UNIVERSITY OF WESTERN MACEDONIA

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UNIVERSITY OF WESTERN MACEDONIA
Off-inno
OFFENSIVE INNOVATION
Yiannis Bakouros Olga Haitidou Maria
Georgitsi Management of Technology Research
Lab University of Western Macedonia
Saragossa, November 2007
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PARTNERS

• Partner 1 - Lead partner Original Name of
  Organisation University of Western Macedonia
  Management of Technology Research Lab. MaterLab,
  Bakouros Yiannis
• Partner 2 Original Name of OrganisationJagielloni
  an Centre of Innovation Ltd.
• Kazimierz Murzyn
• Partner 3 Original Name of OrganisationNowy Sacz
  School of Business - National-Louis University.
• Elwira Waszkiewicz

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PARTNERS

• Partner 4 Original Name of OrganisationDistrict
  of Muldentalkreis
• Dr. Udo Dietze
• Partner 5 Original Name of OrganisationDistrict
  of Leipziger Land
• Dr. Udo Dietze
• Partner 6 Original Name of OrganisationTarnow
  Agency for Regional Development
• Pawel Kurowski

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CONTEXTS

• Objectives of the subproject.
• Actions taken by the university.
• Actions materialized.
• Lessons learned.
• Conclusions.

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The Region of Western Macedonia
www.materlab.eu

• It has always been clear that there is.
• a lack of communication and/or information
  channels between the University and the Industry.
  
• The value of the collaboration between academic
  research and industry will attribute primarily to
  the development of new or improved
• -technologies,-materials,-processes and
  applications
• that support sustainable growth and create
  employment in the knowledge-based competitive
  Economy of the Region.

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SMART Project Aims Objectives
www.materlab.eu

• The aim of the project is
• a quicker broader exploitation of scientific
  RD results
• licensing spin-off creation based on scientific
  RD results
• The objectives are
• Sub-optimal exploitation of the region's of
  Western Macedonia research results.
• Address the technical barriers for transforming
  scientific research results into viable
  innovations.
  
  
  
  
• Bridge the gap of lack of collaboration between
  the Academic Institution (University of Western
  Macedonia) and the Industry.
• 
  
  
  
  

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SMART STRATEGY www.materlab.eu

• 1. Call of interest to the Research Institutes of
  the region of West Macedonia
• 2. Development of a first sort questionnaire for
  the target list
• 3. Evaluation of all the research activities
  through a more detailed questionnaire
• 4. Selection of ideas for further development
  Roadmap development
• 5. Development of the Business Plan
• 6. Regulation on the development of a Spin-off
• 7. Activities on finding venture capital

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SMART ACTIONS www.materlab.eu
Action 1- Call of interest
Action 2 Short Questionnaire
Action 3 Detailed Questionnaire
Action 4 Roadmap
Action 5 Business Plan
Action 6 Regulation
Action 7 Venture Capital
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Action 1

• We have sent the call of interest to imprint the
  research results and ideas from the researchers
  of
• the University of Western Macedonia (UOWM),
• the Technological Educational Institute (TEI)
  a n d
• the Solid Fuel Research Institute.

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Call of Interest

• call of interest

www.smart.materlab.eu
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Action 2 Short Questionnaire

• With this sort questionnaire we extracted of the
  "bright" scientific results and ideas.
• and also there was a categorization of them.
• Below see the
• QUESTIONNAIRE

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Action 3 Detailed Questionnaire

• After the evaluation of all the ideas we focused
  on the most interesting
• The Research Institutions had to answer to a more
  detailed questionnaire in order to finally
  collect one (or more) ideas to further develop
  their business plan.
• Below see the detailed
• QUESTIONNAIRE B SMART II

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The goal of this phase was

• to evaluate the business idea and its potential
  marketability. We evaluated the research results,
  taking into consideration the needs of the region
  of Western Macedonia.
  
  
  
  We also used all the appropriate innovation
  tools for the evaluation procedure.

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Business Idea Evaluation www.materlab.eu

• Indicators for the evaluation procedure
• Maturity of the idea
• Patent consolidation
• Market research
• Technology research.

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Ideas for commercialization

• We collected 10 questionnaires from the
  professors researchers of the University of
  West Macedonia
• Indicatively we report some of the research
  activities collected
• Technology of Hydrogen (production by mining and
  renewable fuels and use in fuel cells)
• Energy exploitation of biomass (thermochemical
  (gasification and pyrolysis) and biological
  methods (anaerobic fermentation),bioguels)
• Growth of antipollution technology (gas
  pollutants)
• Modelling energy and industrial systems
• Energy save
• Co-production of electricity and heating
• Abstraction of CO2 from activities of combustion

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Idea selected for the business plan
www.materlab.eu
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Action 4 Roadmap

• At this phase we focused on the development of a
  road map for the creation of a spin-off company.
• The roadmap facilitates the understanding of the
  creation and development of business ventures,
  that their scope is the exploitation of RD
  results created inside the Universities, with the
  support of private funds.
• The business ventures of the researchers emerged
  through the exploitation of the knowledge and RD
  results are called spin-off companies.

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Flow diagram of the road map
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Analysis of the roadmap

• Each stage of the roadmap was further analyzed
  with the use of flow diagrams
• It was based on a Stage-Decision Point approach
• There are four (4) stages and 4 decision points
• Identification of new product service
• Intellectual property management in Greece
• Business, Marketing and financial Planning
• Identification of funding organizations
• For each stage different form of supporting
  material will be collected.

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The stages

• Description of the commercialization options
• Supporting material
• Methods techniques
• Case studies
• Sources of info
• Evaluation of the options

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• Designing the marketing plan of a spin off
  company
• Market Research and Analysis
• Marketing Plan
• Situational Analysis
• Marketing Objectives
• Positioning and Competitive Advantage
• Target Market
• Marketing Mix

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• Financial plan of a Spin-off

• Forms of Financing
• Debt Financing
• Equity Financing
• Alternative forms of financing
• Sources of Capital
• Self-Financing
• Angels
• Government Programs
• Banks
• Venture capitals
• Other issues to be considered regarding the
  financial planning
• Taxes
• Import and Export

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Action 5 Developing the Business Plan

• Elements of a Business Plan
• Introduction
• Executive Summary
• Analytical Description of the Company
• Analytical Inside Description(Mission Statement,
  Management Team
• Analytical Market Description(Industry,
  Competitors, Marketing, Sales)
• Financial Projections

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Business plan analysis

• Name of the company SUSTAINABLE TECHNOLOGIES ON
  ALTERNATIVE RENEWABLE FUELS STAR FUELS S.A.
• Action The proposed enterprising idea lies in
  the completed and sustainable energy exploitation
  of biogas, to completely cover the needs of
  electric energy and heat of stock farm units.
• The patent is to use fuel cells instead of
  conventional generator.
• First business capital necessary 90.000 Euro
• 3 alternative scenarios developed for the
  operation of the spin-off

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6. Regulation on the development of a Spin-off

• We have found all the necessary regulations in
  the Greek legal (and not only) system needed to
  start a spin-off company.
• The spin-off should have the legal form of a
  Company of Limited Responsibility or an Anonymous
  Company.

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6. Regulation on the development of a Spin-off

• Steps
• The spin-offs should belong in their majority,
  (50 1), in private individuals investors,
  capital of enterprising attendances etc, and no
  in public organisms.
• At the process of constitution there must exist
  Contracts of technology transfer, Know how,
  authorisations of exploitation of research and/or
  technological results, patents etc, where will be
  also reported the concession of authorisation,
  the type of technology, the payments, the
  duration of contract etc.
• In the published statute in the OFFICIAL JOURNAL
  OF THE HELLENIC REPUBLIC there must appear that
  the main commercial activity of the company is
  based on research results and in the
  scientific/technological knowledge.

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SPIN-OFF COMPANIES www.materlab.eu

• Spin-off companies are business ventures created
  through the exploitation of new knowledge and RD
  results.
• Oakey(1995) defines the two major sources of
  new-technology based firms
• Higher education institutions (University
  spin-offs) and
• Well established industrial firms (Corporate
  spin-outs)

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SPIN-OFF COMPANIES
www.materlab.eu

• The creation of a spin-off includes the transfer
  of knowledge from the existing organization to
  the new company.
• University spin-offs primarily funded on the
  basis of some technological advance rather than
  on the competitive advantage with regard to
  marketing, sales or distribution.
• Entrepreneurial spin-outs arises when an
  entrepreneur leaves an organization to start a
  firm of her/his own.

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Entities involved in the spin off process
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Advantages of University Spin-offs
www.materlab.eu

• Privilege position
• Identify would-be entrepreneurs
• Exploitation of RD results
• Potential for economic gain

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Success Factors www.materlab.eu

• Negotiate the cultural change
• From technology to people management
• From academics to business environment
• From laboratory to industrial production
• Accept
• Selling your company
• Involvement of others in the decision process

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Success Factors www.materlab.eu

• Quality of business plan
• Adequate protection of IP
• Focus on the targeted market
• Technology and product road map
• Network organization to foster contacts between
  business community, University and Spin-offs
• A balanced team with a track record
• Accept coaching and specialized advice
• Sufficient financial resources

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Spin-offs Failure Factors www.materlab.eu

• Conflict of interest
• Poor selection of a candidate entrepreneur
• University role
• Institutional policies
• Management of equities

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Sources of capital www.materlab.eu

• University seed capital fund
• Self financing
• Private Banking
• Business Angels
• A Business Angel has money and skill,smart
  businesses can use both
• Venture Capital Leasing
• Government programs
• Equity financing

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PRAXE www.materlab.eu

• Funded by the 3rd Community Framework and
  European Fund of Regional Development
• Phase A - completion date 31/12/2003
• Budget 9,000,000
• 226 Projects Proposal Submitted - Each funded
  with 44,000 (covering 100)
• Phase B - completion date 31/12/2008
• Budget 16,000,000
• 15 proposals selected each funded (covering 50)

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PRAXE www.materlab.eu
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Action 7 Venture Capital

• Venture capital is a type of private equity
  capital typically provided by professional,
  outside investors to new, growth businesses.
  Generally made as cash in exchange for shares in
  the investee company, venture capital investments
  are usually high risk, but offer the potential
  for above-average returns.
• For the project we have collected a list with the
  all the venture capital companies where someone
  who wants to start a spin-off can contact.
• Venture capitalists

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Thank you very much for your attention!
UNIVERSITY OF WESTERN MACEDONIA
You see things, and you say, Why? But I dream
things that never were and I say, Why
not? George Bernard Shaw
Y. L. Bakouros University of Western
Macedonia Email ylb_at_uowm.gr Web
http//www.materlab.eu http//www.smart.materlab.
eu