|
Santa Barbara News-Press Investors show interest in UCSB technology
By Steve Sinovic News Press Business Writer
January 31, 2008
The executive director of a think tank stoking entrepreneurial growth was the keynote
speaker at the Venture Acceleration Initiative Launch on Wednesday at UCSB.
Greg Horowitt, founder and director of the Global CONNECT program at UC San Diego,
addressed an estimated 250 participants at the first-time event, designed to support
campus entrepreneurs pursuing businesses based on unique technologies.
The nascent UCSB program is modeled on the more established one in San Diego and seeks to
link budding technology company owners with potential funders and business partners.
Mr. Horowitt said such programs help university scientists and technology experts frame
their ideas and future commercial viability. "We always ask the same two questions: 'Why
you and why now?' " said Mr. Horowitt, talking about the process that translates the
language of science and technology into a future business opportunity.
"Creating a business is great, but we also get them to focus on the hard-edged realities
of running a company," he said of the campus entrepreneurs. Mentoring from various
experts gets the professor-inventors to address issues such as future sustainability and
profitability.
"It's a bit of tough love," Mr. Horowitt said, referring to the process leading to
venture capital backing. "Once they feel they can articulate the business plan and create
a sense of urgency, then they can attract some serious venture capital."
Investors drawn to science and technology run the gamut. "You can have early-stage
investors come on board with 'rich uncle' stakes ranging from $50,000 to $100,000 and
rights to invest further along the line," he added. As companies grow and evolve and
initial public offerings are launched, early-stage investors can reap greater rewards
with the arrival of larger VC firms, whose stakes can be in the millions.
UCSB's Don Oparah, one of nine fellows in the UC system kick-starting VAI programs around
the state, said the event was a great opportunity to spotlight UCSB talent and connect
them with members of the larger Santa Barbara business community. He said lawyers,
accountants and bankers attended -- the kind of key people "who can act as future
mentors." The event also drew potential funders/investors from San Francisco and San
Diego.
Mr. Oparah said strong synergies exist for future companies, thanks to UCSB brainpower.
Some categories that have been identified include biomedical devices and biomedical
informatics, clean technologies, nanotechnologies, telecommunications and stem-cell
therapies. "We expect a great future based on these UCSB strengths," he added.
Indeed, an estimated 8 percent of university startups go public, representing an
important part of the U.S. innovation economy and unique wealth generation opportunities
for the educational institutions, according to the Capital Formation Institute.
e-mail:
This e-mail address is being protected from spambots, you need JavaScript enabled to view it
|
