ueda summit 2013 - awards of excellence - innovation & entrepreneurship - innovation café©
DESCRIPTION
The Innovation Café© was created by Penn State College of Medicine to meet a definitive need in the commercialization of university innovation — to provide access to resources required to bring an idea out of the lab and into the marketplace. The Innovation Café©, or iCafé©, is an exciting focal point for expanding and sustaining the entrepreneurial ecosystem in Central Pennsylvania. The centerpiece of the initiative is a reoccurring networking forum featuring high profile guest speakers discussing industry innovations, business trends, regulations and their impact on the ecosystem. Each event also features a start-up company introducing regional stakeholders to entrepreneurs, intellectual and investment capital, and commercialization opportunities. iCafé© is a platform to engage investors, entrepreneurial faculty, students, government and industry professionals committed to building a vibrant start-up community in Central Pennsylvania. Building on the Innovation Café© brand, Penn State and its partners has expanded the platform to include educational programming, access to capital and entrepreneurial mentorship. Educational programs include entrepreneur forums and topic-specific lectures for early entrepreneurs all the way through advanced year-long programs for high growth CEOs. Earlier this year, College of Medicine launched an Innovation Fund to invest in promising technologies striving to achieve proof-of-concept. Start-up companies within the ecosystem also benefit from working with the Entrepreneur-in-Residence program. These and other programs are delivered with partners including Ben Franklin Technology Partners, Life Science Greenhouse of Central PA, PA Department of Community & Economic Development, Capitol Region Economic Development Corporation, Hershey Center for Applied Research, ExecuStar and Penn Venture Partners. Read the Case Study: http://universityeda.org/value-to-members/best-practice-sharing/awards-of-excellence/awards-of-excellence-2013-finalists/innovation-cafe/TRANSCRIPT
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Innovation and Entrepreneurship
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What is Innovation Café
• A platform to engage investors, faculty, students, entrepreneurs, government and industry.
• A recurring networking forum featuring high profile guest speakers.
• A showcase opportunity for start-up companies.
• Breaking down barriers for entrepreneurship.
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Challenges
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Building an Ecosystem
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Innovation EcosystemLEADERSHIP
CULTURE
EDUCATION
POLICYFUND
ING
RESEARCHDEVELOPMENT
APPLICATION
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Innovation Ecosystem
University
PrivateIncubator
ThoughtLeaders
BusinessServices
SBDCs
Gap Funds
AngelNetwork
ResearchPark
Corporate Innovators
Faculty Expertise
Destination Faculty
EnterpriseCenters
CoreFacilities
Incubators
TechTransfer
StudentEntrepreneurialOrganizations
BusinessSchool
SBIR/STTR
ResearchStrengths
ExecutiveEducation
Mentors
ClinicalTrial
Center
Government Lab
Private ResearchInstitute
Vivarium
RapidPrototyping
Pilot Manufacturing
ContactResearch
Co-WorkingSpaces
Start-UpCommunity
Meet-UP
Start-UpWeekend
Mash-Up
EntrepreneurialOrganization
BusinessClubs
NativeVentureCapital
SpecialIncentiveDistricts
TechnologyCouncil
SerialEntrepreneurs
F500Corporations
SuperConnectors
StateED
Chamber ofCommerce
Mash-Up
RegionalED
LocalityED
Courtesy of Tom Osha, Old Dominion University
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History and Process
• Initial meeting of regional stakeholders• Creation of an advisory board• Establish the ‘can’t miss’ event• Nobody owns the event• Strong educational component• Deal flow for investors• A physical space
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Innovation Ecosystem that’s Working
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Impact on Innovation & Entrepreneurship
• Events attended by more almost 1000 people• 217% increase in inventions disclosed• 211% growth in faculty involved • 11 startup companies • $3 million in follow-on funding for start-ups• $2.9 million in follow-on sponsored research
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Innovation & Entrepreneurship Resources
Innovation Management
TechVentures
Entrepreneurship Center
•Invention disclosures•Patents•IP management•Material transfers•Royalties
•Seed funding•Angel fund•Venture capital•Entrepreneur in Residence•Attorney access
•Technology Incubator•Ideas in Innovation•Entrepreneur forums•SBIR/STTR training
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Thank You