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Denmark offers proof of concept funding scheme

The Danish Agency for Science Technology and Innovation through the National Network for Technology Transfer delivers a proof of concept scheme to support the evaluation, development, and eventual commercialization of early-stage technology (more here).

Recently, The CONNECT Denmark and the Technical University of Denmark (DTU) have partnered to leverage the National program to support proof of concept development. According to an article this week, 27 out of 43 projects participating in the program and PoC-Springboards have been granted funding since 2010

 
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IDEA student incubator backs three Northeastern ventures

IDEA, Northeastern’s student-run accelerator, just announced it’s new cycle of investments.  Three companies–two internet/web based, and a disease-monitoring biosensor co–received $10K earch to support their development. IDEA was featured as a model in our Mind the Gap iWorkshop Series on gap support programs.

Continue reading “IDEA student incubator backs three Northeastern ventures” »

 
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Innovacorp funds Nova Scotia universities through Early Stage Commercialization Fund

Innovacorp is a Canadian early-stage venter firm that supports Nova Scotia research universities and community colleges through their Early Stage Commercialization Fund. Their investment interests are wide and supported projects can receive up to $50,000 per investment. These monies go to technologies with medium to high technology readiness levels. Continue reading “Innovacorp funds Nova Scotia universities through Early Stage Commercialization Fund” »

 
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Angel Capital Q1/2 report shows more activity, move to expansion

In our recent revamp of the early-stage capital continuum in our Mind the Gap roadmap report, we identified angels as vital capital partner in transitioning proof of concept technologies and pre-seed start-ups. As venture capital targets later rounds and expansion/growth stages of company development, individual angels and angel groups are a necessary bridge in the funding gap. Their activity level is a paramount indicator of the accessibility to that capital for these opportunities.

To measure that activity, the Center for Venture at the University of New Hampshire tracks these investments and has just released their 2012 Q1/Q2 angel activity report. Below are a few observations relative to gap funding, and the larger funding gap:

  • Indicating a continued recovery since the recessionary period around 2008
  • More $$ ($9.2B), active investors (131K individuals), and deals (27K) than the same period last year–roughly a 3% increase
  • $$/deal are hovering around $337K, which would be very similar to the low-end median range of business growth gap funds
  • Around 40% of investments into seed stage start-ups, still under the pre-2008 levels of ~55%
  • A 9% increase of remaining deals into the expansion stage from same period last year, up to 22% of total. This move to expansion could be a lot of things, including attractive valuations, a sophistication of angel groups, or an appetite for more established business. Either way, a move towards expansion shifts needed capital into the later stages.
  • Angels are first money in 49% of the deals
  • Angels fund about 18% of the deals they see
It is worth a review of the report and a comparison to your fund activity and opportunity needs. We will continue to track this opportunity and its affect on the capital gap, including the positioning of angel capital in the new capital continuum.

 

Source:
Jeffrey Sohl, “The Angel Investor Market in Q1Q2 2012:
A Market in Steady Recovery”, Center for Venture Research, October 10, 2012.

 
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Mind the Gap at World’s Best Technologies Showcase: Opportunity for university presenters

innovosource is partnering with WBT to bring you an exclusive, pre-event on gap funding (October 24th) of early stage technologies and start-ups. This roundtable is intended for current/aspiring fund managers and stakeholders across research universities, government agencies, hi-tech companies, and the early-stage investment community.

This session and associated networking are for you. We guarantees that the information and discussion from this event will provide you with a solid platform for gap fund development or partnering. We will also be announcing a venue following the event to continue the discussion and networking with peers and future partners.

We will take advantage of the conference location (San Diego) and the conference focus (showcasing early-stage/university) technology to offer a valuable opportunity.

More on event /Register Here

Want to participate? Showcase your fund and program? 

If you are a university-affiliated gap fund manager that would like to participate onsite or virtually, we want to share this event as a platform for you. In addition, we have negotiated a few other perks for those on-site university participants:

  • comp registration to MTG event
  • comp table space in exhibit hall to network/share information and materials
  • opportunity to add some of your licensable technologies/start-ups to the conference materials

 

 
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UCSD prof receives $1M from the W.M. Keck Foundation to translate pharma delivery research

At the University of California, San Diego, scientists have received a $1 million grant from the W.M. Keck Foundation to fund research into exploring a molecular approach to delivering drugs that could change the pharmaceutical industry worldwide. The W.M. Keck Foundation of Los Angeles supports “high risk/high reward” pioneering discoveries in groundbreaking studies that enable researchers to translate their innovative ideas into real world impact.

Steve Dowdy, a professor in the department of cellular and molecular medicine at UC San Diego School of Medicine, is collaborating with Yitzhak Tor, UC San Diego professor of chemistry and biochemistry, to develop a novel type of therapeutic platform that taps into the natural cellular process of RNA Interference (RNAi) and has the potential to target many of the undruggable disease genes involved in cancer, pandemic flu and Alzheirmer’s disease, plus many other genes.

“We greatly appreciate that the W.M. Keck Foundation decided to fund this project, which will allow us to complete the synthesis and in vivo proof of concept studies. Success here with this core technology will fundamentally change how RNAi therapeutics are developed,” says Dowdy.

Dowdy and Tor were the first UC San Diego scientists to be awarded funding in the Foundation’s highly competitive Medical Research Program category for pioneering biological research, including the development of promising new technologies, instruction or methodologies. This program seeks to advance the frontiers of the life sciences by supporting basic research that is high-risk and has the potential to transform its field. As stated by the foundation, “Successful projects are distinct and novel in their approach of problems, push the edge of their field or question the prevailing paradigm.”

Every Sunday afternoon, molecular biologist Dowdy grabs his surfboard and tries to catch a wave. It’s a ritual that clears his mind and sparks his creativity.

“The waves are constantly changing,” he says. “And when you are on the face of a 10- or 12-foot wave you are constantly adapting what you are doing. I find it freshens the mind and allows me to think in different ways.”

That ability to find new approaches to problems has resulted in a career that has included deciphering critical aspects of the cell cycle, exploring tumor suppressors, and developing unique drug delivery systems.

Tor, a professor of chemistry and Traylor Scholar in Organic Chemistry, has been on the faculty at UC San Diego, for about 18 years. His research interests are diverse and range from RNA–small molecule interactions to the development and implementation of new drug delivery vehicles. Music is also a passion—he has been playing guitar for more than 40 years. Although not a professional musician, several years ago Tor finally fulfilled a 25-year-old dream and built a recording studio at home. Since then he has been regularly recording and producing his own CDs.  “I find the creative process of composing, arranging and recording music to be liberating; it clearly enhances my scientific creativity” says Tor.

At higher education institutions, there is much excitement surrounding private support for scientific projects such as the research being conducted by Dowdy and Tor, providing the substantial and unrestricted funding that enables scientists to establish laboratories and pursue these types of discoveries. To date, Keck has given $16.8 million in grants to UC San Diego faculty members to further their research, revolutionizing the impact of science from a simple case study to a discovery that with potential global impact.

With Keck Foundation funding, research oceanographer Jules Jaffe is designing, building and will deploy the world’s first sophisticated underwater  three-dimensional video microscope which will hopefully open a new field in biology through the study of marine micro-organisms using state-of-the-art hardware and software.

A grant from the Foundation helped support the cutting-edge genetic and neural system research of Ralph Greenspan, PhD. lead research scientist and associate director at The Kavli Institute for Brain and Mind at UC San Diego. Finding that there is a fundamental, unifying principle for the operation of biological networks, one that cuts across phylogeny and type of network, would revolutionize the natural sciences. This Keck project will utilize a research strategy to identify this principle.

The W.M. Keck Foundation is one of the nation’s leading philanthropic organizations. Established in 1954, it is known for supporting pioneering research in medicine, science, and engineering. In addition to its research grants in the physical and life sciences, its giving includes major support for the Keck Observatory in Hawaii, the Distinguished Young Scholars in Medical Research Awards, and grants for early learning programs.

 
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Sen. Gillibrand gets it, highlights proposed AIA Innovation Bank and proof of concept funds

UDATE:

VESTAL, N.Y. — Researchers at Binghamton University are working on developments in areas such as solar energy. But they don’t always have the resources they need to take their ideas to the next level.

“They might not be ready to get venture capital, but are beyond the point where they can be funded by small proposals and that’s where this idea really helps. It would bridge them to the point where they can get enough data and build prototypes that can be used to get venture capital,” said BU Interim Vice President of Research.

Senator Kirsten Gillibrand visited Binghamton University Monday to announce new legislation that could help BU and other universities like it. It’s called The America Innovates Act. The legislation would allow innovators and researchers to take their ideas from inside the lab and turn them into marketable products and companies.

“It’s clear we need to do more to bridge the disconnect and provide our scientists with the business skills and funding to get these kinds of ideas off the ground,” said Senator Kirsten Gillibrand.

The bill would create an American Innovation Bank Funding through that American Innovation Bank would allow universities to do things such as strengthen their “proof of concept funds,” test products in an industrial setting, or build business incubators. The legislation would also provide business training for graduate students in science.

“So basically when we were touring these new solar cells, what they will do over the next year is take that proof of concept and prepare it for commercialization. If they have funding to create a business plan and to model how they can actually make money with this new breakthrough that would allow them to become a business faster,” said Gillibrand.

Something that Gillibrand and other local leaders say would help the growth of high tech jobs in the Southern Tier and the country in the future.

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Sen. Kirsten Gillibrand spent Thursday morning at the UAlbany Biotech Park, where she extolled the facility and held it up as an example of what can be done elsewhere if Congress manages to pass the America Innovates Act, which among other things would set up an “American Innovation Bank” to help universities and other research institutions find the seed money for the initial stages of development of new products and processes. Continue reading “Sen. Gillibrand gets it, highlights proposed AIA Innovation Bank and proof of concept funds” »

 
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Creative Australian government matching schemes are set to target proof of concept and seed stage

NEW dollar-for-dollar schemes backed by the federal government are needed to stop the miscarriage of promising research due to a lack of commercialisation funding.

The boost is needed to encourage universities and medical institutes to set aside discretionary funds for crucial early stage proof-of-concept work once Australian Research Council and National Health and Medical Research Council grants are exhausted, according to a leading commercialisation body.

“After ARC or NHMRC-funded research is complete, there is often nowhere to go for early stage commercialisation funding,” Knowledge Commercialisation Australia chair Andy Sierakowksi argues in a submission to chief scientist Ian Chubb.

“This continues to be a market failure.”

Professor Chubb had called for “top breakthrough actions” to help the research and business communities develop Australian ideas into products that can “contribute to national productivity”.

The KCA submission says that institutions with seed-funding schemes should be able to provide up to $100,000 per project knowing the government will match it. Pre-seed funding is essential to get research to proof-of-concept stage and interest investors.

Source: The Australian: http://www.theaustralian.com.au/higher-education/stalled-research-needs-a-boost-in-government-funding/story-e6frgcjx-1226486848756 

The government should also set up a “research translation” fund to cover a range of other needs, such as training university staff and students in intellectual property management, technology transfer and interaction with industry and business.

“This fund could be indexed to a university’s research income, and be pegged to a maximum annual value (which) might be one to two per cent of that university’s research income,” he said.

Submissions to Professor Chubb’s challenge come in an uncertain research funding environment.

There have been concerns that the government might cut or delay research funding schemes in its attempt to reach a budget surplus.

 
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INCITE fund announces three more investments into IT, healthcare, and transportation

A state investment fund designed to support innovative small businesses announced a new round of investments Monday.

The INCITE Co-Investment Fund, which provides public dollars to supplement private investments by venture capital funds and investors in Tennessee companies, said three companies will receive $5.3 million in funding, $1.55 million of which will come from INCITE.

Franklin-based Agilum Healthcare Intelligence Inc., a health IT software company, will receive $500,000 from the INCITE fund and $1 million from private investors.

Citizengine Inc., of Nashville, got $350,000 in public dollars and $700,000 in private investment for its development of a social media platform focusing on civic engagement.

RLCL Acquisition LLC, a Nashville transportation company, got $700,000 from INCITE and $2.1 million in private dollars.

The fund, created by the state Department of Economic Development, is a venture capital program that attempts to improve access to seed funding and early-stage capital for Tennessee companies. It is funded through a $29.7 million federal grant.

This is the third round of investments from the fund. The public-private partnership has led to roughly $22.7 million in investments.

 
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Alabama Innovation Fund supports four U Alabama Research Projects

Four University of Alabama research projects were among 15 such projects at state universities that have received a total of $4 million in grants from the Alabama Innovation Fund.

Gov. Robert Bentley announced the grants Wednesday at the state’s Innovation and Entrepreneurship Conference in Hoover, saying the ongoing research and innovation will help create jobs across the state. Continue reading “Alabama Innovation Fund supports four U Alabama Research Projects” »

 
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