property created
Products & services in market
Outcomes
Appropriations
Example CRCF Project Profile and Impact
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FY2012-2015 Awards by Primary Industry Sector
© Center for Innovative Technology – September 20158
19 1 3
15
19
46105
10
1 1 Advanced Manufacturing
Aerospace
Communications
Cyber Security
Energy
Environment
Information Technology
Life Sciences
Modeling & Simulation
Nuclear Physics
Transportation
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FY2012-2015 Awards by Technology Council Region
51
0
34 34
5
20
28
8
2 2
0
10
20
30
40
50
60
# of Awards by Region Region $ Awarded
Charlottesville $4,407,164
Fredericksburg $0
Hampton Roads $4,215,158
Northern Virginia $2,380,886
Region 2000 $451,952
Richmond $1,494,034
Roanoke –Blacksburg $2,675,902
Southern Piedmont $406,862
Shenandoah Valley $328,724
Southwest Virginia $186,883
• GAP Family of Seed Stage Investment Funds
• Three active funds
• GAP Technology Fund
• GAP BioLife Fund
• GAP Energy Fund
• Statewide technology entrepreneurship mission
• 135 active portfolio investments – 20% growth rate
Entrepreneur Service Line
• Nationally ranked top 50 investor
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$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000Leveraged Cash ($283.9M)
CIT Cash Out ($15.4M)
0
20
40
60
80
100
120
Number of Employees
Management Team / Founder
Full-Time Commitment
Integrity, Passion, Creativity
Coach-ability
Record of High Achievement
Investment Stage
Seed-Stage Focus
12-36 Months Prior to Series-A
Pre-prototype – Newly-Launched Technologies
Proprietary Advantage
Unique Technology
Defensible IP Position
Difficult-to-Replicate
Scalability
Targeting a Big Markets
Market Leadership Position
$20M+ Revenue in 5 Years
Industries
Technology
BioLife
Energy
Criteria Enterprise Value
18.4x leverage
GAP Fund Overview
$0
$100,000,000
$200,000,000
$300,000,000
$400,000,000
$500,000,000
$600,000,000
$700,000,000
$800,000,000
FY09 FY10 FY11 FY12 FY13 FY14 FY15
© Center for Innovative Technology – September 201511
GAP Team Covers All of Virginia
© Center for Innovative Technology – September 2015
Jennifer
O’Daniel
Marco
Rubin
Alex Euler
Dan
Henderson
Sean
Mallon
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MACH37 Accelerator
MACH37TM is creating the next generation of
disruptive cybersecurity product companies.
• Within 20 months of operation, MACH37
launched 23 start-ups that are driving innovative
security products to market
• Established an expanding (STARS) mentor
network of 180+ leading cybersecurity executives
• Attracting entrepreneurs from the global security
researcher community to Virginia (rich in
untapped cybersecurity talent)
• Started F15 cohort in September
© Center for Innovative Technology – September 201513
RIVANNA is a medical device
manufacturer in Charlottesville
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The first ultrasound system made for
spinal anesthesia guidance
15
3D ultrasound fracture assessment
technology
3D imaging of suspected fractures without a sonographer
Orthopedics and emergency medicine markets
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University of Virginia
Charlottesville, VA
UVa Biomedical Engineering
Will Mauldin, PhD
Co-founder and CTO
Mohamed Tiouririne, MD
Clinical trial P.I.
Kevin Owen, PhD
Co-founder and VP Eng
RIVANNA originated from research at the
UVa School of Medicine
UVa Medicine
John Williams
Serial entrepreneur
President & CEO
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RIVANNA’s path to commercialization
2010
RIVANNA
founded
2011
UVa
Coulter
funding
2012 2013 2014 2015
CIT GAP
fundsCRCF
(UVa)
NIH/NSF
SBIR
CRCF SBIR
match
Seed
investment
/ New SBIR
CRCF SBIR
match
NIH SBIR
Manufacturing /
Sales
Operating at UVa
Alpha prototype
Beta prototypePre-production Regulatory
approvals
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