University of Florida Event Matches Researchers, Investors
The University of Florida’s Technology Licensing office held its version of speed dating Tuesday. But instead of matching prospective mates, the Celebration of Innovation Showcase touted the virtues of university research inventions and spin-off companies to prospective entrepreneurs and investors.
Despite the down economy, the event grew in its third year, with 339 registrants, up by about 100 people. That included more investors, with representatives from 20 venture capital firms, inventors, entrepreneurs and service providers such as attorneys, according to tech licensing director David Day.
He said word is getting out about the event and about the tech licensing program.
UF President Bernie Machen pointed out that UF spinoffs are receiving high-profile attention, with President Barack Obama inviting Sinmat president Deepika Singh to the White House to mention the company’s microchips to run clean-energy devices during a press conference, and the “Today” show featuring WiPower’s wireless recharger.
On Monday, Machen said the BBC will be in Gainesville to film a segment about Sharklet Techologies, which is developing a bacteria-resistant surface for medical devices and boat hulls that was inspired by shark skin.
He said companies built from research technology will be the key to getting the nation and state out of the economic mess they are in.
“We need to look no further than the emerging technology industry that’s right here in Gainesville,” Machen said.
UF has 6,000 researchers conducting nearly $600 million worth of research every year that leads to roughly 110 patents. Last year, those inventions resulted in 65 licensing deals, down from 75 in recent years as investor backed startups are down, Day said.
To help nurture budding technology companies, Machen said UF recently applied for a federal grant to build a $13 million incubator that could house about a dozen companies in place of Shands AGH, which is closing in October. The grant would provide $8 million and UF would provide $5 million.
All of the attention is drawing a higher caliber of entrepreneurs to the event from throughout Florida, the Southeast and the East Coast, Day said.
“We’re getting deals out of it,” he said. “The bottom line, the reason we do it is to get licensed deals for our startups. And we’re doing that.”
The chance to lure better entrepreneurs bodes well for drawing investors. A panel of venture capitalists agreed that good management is perhaps the most important factor in a company’s success.
Garheng Kong of North Carolina-based Intersouth Partners said his company has passed up investing with Nobel Prize winners who didn’t have good management.
But the venture capital market has become more competitive in a down economy as more late-stage companies are offering better deals, diverting funding from startup companies, Kong said.
The focus on research companies mentioned by Machen is providing opportunities during the downturn, however, according to Jim Counihan of Prism Ventures of Boston.
On Tuesday, the investors and entrepreneurs heard presentations from 16 startup companies showcasing health care, energy, computer or communications technologies, among others.
Two - Bikam Pharmaceuticals and RetinaSense - address retina surgery or retina disease treatment. X-Ray Robotics has a device that images a body in motion.
The tech licensing office also presented dozens of inventions in search of a company, including several cancer treatments and diagnostics, ethanol and hydrogen production methods and a robotic endoscope that propels itself through the small intestine.
