PFI: Venture Enhancement Teams (VETs) for Commercialization of University Intellectual Property

Louisiana Tech University, Ruston LA

Investigators

Abstract

This Partnerships for Innovation (PFI) project will support a package to licensees to significantly reduce the risk of commercialization. The package consists of an initial working prototype, business or marketing plans, and the requisite IP for market entry. This work will be done through the creation of Venture Enhancement Teams (VETs) implemented within the University's recently created multidisciplinary capstone design program. The project provides for expanding the Triage Team (the members of VETs from outside of the University) to 5 to 10 members to accommodate responsibilities for selection of projects with risk profiles to be enhanced through prototype development, additional practical business planning, and IP collaboration. The goal by the end of the grant period is for Venture Enhancement Teams to become an established and essential element of Louisiana Tech's technology transfer infrastructure, and a driving force behind the innovation enterprise of north Louisiana. The inventive and replicable approach to IP commercialization in this project will engage academic researchers, students, and outside partners in a common enterprise. It will enhance the commercial potential of academic research and accelerate its transformation into private economic activity. It will employ a novel approach to acceleration of technologies from academic research to viable businesses through the identification, specification, and development of requisite prototypes, business plans, marketing plans, SBIR proposals, complementary IP, and seed capital with the involvement of a broad range of university personnel and business partners. Building upon a previous PFI award, 0332461, this project will take the previous work to a new level by offering a package to reduce the risk of commercialization. In the long term, the project will generate new wealth in the regional economy of north Louisiana by increasing technology transfer. The innovations in emerging technologies will support areas of the economy such as medicine and healthcare, homeland security and national defense, manufacturing and chemical processing, and others that are essential to the improvement of the national well-being. In addition, the preparation of deliverables by the Venture Enhancement Teams is experiential education available few places in the world. The project will broaden the training of future leaders in technology research, development, and commercialization through direct student engagement with University IP and technology transfer. The project will advance the understanding of students and faculty as to the importance and role of commercialization, while at the same time it will promote teaching, training, and learning of the specific technical, marketing, and business elements of the process. Partners include Louisiana Tech University (lead institution), and Triage Team members (with their institutions): Bob Tucker, Jones Walker Law Firm; Bob Mehalso, Microtec Associates; Mike Marcantel, Owen Biosciences; Ross Barrett, Louisiana Ventures; Joe Lovett, Louisiana Fund 1; Chris Mangum, Century tel; Paul Campbell, DFJ Mercury Venture Partners and AsterBio; Justin Boland, Artimen Ventures; John Buske, Regional Innovators Network; Roy Keller, Louisiana Business & Technology Center.