Charles D. Smith, Ph.D. April, 2012

 Charged with making recommendations for: ◦ Culture Change - Stimulate the spirit of entrepreneurship and incorporate a system of incentives. ◦ Technology Commercialization - Improve and expand the MUSC tech transfer operation.  Reviewed policies and processes at several universities to identify best practices for implementation.  Developed a framework for a Business Plan for implementation (with an external consultant).

 Suggested revisions to MUSC policies to encourage entrepreneurship ◦ Promotion & Tenure ◦ Faculty Start-Up Venture Policy ◦ Intellectual Property ◦ Conflict of Interest

 Center for Innovation and Entrepreneurship at MUSC (CIE) ◦ Will complement existing activities of the Foundation for Research Development (FRD). ◦ Commitment of funding from administration. ◦ Currently in process of searching for a Director.

 Support enterprise-wide innovation and commercialization.  Educate faculty, staff and students in technology commercialization.  Mentor prospective and early entrepreneurs.  Develop collaborative relationships for promoting technology commercialization state-wide.  Identify and facilitate access to new sources of funding for the CIE and spin-out companies.

Value and Importance

FRDCIE Search for new MUSC inventions Harvest ROIsEducation faculty/staff about technology commercialization Decide and execute patent strategySupport University-wide innovation and commercialization (e.g. policy change) Assess options for technology placementProvide commercialization assessment for ROIs Conduct licensing negotiation and execution Develop options for technology placement Develop self-sustaining operationSeek out funding sources for technology development to POC Connect scientist and entrepreneurs / mentors (external and within CIE) Develop other appropriate interactions, e.g. funding agencies, angels, VC Develop self-sustaining operation

 Change in leadership at FRD.  Strong commitment from the FRD Board of Directors.  Streamlined processes for invention reporting, evaluation and tracking.  New resources for supporting entrepreneurship/commercialization through the CIE.  Increased commitment to “customer service” in the tech commercialization process.

 Central Administration  Strategic Planning Participants ◦ David McNair / Betsy Pilcher ◦ Entrepreneurialism Planning Committee ◦ Entrepreneurship Operational Team  CIE Director Search Committee  FRD and FRD Board of Directors  SCTR

 Support University-wide innovation and commercialization. ◦ Support commercialization of research innovation, e.g. therapeutics, diagnostics and medical devices. ◦ Support commercialization of biomedical educational innovation, e.g. distance education programs. ◦ Support commercialization of medical information technologies, e.g. software. ◦ Facilitate innovation in the improvement of internal efficiencies, e.g. clinical operations.

 Educate faculty, staff and students in technology commercialization. ◦ Conduct workshops on general business topics through the Biotechnology Interest Group. ◦ Facilitate participation in entrepreneurial training programs, e.g. FastTrac or NxLevel, when appropriate. ◦ Facilitate access to on-line resources, e.g. tutorials, webinars, chat groups and focused interest groups. ◦ Facilitate open communication to ensure specific guidance on Conflict of Interest issues. ◦ Develop processes to assist with grant writing, market research and business plan development.

 Mentor prospective and early entrepreneurs. ◦ Establish an Entrepreneur-in-Residence program. ◦ Organize and support a network of experienced business and technology mentors. ◦ Provide ongoing support for existing life sciences companies through education and mentoring.

 Develop collaborative relationships for promoting technology commercialization state-wide. ◦ Facilitate interactions with research universities, particularly USC and Clemson University. ◦ Facilitate interactions with SC business school MBA programs, particularly CofC and the Citadel. ◦ Facilitate interactions with state and regional economic development agencies. ◦ Facilitate interactions with industry partners. ◦ Develop relationships with regional entrepreneurs, investors, service providers and vendors.

 Identify and facilitate access to new sources of funding for the CIE and spin-out companies. ◦ Facilitate interaction with SCRA/SCLaunch! for early- stage funding. ◦ Facilitate submission of SBIR and STTR grant applications. ◦ Facilitate interactions with Angel investors, VC groups and pharmaceutical/biotechnology companies. ◦ Develop an internal venture fund to support critical proof-of-concept experiments.