Well, we have this fund already: it is called ACT (Acelerador de Tecnologias) and it is promoted by a partnership between INOVCapital and COTEC. Inovcapital has bought CiencInvest and has placed de 1 million euros of ciencinvest in this fund. Another 5 million €uro is expected to come from the QREN (through IAPMEI).

This fund is not only targeted to high tech/high growth (the focus of COTEC) but also for medium growth. I believe they will continue to support the proof-of-concept for technologies to licence as was the goal of Ciencnvest.

It is really up to the TTOs and incubators to scout the technologies and entrepreneurs to keep a good flow of technologies.

I believe COTEC has the best entrepreneurship program going on in Portugal so I suggest TTOs and incubators to study a partnership with COTEC regarding operational aspects (who does what) so that we really accelerate technology commercialisation and things dont get stucked negotiating and closing the licencing deal.

Some of the points rased on thess discussion are quite relevant points to start-up/micro companies.

I’m very gratefull we used todays workshop to start to address some of them as I’m not sure if the UTEN current Portuguese sucess stories are usefull or relevant for our bz profiles apart from motivational or encouragement purposes.

One of my personal motivations to participate in the UTEN program is PLY first opportunity in a “kind of protected environment” to address market development topics and related Opencell technology product & market opportunities identification based on IC2 sistematic/proven methodology.

As I proceed to stage 3 – Market Look on PLY Opencell technology my expectations grow about the deliverables on Opencell bz opportunities market identification and I can only promise my absolute dedication to this next phase.

The Vector E & UTEN Portugal program is PLY first opportunity for a professional approach/contribution to market research and bz opportunities id.

My gratitude for this opportunity as I recognize the value behind it.
Antonio

ISSUES:
1. To launch a company to achieve maturity – Why does it take longer?
2. IP Legal support for cost conscious companies
a. Defensive IP – For Smaller Firms (Recommended) – protection from being sued
b. Offensive IP – For Larger Firms (Recommended) – protection of your IP
3. Knowledge levels of TTO’s

Doubts brought by Participants:
Hugo Gamboa
1. What are the advantages – cultural and otherwise – that Portugal has? Over the US? Over the rest of Europe?
2. How do we leverage these strengths for competitive advantage?

Carlos Cerqueira
1. Regional Incubator network around Coimbra – Should there be a national network?
2. How can an incubator leverage/combine resources to successfully foster thriving startups?

Now that funding for TTOs has ended/diminuished, what should be the model for the TT network in Portugal? Internal TTOs partnering with external/private institutions?

I’ve heard about cases in the US where the large companies with “deep pockets” are the ones most concerned about being sued, while a few opportunistic small companies make highly questionable IP claims against those large companies in hopes of receiving a settlement.

Perhaps the norm is as you describe it and what I’ve heard about are just outliers.

Knowledge levels of incubators in business development
Kiling “zombies”: Know-how / due dilligence and culture
End results/success rate: 100 Lifestyle Vs 1 high-growth
how to differentiate zombies or gazelles?
how to recognize them?
- burning desire of the entrepreneur to grow
- emerging technologies

what do i need to do to make my incubator successful?

Participant Profile: 8 Entrepreneurs, 6 TTO’s, 1 Incubator, 1 Faculty Administrator

UTEN mission (according to Rainho): UTEN’s main priorities should be
1) Listening to the market: speaking directly to the costumers and obtaining market validation
2) Helping the Portuguese companies to obtain funding: closing contracts for business.

Key Takeaways
1. Get hold of funding:
a. How should a company conquer capital sourcing?
i. Which are the key criteria?

2. Identify companies with strong scientifically-based IP
a. Requirement 1 – Recruit US CEO’s
b. Requirement 2 – Launch US corporations

Issues brought up by the participants
1. What do you need in order to attract funding in the US
2. Carlos Oliveira: Broader View-Cooperation (according to Carlos Oliveira)
a. Define the vision of the TTO
3. Fluidinova: Find ways to go abroad or to launch a company internationally – particularly in the US market –
a. Sell Technology ATI
4. António: Open cell: Applications for Technology
5. Bioalvo: Some of the growing pains experienced by Portuguese companies consist of being too “BIG” for their local market, but too “SMALL” to enter the US market.

Key issues brought up by Erin:
Entering the US market: are you prepared to open an office there?
How to get the funding in the US
Often it is necessary to house I.P. in the US
Is it possible to get local funding?

Proposed Solutions:
1. Build a local costumer base (references)
2. Build a list of potential costumers
3. High Tech companies go “outside” the local market, HOWEVER the “prove-of-concept” must take place in Portugal first.
4. The Israeli Model: Locate the Head-Quarters in the US and conduct the R&D at home  ETF
5. Networks – in order to achieve its goal UTEN/Austin needs time and money
6. Make the opportunity “fit” the selection criteria for the target investor
a. For US corporations: IP owned in Texas, etc.
b. Know your “pitch” – you should be able to present it in 30 seconds or less
7. Choose market that “fits” – Bigger than $500 million?
8. Government needs to support capital sourcing – Joint US/Portugal investment
9. 1 to 1 dollar investments in R&D
10. Support Portuguese companies to attract US VC and angel partners, know your target capital source, pitch accordingly- may require seed funding or financial incentives
11. Management team
12. Proven technologies
13. Track record in business- customers

To do’s to enter the US
1. Management Team – Recruit top talent
2. Present a Value Proposition
3. Have proven technology
4. Understand your business model
5. Own a clean IP
6. Own a clean ownership