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Fertile Ground: Identifying Extraordinary Opportunities for New Ventures. Scott A.
NATIONAL UNIVERSITY OF SINGAPORE NUS Business School Department of Marketing BMA5527 Technology Transfer & Commercialization Lecturer
:
Assoc Prof Neo Kok Beng
Session
:
Semester II, 2012/2013
Venue/Time :
BZ1/Rm 302, 6pm = 9pm
AIMS & OBJECTIVES This module is jointly developed and delivered by the Department of Marketing and NUS Enterprise – Industrial Liaison Office (responsible for technology transfer/licensing), with the support and participation of Exploit Technologies Pte Ltd, the technology commercialization arm of the Agency for Science, Technology and Research (A*STAR). Technology Commercialization Forum An integral component for this module is the exploitation and commercialization of technologies forum organized by NUS Enterprise & Exploit Technologies that brings industry professionals, investors and entrepreneurs together. It provides a platform to examine trends and key issues in commercializing inventions and technological innovations. All students are required to attend the forum for networking, understand the latest technological research and development, and identify technology commercialization possibilities. This course focuses on the successful transfer of technologies from a research environment for commercialization as successful & sustainable products or services to the global market, via a knowledge-based entrepreneurial wealth-creation process. Technology commercialization capabilities are essential for an increasingly competitive environment where existing markets undergo creative destruction and new markets emerge based on new knowledge and developments in the research laboratories. Increasing funding for research and development (e.g. Singapore’s National Research Foundation & Agency for Science & Technology Research) and universities discoveries have resulted in a fertile and ever-expanding pool of technologies for commercialization currently and in the coming years. Guest Speakers There will be guest speakers for most lectures; including directors of technology licensing offices, founders of technology licensees from startup, growth, matured and acquired companies, and IP strategist and attorney, and incubation funds.
This is an action-based & experiential-based learning course. Beyond business case studies, students work with real technologies and innovations from NUS. Participants will select the technologies presented to perform market research, and develop the technology commercialization plan. Participants will acquire the capabilities on: sourcing and assessing the commercial viability of technologies; negotiating and structuring technology licensing deals; developing the strategies to bring viable technologies to the marketplace This course is suitable for participants who intend to be technology entrepreneurs, technology transfer managers, corporate venture managers & business development manager, and executives/managers seeking to understand the process of technology transfer & commercialization, and its strategies. COURSE MATERIALS There is no textbook for the course. Readings and case studies will be used extensively throughout the course. REFERENCE BOOKS Finding Fertile Ground: Identifying Extraordinary Opportunities for New Ventures Scott A. Shane Wharton School Publishing HSSML HD62.5 Sha 2004 Technology strategy for managers and entrepreneurs Scott A. Shane Pearson Prentice Hall, c2009. HSSML Books - HD45 Sha 2009 BioDesign: The Process of Innovating Medical Technologies Zenios, Makower,Yock Cambridge University Press, 2009
COURSE ASSESSMENT Class Participations Course Reflection Market Viability Study Licensing Agreement & Term Sheets Technology Commercialization Plan
15% (Individual) 15% (Individual) 20% (Individual) 20% (Group) 30% (Group)
Student Groups will pitch them commercialization plan to selected panel of technology entrepreneurs and venture capitalists, possibly in one of the technology commercialization forum.
SCHEDULE Session / Instructor
Topic
Guest Speaker Technology Opportunities
1 (14 Jan)
Introduction to Technology Commercialization Technology Transfer/LicensingOffice Readings Improving University Tech Transfer & Commercialization http://www.brookings.edu/research/papers/2012/12/05-tech-transfer-west
Director of Licensing
Towards an Entrepreneurial University: The Case of NUS Wong Poh Kam, Ho Yuen Peing, Annette Singh University Research and Offices of Technology Transfer California Management Review Fall 2002, Vol 45 No1, 88 – 115 The Innovation Incubator: Technology Transfer at Stanford University http://www.strategy-business.com/article/13494?gko=e8e48 Entrepreneurial Impact – The Role of MIT http://www.kauffman.org/uploadedfiles/mit_impact_full_report.pdf
2 (21 Jan)
Technologies Presentation Readings Prior Knowledge and the Discovery of Entrepreneurial Opportunities. Scott Shane Organization Science, Jul/Aug 2000; 11, 4 pg 448 Fertile Ground for Business Opportunities Chapters 1, 2 & 4 Scott A Shane Assignment Students will be given a list of technology offerings by and select one technology that has commercialization potential for the 1-day workshop on 26 Jan 2013 Case Advanced Electronic Beams Lee Fleming, Thomas Perry IV HBS Case 9-608-803
Technology Licensing Managers
3, 4 , 5 (26 Jan) Sat 9am – 4pm
Workshop 1: “The Billion Dollar Idea” Opportunity Identification, Generation & Evaluation Readings Teaching Note on Opportunity Assessment: The 3 S Framework Neo Kok Beng
Guest Speakers
Fertile Ground for Business Opportunities Chapters 3,5, 6, 7 & 8 Scott A Shane 6 (18 Feb) Mon
“The Billion Dollar Idea” Presentation Assignment Students submit their market assessment report based on the 3S Framework that covers market size, sustainability and scalability. The assignment includes 5 slides which all students will have 5 minutes to present.
25 Feb Term Break
Technology Licensing 7 (4 Mar) Mon
Technology Valuation & Negotiation Readings Successful Technology Licensing, World Intellectual Property Organization (WIPO) http://www.wipo.int/export/sites/www/ipdevelopment/en/strategies/pdf/publication_903.pdf
Exchanging Value - Negotiating Technology Licensing Agreements -A Training Manual World Intellectual Property Organization (WIPO) & International Trade Centre (ITO) http://www.wipo.int/sme/en/documents/guides/technology_licensing.ht ml
Case Syndexa and Technology Transfer at Harvard University Richard G Hamermesh, David Hyman Harvard Business School Case 9-808-073
Founders of NUS /A*STAR spin-offs
8, 9 (9 Mar) Sat 9am – 4pm
Workshop 2: Technology Commercialization Plan
Group Formation
Technology Roadmap, Product Development & Costing Readings The Elements of Platform Leadership Michael A. Cusumano, Annabelle Gawer Sloan Management Review, Spring 2002, Vol 43, No 3 Teaching Note on Regulatory Strategies, Certification & Quality Management Neo Kok Beng Students will discuss the various milestones to develop the technologies. Case Commercializing an MRI Breakthrough Lee Fleming Harvard Business School Case 9-608-064 Commercialization Plan Readings Teaching Note on Venture Evaluation: The 3C Framework Wong Poh Kam Fertile Ground for Business Opportunities Chapters 9 & 10 Scott A Shane
10 (11 Mar onwards)
Negotiation Exercise
11 (25 Mar) Mon
Technology License Presentation
Students will meet NUS & A*STAR staff for 30 ~ 60 minutes for licensing negotiation and obtain a term sheet.
Groups will present their term sheets, discuss their negotiation strategies and trade-offs. Each group has 20 minutes for presentation (including 10 minute for class discussions).
NUS ILO staff
Technology Commercialization Funding & Networking 12 (1 Apr)
Financial Plan & Fund Raising Readings Note on Valuation in Private Equity Settings Josh Lerner, John Willinge Harvard Business School Case 9-297-050
Founders of NUS /A*STAR spin-offs Incubation Fund Manager
Entrepreneur Pitch Workbook Canaan Capital http://www.canaan.com/home/partnerships/poptech Funding a Medical Device Startup http://www.devicelink.com/grabber.php3?URL=http://www.devicelink.c om/mddi/archive/00/01/004.html Case Term Sheet Negotiations for Trendsetters, Inc Harvard Business School Case 9-301-358 13
Technology Commercialization Forum (date to be informed) All students will be registered for the A*STAR Innovation & Enterprise Week, with compulsory attendance for selected sessions.
14 (15 Apr) Mon
Technology Commercialization Plan Pitching.
Biopolis or other locations
Investment Panel from NUS Enterprise
ASSIGNMENTS 1. MARKET VIABILITY STUDY (The Billion Dollar Idea) This is an individual project. Each student will select 1 technology from the presentation by NUS, and develop a business idea (product or service offering) and perform a market viability study based on: Size: Market Segmentation, Targeting & Positioning Sustainability: IP mapping, competitive intelligence & strategy Scalability: Business model & growth strategy Submission deadline: 18 Feb (online to IVLE) Presentation: 18 Feb (5 slides, 5 mins, per student) 2. LICENSING AGREEMENT & TERM SHEET This is a group project. Each group will participate in a 30 – 60 mins technology licensing negotiation session with NUS-ILO with the objectives to obtain an agreeable term sheet and licensing agreement. The group needs to prepare 2 documents - licensing plan: market study, financial projections, technology & product roadmap) - negotiation strategy: valuation, BATNA, terms & trade-offs The class presentation will focus on experience and lessons learned during the negotiation exercise, the strategy in a win-win negotiation and the decisions and trade-offs that will lead to the final licensing agreement and term sheet. Submission deadline: Presentation:
11 Mar 2013 (online to IVLE) 11 Mar 2013(20 mins per group)
3. TECHNOLOGY COMMERCIALIZATION PLAN This is a group project. The group will prepare a commercialization plan, with the aim of raising fund from the investment community (angels, venture capitalists and corporate ventures). Each group will present to a panel of investors, entrepreneurs and industry professionals during the Technology Commercialization Forum. Submission deadline: Presentation/Pitching:
15 Apr 2013 (online to IVLE) 15 Apr 2013 (Investment Panel from NUS Enterprise)
4. REFLECTION PAPER This is an individual paper. Students are to reflect their learning journey for technology commercialization and provide feedback on the process and insights and discoveries on their learning. Submission deadline:
20 Apr 2013 (online to IVLE)
