Archive for May, 2011

MountainWest Capital Network recognizes USTAR for contributions to deal flow

Friday, May 27th, 2011

On May 19, the MountainWest Capital Network held its annual Deal Flow luncheon in Salt Lake City.  At the event, USTAR, BoomStartup, and Island Park Investments were honored for their significant contributions to deal flow in the last year.

Deal flow is a term used by finance professionals such as venture capitalists, angel investors, private equity investors and investment bankers to refer to the rate at which they receive business proposals/investment offers.

“USTAR’s Technology Commercialization Grant program caught the attention of our Deal Flow organizing committee,” said MWCN executive director Cheri Farnsworth. “The program has helped very early-stage opportunities reach some exciting milestones. It has also encouraged new collaborations between entrepreneurs and the research and engineering resources of our regional and research universities.”

According to USTAR executive director Ted McAleer, who addressed the MWCN attendees, the Technology Commercialization Grant (TCG) program has awarded 87 projects with seed funding since it launched in the summer of 2009. Generally in the range of $40,000, the grants have gone to ten different public higher education institutions. The funding has helped academic and entrepreneurial innovators to prototype new products, develop new markets, or complete other steps to commercialization.

The portfolio of 87 projects has to date yielded more than 60 disclosure or patent filings, 48 successful prototypes, two dozen new sales distribution agreements for existing companies, and the launch of 14 new companies, McAleer said.

“In terms of deal flow, we seen our TCG projects secure more than $6 million in private investment,” McAleer said. “That’s a three-to-one leverage of the public funding.”

The MountainWest Capital Network is Utah’s first business networking organization devoted to supporting entrepreneurial success through:

  • Fostering the dynamic flow of information about capital formation and distribution
  • Educating and mentoring excellence
  • Recognizing and rewarding performance
  • Networking activities which promote connections

USTAR regional director named to vSpring 100

Wednesday, May 25th, 2011

On May 18, vSpring Capital announced the 2011 class of the vSpring Capital Top 100 Venture Entrepreneurs, also known as the v100.

USTAR’s northern region Technology Outreach director Alex Lawrence was named to the list for the second year.

You can see the full list here: http://www.vspring.us/v100/2011-Class/

According to a vSpring press release: “The v100 was created by vSpring Capital as a method to identify and recognize entrepreneurs with Utah ties that are most likely to experience successful venture returns. Members of the v100 become part of an ongoing community of entrepreneurs that fosters collaboration and provides advantages in building and growing companies.”

“Each year, vSpring asks members of the Utah business and academic community to nominate individuals who are most likely to lead a successful startup venture in the next five to seven years in the IT (information technology) or biotech industries.  Those individuals who are nominated are then asked to vote amongst themselves based on the same criteria.  Nominees who garner the most votes from their peers in this second step of the annual voting process are then elected into the v100 and become members of this ongoing community of entrepreneurial leaders.”

Lawrence has been launching and growing successful companies for more than 15 years. He is a serial entrepreneur, and his accomplishments include Lendio, a software-as-a-service company that matches businesses with the right funding (named #34 in the USA and #1 in Utah on the Inc. 500 list), TwitJump (named by TechCrunch as a company Twitter should have acquired), Franchise Foundry, Five Star Franchising and TGIFriday’s.

Lawrence is well-versed in business strategy and development, sales, Internet marketing, social media, venture and debt capital, mobile and web application development, franchising, mergers and acquisitions, exits, and day-to-day business operations. He is the author of The Entrepreneurs Blog, which has 50,000+ readers and he is Utah’s 7th most followed Twitter account with 38,000 followers. He also teaches Internet Marketing at WSU. Alex writes a regular business column for Utah Business Magazine.  He has also been featured on TechCrunch, 40 under 40 Top Entrepreneurs, V100 Top 100 Technology Entrepreneurs, E-50 Top 50 Social Entrepreneurs, WSU Entrepreneur Alumni of the Year, and more.

Concept to Company contest focuses on Northern Utah innovations

Monday, May 23rd, 2011
The Concept to Company competitions are ongoing innovation contests held in various regions across the state of Utah. This contest focuses on new technology innovations. It is open to all Utah-based inventors or small businesses with a new technology product or service idea.

 

 The entry deadline for the Northern Utah general technology contest is July 5, 2011 at midnight. See www.concepttocompany.org for details.

The main objective of the contest is to encourage and support entrepreneurial innovators with the intent of helping them turn their concepts into a company. The contest is organized and hosted by Grow Utah Ventures and Zions Bank. The premier sponsors of the contest are Ballard Spahr, Advanced CFO Solutions, SEED Weber Davis Morgan, Northfront Business Resource Center, Kunzler Needham Massey & Thorpe and ForthGear. Many other industry experts and business leaders will also contribute their time and resources as judges.

The winning entry will receive up to $18,000 comprised of cash and services. Additionally, two-runner up winners will receive up to $8,000 each comprised of cash and services. A panel of industry leaders and executives will judge the entries.

Innovations must focus on products or services that utilize technology in the invention or business itself, or in the production of the invention or core processes of the business.Open to individual inventors or small businesses with less than $5 million in annual revenues and for a production/service they have not yet taken to market (this may include newer versions of existing products/services that are fundamentally different than previous versions). See website for official rules and qualifications.

 USTAR has supported past Concept to Company contests and encourages entrepreneurs – particularly in Northern Utah – to consider applying.

USTAR quickly becoming innovation model for the nation

Thursday, May 19th, 2011

Idaho, Nevada patterning programs on Utah initiative amid national attention

Even as it continues to achieve significant milestones at home, USTAR is becoming nationally recognized and finding that other states are using it as a model for their own programs to increase research and commercialization.

The Utah Science and Technology Research initiative, created by the Utah Legislature in 2006, was prominently featured in the May 1 edition of “The Chronicle of Higher Education.” The publication noted that USTAR is gaining the interest of other states, and even countries, “because of its long-term horizon, its board-directed strategic focus, and its relatively small price tag.”

Indeed, neighboring states are using USTAR as a model for their own programs, while the initiative has helped push Utah to No. 5 in a recent Milken Institute’s evaluation of states’ ability to turn technology-based research and development into economic benefit.

Coverage of the Milken survey in the April edition of “Physics Today” rightly noted that since its creation, USTAR has “spawned 20 startup companies and 2,300 new jobs, thanks to the hiring of 40 out-of-state academic researchers who have brought in more than $66 million in research grants.”

“USTAR’s success so far can be attributed to a number of factors, key among them the quality of researchers that we have been able to attract to Utah and the continued support of policy makers such as the Utah Legislature and Governor,” said Ted McAleer, USTAR executive director, who recently completed a visit to Nevada to outline Utah’s efforts for officials in the Silver State.

Nevada lawmakers are currently considering a bill that would mimic USTAR’s unique partnership model that has brought together state government, colleges and universities and the business community to create economic development opportunities and high-paying jobs throughout Utah.

And earlier this month, Idaho Governor C.L. “Butch” Otter lauded a new Idaho initiative called “IGem,” which is patterned after the Utah model. In an opinion piece released by his office, Governor Otter said IGem is patterned after USTAR’s “goal of attracting world-class researchers to Utah universities in order to generate bigger and better ideas for commercialization.”

Led by the Idaho Technology Council, IGem is an economic development initiative intended to increase the amount of research at universities in the state, turn that research into new business opportunities and help launch and grow new Idaho-based companies – all things that USTAR is doing, and doing well.

USTAR’s focus is on strengthening the state’s “knowledge economy,” a key factor toward another positive ranking for the state from the Washington D.C.-based Information Technology and Innovation Foundation (ITIF). Utah ranked 12th in ITIF’s 2010 State New Economy Index, up one spot from the previous year.

In structuring USTAR, officials looked at states with similar programs, such as Arizona and Georgia, for benchmark data and are now pleased to be in a position to lend its experience and expertise to Nevada, Idaho and other states.

“In Utah, we are on the right path,” McAleer said. “We understand the vital connection between research and development and the business sector and how state government can help accelerate those priorities toward long-term economic success.

Four So. Utah entrepreneurs highlight USTAR-supported projects

Wednesday, May 18th, 2011

In St. George May 17, four Southern Utah entrepreneurs presented a progress report on USTAR-supported projects to local legislators and economic development stakeholders. The Spectrum published a recap of the meeting here: http://tinyurl.com/6z4vw74

Our thanks to Moki Systems, True Scale Technologies, SmackDab, and Walk N Roll for their lively and informative updates.

You can read brief descriptions of their projects and other representative USTAR Technology Commercialization Grant efforts at “Find a USTAR Project.”

USTAR professor’s invention approved by NASA for long-term use aboard International Space Station

Monday, May 16th, 2011

Device helps ensure safe drinking water for astronauts aboard Space Station

After more than 12 months of testing aboard the International Space Station (ISS), an experimental water quality monitoring kit based on technology developed by USTAR professor Marc D. Porter and University of Utah researcher Lorraine M. Siperko was recently certified as operational hardware by NASA.

The kit, called the Colorimetric Water Quality Monitoring Kit (CWQMK), uses Colorimetric Solid Phase Extraction (CSPE) technology to monitor the biocides molecular iodine and ionic silver in the potable water supply on the ISS.

“Our focus was to develop a small, simple and safe low-cost water testing system that uses a handheld device, doesn’t

Marc Porter

consume materials or generate waste, takes minimal astronaut time and works in microgravity,” Porter said. “It is a complex system with a simple goal: to ensure that our astronauts have safe drinking water in space.”

The kit utilizes a commercially available handheld device that weighs just 1.1 pounds and operates on four AA batteries to collect data and provide direct readout of analyte concentration. Complete analyses can be completed in about two minutes, providing the crew a near real-time indication of whether or not adequate disinfectant levels are present in their drinking water.

“Having been an astronaut myself, I can appreciate the importance of having access to clean water in space,” said Charles Precourt, Vice President and General Manger, ATK Space Launch Systems, and Director of USTAR’s Governing Authority. “This is a milestone achievement not only for USTAR, but for NASA and the future of space travel.”

In addition to acting as a biocide monitor, the CWQMK is also an expandable platform that can be augmented to monitor other water quality parameters. For example, the capability to monitor total iodine compounds (the sum of molecular iodine, iodide, and triiodide) was added to the kit during the certification process.

Currently, the vast majority of water quality data from the International Space Station is obtained through ground analysis of archival samples. With the retirement of the shuttle fleet later this year, the frequency and number of samples returned from ISS will be decreased. Having an adaptable platform like the CWQMK available on-orbit has the potential to provide greater insight into water quality when regular archive samples are no longer available.

In addition to his work on the CWQMK, Porter is working on a $3.2 million grant to develop new nanotechnology-based testing for pancreatic cancer, and leads the USTAR Nano Biosensors team. Porter and his team will soon relocate to the James L. Sorenson Biomedical Technology Building, a state-of-the-art 208,000 square-foot facility on the University of Utah campus to be completed in early 2012.

Marc D. Porter, Ph.D. is the director of The Nano Institute of Utah at the University of Utah. He is also a USTAR professor for Departments of Chemistry, Chemical Engineering, Bioengineering and Pathology at the U.

Lorraine M. Siperko, Ph.D. is a research scientist for The Nano Institute of Utah at the University of Utah. Dr. Siperko is researching the development of nanoanalytical methodologies and their application to nanomaterials, interfacial sciences, nanobiosensors and nanomedicine.

Next Leonardo After Hours event is on the road at USU

Friday, May 13th, 2011

“Cows in Space!” explores the ways your granddad’s ag school has become an innovation engine

The next Leonardo After Hours event — “Cows in Space!” — will include discussions with top university researchers and a walking tour of cutting-edge laboratories in the life sciences, alternative energy and space technologies on Utah State University’s Innovation Campus in North Logan.

Taking place Tuesday, June 7, from 6:00 – 8:00 pm, the free event will allow the public to tour three innovation centers, meet with researchers, and learn about the groundbreaking efforts taking place in the USU USTAR program.

After a brief introduction and light catering at the new USTAR BioInnovations Center, three guided groups will make stops at the following:

  • Applied Nutrition Lab, which is investigating the impact of gut microflora on health, diet and well-being
  • Solar BioInnovations facility, which is developing techniques for commercial-scale algae biofuel production
  • Space Dynamics Laboratory, where technical challenges faced by the military, science community, and industry are solved every day

This interactive tour will give insights into new technologies with commercial applications that are arising from USU USTAR research.

The event is free and open to the public, although space is limited. To reserve a spot, please visit https://ustar.usu.edu/htm/leo-after-hours

Appetizers will be provided at no cost, and comfortable footwear is recommended.

Leonardo After Hours is a series of quarterly evening discussions that explore science and technology in society through the lens of local innovation. Each event focuses on a specific topic, and includes scientists, educators, business and political leaders, ethicists, and others who are researching, teaching and probing the issues—as well as new and innovative solutions. Leonardo After Hours is a collaboration between USTAR and The Leonardo, with generous support from CH2MHill. Other supporters include the Association for Corporate growth, Mountain West Capital Network, Utah Technology Council and the Women Tech Council. 

Map to the USTAR BioInnovations Center: http://mapq.st/kli7ym

The Leonardo
Opening in 2011, The Leonardo will fuse art, science, and technology in experiences that inspire creativity and innovation in young people and adults of all backgrounds. Located in the heart of Utah’s capital city, The Leonardo will offer on-site, on-wheels and online programs that include immersive learning environments, major traveling exhibitions, hands-on activities and workshops, classes, and special events. For more information, please visit www.theleonardo.org.

Public art solicitation for USU USTAR facility now open

Thursday, May 12th, 2011

The Utah Division of Arts & Museums is seeking proposals for an exterior public work to be placed at the USU USTAR BioInnovations center in North Logan, UT. The project budget is $87,000 and the Division is looking for letters of interest and qualifications from resident American or legal resident artists or artist teams.

Details can be found at http://bit.ly/kfexfy

Proposal deadline is July 21.

Women Tech Awards nominations now open

Monday, May 9th, 2011

Presented by the Women Tech Council, the Women Tech Awards recognize technology-focused women who are driving innovation, influencing technology companies, and are passionate about the community.

Please nominate your peers, colleagues, or other notable women. Those nominated should have ties to Utah, but are not required to be a Utah resident. Finalists and Recipients will be announced September 15 at the 4th annual Women Tech Awards luncheon, one of the year’s highlight events.

Nominations for the Women Tech Awards will be open until May 31, 2011 at http://tinyurl.com/womentech2011form

National press for USTAR: Chronicle of Higher Education highlights researcher recruitment

Tuesday, May 3rd, 2011

A highly influential national educational magazine recently covered USTAR and researcher recruitment to Utah. Based in Washington, D.C., the Chronicle of Higher Education has more than 68,000 academic subscribers and has a total readership of more than 245,000. The Chronicle’s Web site is seen by more than 1.7 million unique visitors a month.

The Chronicle was intrigued by:

  • USTAR’s long term focus – a decades-long commitment by the State to technology-based economic development deploying the assets of higher ed
  • How USTAR exemplifies a thoughtful recruiting strategy of top researchers for the new era of limited resources
  • How the business community has been key in launching and supporting USTAR

You can read the extensive article, which was published May 1, at http://tinyurl.com/3st3o6t

U of U's Guido Gerig

Catheter Connections becomes U of U Medical Accelerator’s first graduating startup company

Tuesday, May 3rd, 2011

The University of Utah Technology Venture Development Office sends us this story.

Less than a year after launching its one-of-a-kind Medical Accelerator, the University of Utah is graduating its first research-based company from the facility. The company is Catheter Connections, which produces an infection-control device that protects patients from infection during intravenous infusion therapy. The device has the potential to prevent thousands of infections and deaths caused by contaminated IV catheters and IV administration sets in hospitals in the U.S.

University startups, like Catheter Connections, and other companies can rent space at the accelerator to develop and fabricate a wide range of medical devices. A short list of resources provided by the accelerator include office space, lab space, a business center, conference rooms, clean room, hand tools, lathe, mill, laser welder and an array of testing equipment.

Catheter Connections was the first company in the accelerator. It is still based there, and recently graduated from an early-stage startup to a fully commercial company with a product that is available to hospitals and medical practitioners around the country. Its first product, the DualCap, just went on the market. DualCap is a disposable, single-use medical device containing two caps – one for the exposed end of an IV administration set and one for the luer access valve of the patient’s IV catheter. Each cap contains 70 percent isopropyl alcohol (IPA) and a patent-pending delivery system that keeps IPA out of the fluid path. It is the only device that protects and disinfects IV administration sets and IV catheter access valves.

“The accelerator is having exactly the type of impact that we expected,” said Wayne Parris, business manager. “We are providing companies with essential tools, space and resources to give them a jumpstart into a profitable future. The facility is a tremendous resource for researchers and inventors in this area who want to develop medical devices but don’t have a million dollars to spend on office space and specialized equipment.”

Parris added: “Catheter Connections is at least 10 months ahead of where they would be without this infrastructure. The fact that they are now ready to sell product proves the accelerator model works.”

The Medical Accelerator is housed in the university’s Technology Commercialization Office, which manages the school’s intellectual property and is part of the Technology Venture Development office. The accelerator was a joint venture between the university and the Utah Science Technology and Research Initiative (USTAR) to boost medical device startups on campus and in the community.

University administrators credit efforts like the accelerator when explaining how the University of Utah recently became the No. 1 institution in the country at creating startup companies based on university research, ahead of institutions like MIT, Columbia and Johns Hopkins, according to the Association of University Technology Managers.

“We have put a lot of effort into creating programs and resources that our faculty and startups need to succeed in the marketplace,” said Jack Brittain, the university’s vice president for Technology Venture Development. “Our programs range from one-on-one counseling for faculty inventors to providing lab equipment to startups that are developing highly specialized products. The Medical Accelerator is a great example of these efforts, and we are pleased with its success so far.”

Catheter Connections was originally formed in 2008 when Michael Howlett and James Mercer, two nurses at Salt Lake City’s George E. Wahlen VA Medical Center, invented a single-use device that they designed to disinfect and protect all IV catheter access points. Their idea was turned into the the DualCap

Howlett and Mercer lacked the necessary research, development and business resources to get their idea into hospitals. That’s when the two inventors decided to partner with the University of Utah Technology Venture Development office, which helped them find the people and resources to help turn their invention into reality.

One such person, University of Utah Professor of Bioengineering Robert Hitchcock, and co-founder of Catheter Connections, performed early development work for the company. Six months into the project, he enlisted graduate students James Kennedy and Richard Lasher, who helped transform the DualCap from a prototype into a fully functional medical device. Both Kennedy and Lasher were immersed in high-level device engineering and were soon key members of the development team.

“The experience these students received is truly unique in an educational environment,” Hitchcock said. “They are now experienced professionals who are capable of developing state-of-the-art medical devices and future healthcare innovations.”

The DualCap received U.S. Food and Drug Administration marketing clearance on April 8, 2010. It was awarded the Stoel Rives Utah Innovation Award for Medical Devices on April 30, 2010. In addition to Howlett, Mercer and Hitchcock, co-founders of Catheter Connections include CEO Vicki Farrar, Esq. and President and COO Donald Solomon, PhD.

Learn more about technology commercialization at the University of Utah at www.techventures.utah.edu, and find more about Catheter Connections at www.catheterconnections.com. Information about USTAR can be found at www.innovationutah.com.

Technology Venture Development, University of Utah
105 Fort Douglas Blvd. #604, Salt Lake City, Utah 84113
phone: 801-587-3836, fax: 801-587-5848
www.techventures.utah.edu