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Nov 14, 2022 359 likes •419 views

Christopher Noble, CLP, RTTP Success Stories: University Owned and/or Partnered Technology Investment Funds Should universities invest in their startups? VCs are not available/willing to provide gap funding but how and when will VCs

SLIDE 1

Christopher Noble, CLP, RTTP

Success Stories: University Owned and/or Partnered Technology Investment Funds

SLIDE 2

C. Noble -- IP2018 Istanbul -- October 2018

Should universities invest in their startups?

VCs are not available/willing to provide “gap funding”

but how and when will VCs provide follow-on funding?

Alumni/donors/administration have the funds available

but who will make and monitor the investment decisions?
How do we attract professional VCs to manage the investments?

To help the startups succeed; because we have good knowledge of the capabilities of the startups

but who decides which startups will receive funding?
and does this hurt those that don’t get university funding?

Because this is part of the mission of the university

Really?
What is the measure of success?

SLIDE 3

C. Noble -- IP2018 Istanbul -- October 2018

MIT did not invest in our own startups until 2017

We are fortunate to have many VCs in our community

We don’t want to compete with the VCs; we want to support the ecosystem
We don’t want to be “picking winners” among our startups

So why did we change our mind in 2017?

Funding gap” was significant for “tough tech”: multi-year development

requiring specialized facilities and significant funding

Lack of local incubators for these types of startups
Interest from investment community to partner with us

SLIDE 4

C. Noble -- IP2018 Istanbul -- October 2018

The Engine Fund: 1st fund $150M, closed April 2017, $25M from MIT. The Engine Room: “Tough Tech” incubator + network of resources

Engine Fund and Engine Room operate independently, but a preference for

startups that use both.

The Engine Program: Guidance and mentoring The Engine Network: Corporate partnerships

“Tough Tech”: Physical sciences, not digital (software) or life science in general
Startups that require long gestation, patient capital, specialized equipment

and facilities

Breakthrough science over early profit
Not limited to MIT startups, investment managers not affiliated with MIT