Center for Technology Transfer & Commercialization
New Ventures Focus
The New Ventures Team at Vanderbiltâ€™s Center for Technology Transfer & Commercialization (CTTC) serves as a reliable partner for Vanderbilt faculty staff, and students, as well as local and regional entrepreneurs who are exploring new ventures based on Vanderbilt technologies. The group works in tandem with CTTC licensing officers to provide professional commercialization services to the Vanderbilt community, thus optimizing the flow of innovation to the marketplace, generating revenue to support further research activities and positively impacting society.
The New Ventures Team creates value for Vanderbilt innovators and regional entrepreneurs by repositioning early-stage concepts into products that address unarticulated market needs. Market research, mentorship, financial modeling, and developing go-tomarket strategies are among the services aimed at maximizing returns for the various stakeholders involved.
New Ventures at Vanderbilt
Vanderbilt University is at the forefront of cutting edge research and development. It is important that such activities have a positive impact on our community. Applied research often translates into entrepreneurial endeavors across broad industry spectrums. To support Vanderbiltâ€™s entrepreneurial community, the New Ventures Team provides a variety of services to assess new venture viability: u Conduct initial interview with the inventor to evaluate and gain clarity on the basics of the technology / invention at the ideation phase. u Analyze the external and internal environment by performing a 360-degree due diligence on the technology, team and market. u Evaluate industry dynamics, market trends and the competitive landscape as it relates to the technology and establish the business model framework. u Engage regional experts, advisors and mentors to conduct external due diligence. u Develop business plans, financial and valuation models, and analyze funding needs and use of funds. u Identify and recruit management team, board of directors and advisors. u Create business structure, determine organization type and establish new venture. u Partner with CTTC licensing group to complete IP licensing from Vanderbilt to the new venture.
From top: A wireless ECG system licensed to InvisionHeart, LLC; robotic system used by Universal Robotics; and surgical devices used by Neurotargeting.
u Identify and engage potential investors who are suitable matches for the new venture. u Assist with preparation of investor-related documents (pitch decks, valuation models, executive summary, etc.). u Provide strategic support in negotiations, business structuring and other advisory functions related to the funding process.
Vanderbilt New Ventur
Center for Technology Transfer & Commercialization
Successful entrepreneurship is a contact sport that requires support and resources. The New Ventures Team at Vanderbilt offers: Access to the right people. For a new venture to succeed, it needs relationships with investors, entrepreneurs, business people, consultants, lawyers, and members of government, as well as access to local and regional incubators and accelerators. CTTC has close relationships with these stakeholders and an advisory council designed to support the new ventures process. Speed. New ventures need to move quickly to be successful. We support that need for speed as do those who engage with us. Education. Our innovators need to know the lay of the land. CTTC provides education to and connects innovators with those who can provide that education. Focus. CTTC will help to create a few strong companies each year. We want Vanderbilt to help produce the most successful startups, not the most startups. A sophisticated vetting process. CTTC has developed a vetting process that aims to measure the likelihood of new venture success. This process evaluates the technology and the market and relies heavily on proof of concept validation. Investment. One of the best measures of success are third party investments in our startups. Our goal is to help reposition technologies as business opportunities poised for investment. Governance. CTTC and Vanderbilt will contribute to new venture governance as long as we add value. Transactional flexibility. We accommodate the needs of new ventures. For example, we will consider taking a portion, but not all, of transaction consideration in the form of equity. Starting new ventures with a high probability of success is a complex process. When those new ventures spin out of universities, there are additional complexities. CTTC helps new ventures to successfully address those complexities. We believe that university-based new ventures can make a substantial contribution to the advancement of entrepreneurship and regional economic development. We provide support that helps to make this happen.
The first step in determining the viability of a new venture involves an initial vetting of the opportunity with the inventor or entrepreneur. Information is gathered and a framework is established for further due diligence.
Working with Vanderbilt innovators and others, CTTC seeks to identify and support suitable new venture opportunities that can be built around Vanderbilt intellectual property. These new ventures contribute to the growth and diversification of the high-tech and life sciences industry in the region and throughout the country and promote the entrepreneurial aspirations of Vanderbilt faculty, staff and students while helping commercialize innovations that benefit the public at-large.
A two-step internal an process enables us t under consideration to identify opportunit Due diligence also di valuation of a potentia
Further Developmen of Business Model
Internal Due Diligence
Alter Moneti Strat
Our engagement model is illustrated below to help university inventors and entrepreneurs better understand our role in the new venture creation process – from ideation to formation.
University res Process
nd external due diligence to evaluate the venture and formulate a plan ties and mitigate risks. ictates rigorous financial al venture.
The New Venture creation process culminates with addressing the key elements associated with launching the company. The New Ventures Team will work with the inventor to identify and recruit a management team, setup the business entity and establish a board of directors and advisors. Additionally, we will ensure that the IP developed by the Vanderbilt inventor is transferred to the new entity. Finally, we will engage potential investors and provide necessary support in:
The strategic planning process defines the core elements of the business model and establishes a foundation for the business plan. The New Ventures Team helps establish a sound framework for the business, develops the mission statement and value proposition, and formulates an effective market strategy.
• • • •
preparing investor-related documents deal negotiation structuring other advisory functions
rnate ization tegy
Most academic innovations that possess potential commercial value are not suitable for a startup company due to one or more of the following: • • • • • •
lack of significant market potential R&D costs regulatory constraints lack of established sales channels competitive constraints lack of access to capital
In such cases the New Ventures Team will work with the inventor and/ or entrepreneur to explore alternate monetization strategies, such as IP licensing, collaborative R&D, consulting, etc.
Venture creation serves as an extension of the business planning process and establishes viability, marketability and investment potential, which can be translated into a business plan. It encapsulates the findings recognized through discovery and due diligence.
When Should I Contact CTTC? Contact CTTC as early on in the research project as possible. This allows our team of experienced professionals to work closely with you to develop a strategy that will increase the likelihood of commercial success. It is never too early to contact our office.
Unleashing the power of strategic partnerships
The New Ventures Team works closely with its regional partners to facilitate the success of new ventures and the growth of entrepreneurship. These partners include: the Nashville Entrepreneur Center (EC), JumpStart Foundry, Launch TN, Life Science Tennessee, Cumberland Emerging Technologies, the Cool Springs Life Sciences Center and numerous others who provide Vanderbilt faculty, staff and students engaged with Vanderbilt-related new ventures with access to mentors, facilities, programs and other opportunities that will increase the likelihood of success.
The New Ventures Team actively engages with Vanderbilt innovators to launch new ventures based on Vanderbilt technology. • In conjunction with our network of advisers and collaborators, the New Ventures Team offers Vanderbilt innovators access to individuals who will provide one-on-one mentoring by highly experienced entrepreneurs and executives with a demonstrated history of success in high growth industries. • We benefit from our network’s experience in taking companies from concept to reality and its capacity to build world-class management teams. • In addition to investment sources and access to entrepreneurs, the New Ventures ecosystem includes experts in other professions who can assist these new ventures.
For more information contact:
Visit us online at www.vanderbilt.edu/cttc
Director, Economic & New Venture Development
Manager, New Ventures
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