University of Rochester Technology Development Fund OTT F.I.R.E. Series - March 10, Michael G. Rusnak, Fund Manager Deputy Director New Ventures and Technology Development URMC Office of Technology Transfer

2 Agenda

3 Technology Development Fund (TDF) Devoted to supporting University researchers who wish to further the process of translating their scientific and engineering research into commercial opportunities.

The Why: 4 Corporate Partner

5 Where: The TDF Fund Philanthropic  Advancement activity  Example $25,000/yr for three years UR and URMC IP pool contributions Goal is $500,000/year Evergreen

Who: Qualified Applicants Include Faculty member Post doctoral fellow Graduate student University employee *An Invention Disclosure must be on file with OTT prior to or along with application indicating the intent to pursue commercial opportunities. 6

Invention Disclosure The Office of Technology Transfer Box OTT/611 Hylan Building, Box /

8 Who: Project Caveat The Intellectual Property associated with your application cannot be encumbered by any obligation (license, option, first right of refusal, first look, etc) to a for-profit entity.

What: Awards Can Range $40,000 to $100,000 Supports projects of approximately one year in duration Supports technical and administrative staff salaries Supports equipment, and supplies ** It does not fund faculty salaries or overhead 9

How: Application Process Two Funding cycles per year Fall Applications due October 1 st Awards granted December 31 st Spring Applications due April 1 st Awards granted June 30th 10

11 Application Process:

12 Application Process: Pre-Proposal Stage Screening Committee Jack Baron – Chair Entrepreneurs VCs Industry Pre-Proposal - 2 pages Brief Project Summary Background Plan/$$ April 8, 2011

13 Application Process: Criteria for Review Who you know Seniority Kickbacks Scientific and technical merit Research objectives toward commercial objectives Feasibility and risk associated with the commercialization Potential economic impact of the innovation Clarity of path to commercial viability Significance of market for the proposed product Probability that the funding will produce results that will lead to external funding Degree of patent protection

14 Application Process: Pre-Proposal Screening Screening Committee April 25, 2011

15 April 25, 2011 Application Process: Full Proposal Submissions/Oral Presentations Full Proposals Due – May 20, 2011 Oral Presentations – First Week in June Full proposals Grant-like 5-10 pages Clear budget/ milestones

16 Application Process: Screening Committee Recommendations to the TDF Executive Committee Ralph Kuncl – Chair URMC COO UR Dean Engineering Dean Simon School Advancement OTT HTR Screening Committee Others Recommendations - June 10 TDF Executive Committee Meeting ~June 20 July 1, 2011

17 Post Award: Formation of project team 2 weeks of diligence, budget, and project finalization Confirmation of start date and commercial milestones Transfer of Funds

18 Terms and Conditions PI Time and Effort  Responsible for plan/oversees the project  Help offered throughout process – OTT, Simon School, HTR, local entrepreneurs, etc. Quarterly reports to project team/fund manager Milestones Other funding issues If commercially successful-paying back the fund  3X the award

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For Applications and FAQs **Web Update by Monday, March 14, 2011** **All proposal templates will be in Word format and submitted to M. Rusnak via ** 20

21 1.Announce the TDF is accepting Pre-Proposal submissions up to April 8 th ; blast to TDF mailing list announcement Week of March 7 2.All Pre-Proposals receivedApril 8 3. Screening Committee membership completedApril 15 4.Triaged Pre-Proposals sent to Screening Committee for review April 15 5.Teleconference scheduled - Screening Committee review of Pre-Proposals April 21 – April 25 6.Candidates for Full Proposal submission announced April Full Proposal submission deadlineMay Oral presentations scheduled with TDF Screening Committee June 2, 3, 6, 7, or 8 9. Recommendations for funding sent to the TDF Executive Committee June TDF Executive Committee meetingJune 16, 17, 18, 20, 21, or Funding announcedJuly 1 Technology Development Fund (TDF) Schedule: Spring 2011 Funding Cycle