1. Technology Commercialization Through Spin-off Companies Karel Klusacek Technology Centre AS CR Prague klusacek@tc.cas.cz

2. Technology exploitation Technology exploitation - how to convert a knowledge to money (while research converts money to a knowledge) Technology transfer – university traditionally license their technology to established companies Technology commercialization – formation a new company (by a university) around a new technology – spin-off companies

3. Technology Value Build Trajectory UNIVERSITY ROLE 012346785years 20 40 60 80 100 % of final value START IPO Family, Friends and Fools Business Angels Seed Funds / Early VC Late VC Public Shareholders COMPANY FOUNDED Internal Incubator Own premises VALUE ADDED BY INCUBATOR Remaining risk „Points of change“ Option for exit by: SELL (or LICENSE) or continue BUILD Source: ETeCH AG, Switzerland ENTRANCE TO INCUBATOR

4. Income generated by technology exploitation Academic year 2000/2001 M.I.T.Stanford University University of Cambridge University of Oxford Royalty income € 26.6 m€ 50 m€ 2.4 m€ 4.2 m Equity income € 55.6 m€ 2.12 m Not published % of research budget arising from technology exploitation 9.79.111.8

5. Investment into spin-offs – an example from Cambridge 0 500 1000 1500 2000 2500 3000 3500 4000 GBP thousands External investors University 2000200120022003