Kentucky Startup Blog written by Richard Stump

Innovation Scorecard and playbook

January 26, 2010

Bill Warner, A technology entrepreneur in Boston posted the following Scorecard and play book for building an innovation economy.  Bill is in Boston but this simple methodology is applicable elsewhere including Kentucky.  We need plays and metrics with which to judge the success of efforts to boost a technology cluster.  Our politicians often tout the work they are doing in these areas but use outdated or no methodology at all to judge their impact and many of the tactics are outdated or ineffective.  This might give us a common language.

Scorecard

Single
Any growing company that is selling a successful product.
This would mean any company that successfully reaches the market and serves a growing need.
Essentially, you’re on base once you show that more and more people need and obtain your product.
Double
Any growing company with sales over $10M.
Triple
Any growing company with sales over $100M
Home Run
>1B market cap
Grand Slam
>10B market cap

“Home Run Candidate” - This means a local company that could go pubic, and reach over a billion in market cap. Constant Contact and iRobot are examples.
“Grand Slam Candidate” This is a company that is probably already public, and could become an unchallenged global leader with over $10B in sales.
Exstream software was a home run and you might count Lexmark as a grand slam though it was a spinout.
Playbook

1. Fund First Timers
- The great breakthroughs come from people doing it for the first time
- Stop focusing so much on experience.
2. More Mixing
- Encourage job movement. It’s good for the economy
- Move the talent around. Stealing talent is healthy. Changing jobs spreads the talent wealth.
- Voluntarily avoid non-competes. Create social pressure not to have non-competes.
3. Awesome Angels
- We must dramatically improve our angel environment.
- More angels that can do $25K-50K investments quickly
- Recruit some local “Super Angels” similar to Ron Conway and others from California.
4. New Blood
- We need new blood, new talent, to rebuild our region
- Aggressively recruit from outside, especially California.
5. Push Each Other
- Create pressure to Play Big, to avoid moves that diminish us locally.
- Expect higher performance from your peers, from your superiors, and from your team.
6. Execute, Execute
- Get tough with getting things done right.
- No company can become a global leader if its ideas are great, but it’s execution is spotty
- We need to build our expertise in operations, in sales, and in marketing. (how?)
7. Spread Success
- Make sure people know what’s working. Get the word out.
- Share real stories in small groups. Have the winners teach others how to win.


Nine companies receive matching funds from the state

January 25, 2010

Through the SBIR-STTR matching funds program:

Four Tigers, near Paris, is developing blackberry-based cosmetics, dietary supplements, food and medical products that offer the fruit’s potent anti-inflammatory and antioxidant properties.
www.four-tigers.com

NaugaNeedles, of Louisville, produces nano-scale probes and electrodes for use in mechanical, electrical, and electrochemical sensing and manipulation at cellular and molecular levels.
www.nauganeedles.com

SCR, of Louisville, is developing a long-term implantable counterpulsation medical device to treat heart failure patients who may be responsive to a moderate level of cardiac assistance.
www.scrdevelopmentgroup.com

Topasol, of Lexington, produces nanoparticles for use in new coatings and composites for sensors, biocides, mar-resistant materials, optical devices, solar cells and colorings.
www.topasol.com

Transposagen, of Lexington, uses mobile DNA technology (transposons) to develop genetically modified laboratory rats that can mimic human diseases and be used for medical research.
www.transposagenbio.com

ApoImmune, of Louisville, is developing vaccines to treat cancer and prevent infectious diseases, as well as therapies to improve patient tolerance to transplanted organs and cells.
www.apoimmune.com

NuForm Materials, near Georgetown, makes ceramic materials for use in automotive and aerospace composites that can help lower cost and improve performance and fuel efficiency.
www.nuformmaterials.com

PGxl Laboratories, of Louisville, is studying how genetics affect the way patients react to medicines to help physicians select drugs and adjust dosages to avoid adverse drug reactions.
www.pgxlab.com

3H Company, of Lexington, is focusing on clean coal technology and testing its carbon sequestration technology designed to capture and store carbon dioxide underground.

Free Innovation Workshops

January 20, 2010

The Eastern ICC at EKU will host a special Innovation training program on Feb. 9.

Eureka Ranch, a nationally recognized Innovation Lab will present two sessions on Innovation-Profit 101 (8:30am-12:30pm) and USA National Innovation Marketplace (1:30-2:30pm) in the EKU Perkins Building on Kit Carson Drive on the south campus at EKU in Richmond.

The first session, Profit 101 Growth program is designed to assist existing organizations get the most out of the creative process (start-ups will also benefit).  Find out how to accelerate ideas and successfully diversify into more profitable products, services, markets and/or customers.  The session provides a hands-on simulation experience for successfully identifying opportunities, reducing risk and increasing success probability.

www.eurekaranch.com/Profit-101-Training

(8:30am-12:30pm)

The second session, USA National Innovation Marketplace (USA NIM) presents an internet-based Open Innovation Marketplace that connects Innovation Sellers, Buyers, Investors & Distributors-a virtual Tech mining/match service.  Listing in this database will give sellers instant Business Credibility as it utilizes the same sales forecasting methodology used by large corporations to screen their own internal innovations. Follow-on participation and registration features an innovation research report that buyers and investors can understand in less than a minute (a potential $2,000 value).

Every time a new innovation is listed in the USA NIM, it will be automatically compared to thousands of companies and matched to their needs.

www.planeteureka.org/marketplace

Contact R. Gary Marshall, Eastern ICC at gary.marshall@eku.edu or 859-622-8577.

(1:30-2:30pm)

Entrepreneurs Foundation creates High-Tech helpHaiti fund

January 17, 2010

Check out the info at EFKY about the High-Tech HelpHaiti fund.   An example of the leadership shown by entrepreneurial companies in the US.  The funds donated are being matched leading to at least $1.2 million for Haitian relief.

Alltech & UK offer entrepreneurial FastTrac program

January 8, 2010

Alltech and UK are putting on the program for $2500 a person.  Details can be found here.

The Fast Trac program was conceived in 1986 at the University of Southern California in Los Angeles and the Kaufman Foundation purchased the program’s intellectual property in 1997.

Topics covered include:

  • Exploring Entrepreneurship
  • Identifying and Meeting Market Needs
  • Objectively evaluate your concept and plans for moving forward.
  • Develop a working knowledge of business fundamentals such as marketing, product/service development, management, and financials.
  • Begin building an infrastructure for your business operations and processes.
  • Explore the risk and success factors in the marketplace.
  • Understand how to access the human, financial, and business resources.
  • Network with entrepreneurs and professionals.
  • Respond to changes that can impact your business.
  • Build an actionable business plan

Classes will meet every Tuesday and Thursday from 5 pm to 8:30 pm between March 16 and April 22.

The modules will be presented by Gatton staff and senior managers from Alltech

New Media Factory

January 6, 2010

The group behind the IdeaFestival have launched a new media factory.  Few details have been released and I have asked Kris Kimel for additional information but one event in the pipeline is a Collective Intelligence/Augmented Reality game design workshop they are hosting on February 26th. I will post more details as they are available.  Below is the info from their site:

The IF New Media Factory is a joint venture of future-oriented organizations and companies committed to  exploring, developing   and creating ways that technology, imaginatively combined with other disciplines, can be employed to enhance the learning and human experience.

Current Project

Working in partnership with the internationally known UC Berkeley Center for New Media, the Factory is now designing a health-centered reality-augmented immersive game. The code name for the project is “Cornerstone”.

New Media Skills and Competencies by Henry Jenkins, Media Studies Program at MIT.

Thomas Malone, MIT Center for Collective Intelligence quote on “new technologies..”