Venture Capital – University Interface Best Practices to Make.pdfVIP

Venture Capital – University Interface: Best Practices to Make Maximum Impact Krisztina “Z” Holly Vice Provost for Innovation, University of Southern California Executive Director, USC Stevens Institute for Innovation Special thanks: Dr. Richard Hull, Joe Koepnick, Juan-Felipe Vallejo, Elisa Wiefel Schreiber University of Southern California, The USC Stevens Institute for Innovation Abstract Entrepreneurial start-ups – whether in biotechnology, clean energy, or telecommunications – have left an indelible mark on much of the United States’ recent economic history. As hotbeds for technological innovation, university research labs create groundbreaking innovations that have been at the heart of many successful start-ups. But powerful ideas don’t automatically beget successful companies. Great ideas must be identified, acquired, and developed into successful businesses using a unique blend of skills. Venture capital funds exist to perform this valuable – and lucrative – role in the economy. Some venture capitalists try to scour the campuses of major research universities in search of the next big idea, but it’s not as straightforward as discovering an inventor at a lab bench. A range of practical, personal, and legal hurdles must be cleared before an idea can begin to transform into the core of a new company. With these common hurdles in mind, the USC Stevens Institute for Innovation conducted 94 in- depth interviews with geographically and commercially diverse venture capitalists in order to better understand the relationship between the academic and venture capital communities: