Brief Project Overview: The University of Maryland, Baltimore County (UMBC) has partnered with the Johns Hopkins University Carey Business School (JHU) and others to develop the INNoVATE™ program – an applied entrepreneurial training and support program focused on starting companies based on technologies developed at regional federal laboratories and universities. The INNoVATE™ program builds on the success of the internationally recognized ACTiVATE ® program, which was developed by UMBC under a previous PFI award. While the ACTiVATE ® program was specifically focused on training mid-career women to commercialize technologies from universities in the State of Maryland, the INNoVATE™ program focuses on training post-doctoral fellows (postdocs) in the final year of their fellowship to start companies based on technologies from the National Institutes of Health (NIH) and other federal labs in Maryland. Following the program model, postdocs partner with individuals from the business community and select technologies that have been identified and screened from regional technology transfer offices. These individuals follow a yearlong, applied training program, which has been designed to address the specific needs of postdocs. In addition to lectures, guest speakers, and project work, the training includes mentoring, access to advisor networks, and access to other resources in the region that are valuable to entrepreneurs. The INNoVATE™ program will generate a community of well-trained entrepreneurs that will foster economic development and technology transfer activities. The program also provides new career opportunities for postdocs, who often need to consider alternative career paths after completing their fellowships. The goal of the program during its first three years is to train 45 postdocs and 45 business people to commercialize technologies from the NIH and other regional federal labs and to start technology-based companies in Maryland. Top Contributions/ Outcomes: 1.Start 10 – 12 technology-based companies in MD 2.Train 90 people (45 postdocs) as entrepreneurs 3.Evaluate the commercial opportunity for 45 – 60 federal technologies ACTiVATE at NIH Program - INNoVATE™ University of Maryland, Baltimore County (UMBC) Tech. Center, Office of Tech. Dev., Alex. Brown Center for Entrepreneurship PI: Greg Simmons Co PIs: Vivian Armor; Stephen Auvil; David Fink, Ph.D; Ellen Hemmerly Johns Hopkins University Carey Business School Subcontract PI: Cherie Nichols NSF Award: #IIP Year Award Start Date: 1 August 2009 Top Challenges: 1.Matching technologies with participant teams 2.Licensing technologies from universities & federal labs 3.Early-stage financing for start-up companies Program Activities: Partners: Key Attributes of our Innovation Ecosystem: Questioning & Curiosity: We were curious to know if we could duplicate the successful ACTiVATE ® model in a different region and adapt it for another group underrepresented in entrepreneurship. The INNoVATE™ project will help us address this curiosity. Risk Taking: Consistent with any entrepreneurial project, risk taking is an inherent component of the INNoVATE™ program. This is especially true of the participating postdocs, who must assume the risk of working outside of their area of expertise, i.e., in a business environment rather than a lab, in addition to the typical risks associated with forming a new technology-based company. Openness: Since one of the goals of the INNoVATE™ program is to start new companies, we are open to modifying our program model to accommodate the needs of the participants. Examples include remaining flexible in the course structure so it can be adapted to meet the needs of the participants and allowing participants to bring in their own inventions as projects for the course. Collaboration Across Fields: The INNoVATE™ program is based on an interdisciplinary approach to economic development. The collaborative model includes contributions from the fields of technology transfer, entrepreneurship education, and business incubation. It also brings together inventors and scientists from many disciplines in academia and government with entrepreneurs, investors, and others from the business community. Placing Partners in “New Environments” & “Playgrounds”: UMBC approached the Johns Hopkins University Carey Business School (JHU) as a partner for the INNoVATE™ program. While JHU has many well- established educational programs, the INNoVATE™ program, which is a non-credit course focused on economic development outcomes, is not typical of their offerings. JHU will examine best practices developed as part of this project and hopes to be able to enhance its for-credit offerings with knowledge developed from the INNoVATE™ program. Leading/Inspiring of Surprising or Unexpected Results The INNoVATE™ program started in early 2010, so we have not yet had the opportunity to see a full spectrum of results. We have, however, been pleasantly surprised by the enthusiasm of the people that applied for the program. Their enthusiasm is indicative of a need in our region for entrepreneurship training and support. We are hopeful that the INNoVATE™ program in Montgomery County, and its counterpart, the ACTiVATE ® program in Baltimore County, will help to address this need and leverage the technology resources in this region to foster more technology- based economic development in the State of Maryland. National Science Foundation Partnerships For Innovation Grantee’s Meeting April 25-27, 2010 Arlington, VA.. PFI. INNoVATE™ Inaugural Class of 2010 EiR & Other Support Post-Docs Technologies Orientation Program NIH Human Workflows 15 Postdocs Part I Part II 3 Instructors Materials/Know-How Program Management INNOVATE™ Program 15 Business People Johns Hopkins University Program Management Montgomery County ED/REDI Phase III Advisors Incubator Program New Companies Advisor Network INNoVATE™ Program Model Phase I: Project Selection & Feasibility Phase II: Business Plan Development Phase III: Business/Project Support Course Outline I.Preparing for INNoVATE™ II.Technology & Applications III.Building a Team IV.Identifying the Market V.Assessing Feasibility FEASIBILITY PRESENTATION VI.Organization & Licensing VII.Marketing & Operations VIII.Financing Strategy IX.Developing Financials X.Preparing the Presentation FINAL PRESENTATION Post-course activities include: corporate formation, technology licensing, fundraising, business development, operations, networking, & community building among graduates. The INNoVATE™ program consists of two phases of formal training and post-training support activities (Phase III). Formal classes take place one evening a week (2.5 hours) and one Saturday a month (4-8 hrs). Classes began March 4, 2010 and will continue until January 2011 with a break during the summer between phases. The course will be run for three years under the current PFI award and will be sustained thereafter with fees, sponsorships, and other support.