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Lessons I’ve Learned as a Young Startup Founder. Part 1 — age

Posted on by IU Communications

Brandon Boynton is current student at IUPUI and serial entrepreneur. This post is one in a series about the lessons he’s learned as startup founder.

By Brandon Boynton, CEO, Vemity

The past six years of my career have consisted of founding two startups; completing one acquisition, dozens of software consulting projects and 136 undergraduate credits; and being honored with about a dozen awards and nominations. Yet more plentiful than any accomplishments I might have achieved are the countless failures and subsequent lessons I have learned throughout my career.

Brandon Boynton

It is often said that the path to success is through failure. That concept is absolutely true, but only if one is capable of reflecting on — and learning from — their own failures. No matter how tragic it might feel, there are lessons to be learned from every experience. These failures teach us more than success ever could.

Following are lessons I have taken away from my failures that I want to share with others so they might be able to circumvent learning them the the same way I did.

1. Your age doesn’t matter as much as you think it does.

One of my biggest insecurities when entering the startup scene was that I would not be taken seriously at only 16 years of age. I couldn’t attend networking events at bars, my reasoning went; that must mean I couldn’t be recognized as a legitimate founder. As a result, I was often less than honest about my age, or at the very least beat around the bush about it.

Once I got to know a handful of people and got closer with a couple of mentors, I started to realize how silly this fear had been. Yes, there are those who will look down on you for your age. But these people are vastly outnumbered by those who will either treat you like any other founder or will go out of their way to assist you in pursuing your dreams.

The fact of the matter is that being a young entrepreneur is far more of an asset than a liability. Embrace your age and use it to your advantage. Maintain your humility, but don’t hide the fact that you are accomplishing feats well before your peers, because that’s truly something to be proud of.

At the end of the day, age has very little impact on the success of a startup. It’s far more about what you are capable of than how young or old you are.

Next: Others.

Lakshmi Sastry-Dent joins IU ICO, will manage mostly IUPUI, IU School of Medicine technologies

Posted on by Steve Martin

The Indiana University Innovation and Commercialization Office, which protects, markets and licenses intellectual property developed at IU so it can be commercialized by industry, has hired Lakshmi Sastry-Dent as senior technology commercialization manager.

Bill Brizzard, executive director, said Sastry-Dent will strengthen IU ICO’s abilities to work with university inventors.

Lakshmi Sastry-Dent

“Lakshmi has a strong technical background and a wealth of business experience,” Brizzard said. “We are delighted to have her join the ICO team.”

Sastry-Dent will work predominantly with technologies developed at the IU School of Medicine and IUPUI. She will evaluate them, facilitate the patent process, negotiate licenses, and build relationships with university researchers and industry contacts. Previously, she worked at Dow AgroSciences, now Corteva Agriscience.

“I am an experienced R&D scientist with expertise in technology development, project and people management, intellectual property management, technology evaluation, and collaboration management,” Sastry-Dent said. “IU ICO is a great match, as I can leverage my experience and skills to effectively protect and commercialize IU innovations. My current role also allows me to use my broad biotechnology experience and formal education in chemistry. I look forward to being part of IU’s innovation culture and help raise visibility of Indiana University and the ICO.”

Venture forth: IU-connected companies to be showcased May 15 to investors

Posted on by Steve Martin

Teri Willey

Midwest angel investors and venture capitalists who look to invest in startups will soon learn about five companies in the medical, life sciences and pharmaceutical sectors that have received investments from the Indiana Philanthropic Venture Fund or the Innovate Indiana Fund.

Teri Willey, the Indiana Philanthropic Venture Fund’s manager and the managing director of IU Ventures, will present these companies May 15 at the 38th annual Midwest Growth Capital Symposium in Ann Arbor, Michigan:

Apexian Pharmaceuticals: Apexian is a clinical-stage biotechnology company developing therapeutic agents targeting APE1/Ref1 to treat cancer. The company is initiating two Phase II clinical studies. The products are based on the science of professor Mark Kelley at the IU School of Medicine, and the company is led by a team of pharmaceutical industry veterans. The Innovate Indiana Fund invested $300,000 in Apexian Pharmaceuticals.

Care Revolution: Care Revolution supports a new RN role that changes the way care is delivered to residents in nursing homes, increasing the quality of care and significantly reducing hospitalization. The service is based on the successful OPTIMISTIC demonstration project led by Dr. Kathleen Unroe at the Regenstrief Institute and IU School of Medicine. The Indiana Philanthropic Venture Fund invested $150,000 in Care Revolution.

Confluence Pharmaceuticals: Confluence is a neuroscience company developing therapies for fragile X syndrome and autism spectrum disorder. The FXS therapy is Phase II ready and has received orphan drug designation in the United States and Europe. The therapy is based on the science of Dr. Craig Erickson while at the IU School of Medicine and is led by pharmaceutical industry veteran Steven Johns. The Indiana Philanthropic Venture Fund invested $200,000 in Confluence Pharmaceuticals.

NERx Biosciences: NERx Biosciences is an early-stage biotechnology company focused on the development of drugs targeting the DNA damage response pathway. The first oncology drug candidate is Phase I ready. These potential therapeutics are based on the science of professor John Turchi at the IU School of Medicine. The company is advised by former Eli Lilly and Company and Endocyte executives. The IU Philanthropic Venture Fund invested $500,000 in NERx Biosciences.

Vascugen: Vascugen is a regenerative medicine company developing allogeneic cell therapy products based on technology developed by Dr. Mervin Yoder at the IU School of Medicine. Vascugen is advancing a platform of technologies for the treatment of patients with vascular injuries or degenerative conditions. The company is led by serial entrepreneur Carter Cliff.

“We are optimistic about our investment in these companies, but even more so as we are in good company with excellent co-investors. Our philosophy has always been to syndicate, or co-invest, with other organizations to complete one or more rounds of financing,” Willey said. “Presenting these five companies at the Midwest Growth Capital Symposium could yield immediate results. It also will keep Indiana University top-of-mind with these angel investors and venture capitalists in the future.”

Pinpointing activities: Office of Community Engagement launches engagement map

Posted on by IU Communications

By John Schwarb, senior communications specialist/content strategist, Indiana University Communications

IUPUI faculty and students participate every year in activities that enhance lives in the Indianapolis community and beyond.

That’s not just a tagline or a talking point; it’s documentable work that anyone can explore, thanks to a new map launched by the IUPUI Office of Community Engagement.

On the map — dive in yourself here — are points representing more than 360 activities, heavily concentrated in Indianapolis and within the I-465 loop but stretching across the country and as far away as Africa. Each one represents an activity or where an activity’s community partners are located, with details about faculty, schools/centers involved and the scope of the work. Among all the activities, more than 5,000 IUPUI students have participated.

Amy Conrad Warner

“The map further demonstrates IUPUI’s commitment to Central Indiana,” said Amy Conrad Warner, vice chancellor for the Office of Community Engagement. “It provides essential information about initiatives underway, assets in the community and partners who contribute to a common goal.”

More information about the map launched by the IUPUI Office of Community Engagement is available online.

Lugar Center for Renewable Energy dedicated to advancing cleantech in Indiana

Posted on by IU Communications

By Peter J. Schubert, director of the Richard G. Lugar Center for Renewable Energy and professor of electrical and computer engineering, Purdue School of Engineering and Technology, IUPUI

In 2007, Sen. Richard G. Lugar launched the Richard G. Lugar Center for Renewable Energy with these words: “Establishment of a center dedicated to the task of reducing our dependence on foreign energy sources creates an additional opportunity for Indiana to lead the nation to a new energy future.” Since then, the center has promoted research, education, technology transfer and international collaboration in the area of renewable energy.

Peter Schubert

Sen. Lugar was a leader in renewable energy for U.S. energy security and environmental stewardship. When he drove a hybrid vehicle into the Senate parking garage in 2001, he turned heads. By the conclusion of his term in 2012, he noted widespread adoption of alternative-fuel vehicles among his peers. Under his direction, one of the five goals for the center is a focus on hydrogen and biofuels. Another of the goals is commercialization of the fruits of university research. A firm believer in the importance of fundamental science, Sen. Lugar exhorted center members to apply their work to the benefit of the community and to create jobs for Hoosiers. Four research members have started companies with the help of the Indiana University Research and Technology Corp. in pursuit of renewable energy technology commercialization. One such company is Green Fortress Engineering, which, under a grant from the National Science Foundation, employed 11 people, including students on stipend or research assistantships. A team of entrepreneurs-in-residence stands ready to help research members achieve the senator’s dream by working pro bono in the earliest phases of a tech transfer startup.

The center is administratively housed within the Purdue School of Engineering and Technology at IUPUI. It includes 36 research faculty from Indianapolis and nine from Bloomington in fields including business, public and environmental affairs, public health, biology, chemistry, physics, and electrical and mechanical engineering. Faculty from the Lugar Center for Renewable Energy participate in numerous studies, workshops, advisory boards and consulting around the state, sharing their expertise for the benefit of Hoosiers. Each year, some 50 students will work with the Lugar Center, many of whom will take jobs in our state and contribute to the health of our high-tech economy. With the vision of the late Sen. Richard Lugar as an enduring guide, this university-wide research center endeavors to realize his dream of the “opportunity for Indiana to lead the nation to a new energy future.”

LISC president and CEO to speak at the Economic Club of Indiana’s May 8 luncheon

Posted on by Steve Martin

Maurice A. Jones, president and CEO of LISC, will speak at the Economic Club of Indiana’s luncheon on Wednesday, May 8. The luncheon will be held at the Indiana Convention Center, 100 S. Capitol Ave.

Maurice A. Jones

Tickets for members of the Economic Club of Indiana are $30; tickets for nonmembers are $35. They can be purchased online.

Indiana University and IUPUI are platinum sponsors of the Economic Club of Indiana’s luncheon season. IUPUI Chancellor Nasser H. Paydar is president of the club’s Board of Governors.

One year in: The impact of the Philanthropic Venture Fund

Posted on by IU Communications

By Teri Willey, executive director, IU Ventures and fund manager, Indiana Philanthropic Venture Fund LLC

It’s been a year since the Indiana Philanthropic Venture Fund was launched. We have had a busy and gratifying year as we support companies that are based on IU intellectual property or have IU graduates as founders or members of the C-suite.

Teri Willey

During our first year, 10 companies have received a total of $3.1 million in investments from the fund. These portfolio companies are Care Revolution, Confluence Pharmaceuticals, Diagnotes, Doxly, Encamp, NERX BioSciences, Open Martech, Scioto Biosciences, Sharpen and Vascugen. These companies have IU DNA at their core, are located within the state, and are garnering attention; Encamp was named New Tech Startup of the Year at the 2019 Mira Awards.

While my colleagues and I are pleased with our growing portfolio of investments, we are equally pleased that our strategy of syndication has garnered even greater results for these companies. Having co-investors who leverage our investment has led to an additional $22.75 million in funding for the companies. This ratio of more than 7:1 shows that the fund’s impact will extend beyond just the immediacy of its investment.

The response to the fund has been heartening. Our team has reviewed 147 investment opportunities, many identified by my colleague Jason Whitney through his Quarry program. We proposed 23 of those for investment, and 14 have received investment committee approval. The quantity has been impressive, but the quality is even better, excellent examples of the university’s impact on the state through the commercialization of its IP and the leadership of its graduates.

Our outlook for the balance of 2019 will be supporting our companies and, because of the increasing number of excellent investment opportunities, raising money for our fund so we can continue our work.

For more information about our portfolio companies, to inquire about funding or to donate to the fund, please visit our website. You can also connect with us on LinkedIn or by sending a message to me, tfwilley@iu.edu, or to our awesome fund associate Samantha Ginther, sginther@iu.edu.

NSWC Crane outlines priorities at annual briefing

Posted on by IU Communications

By Kirk White, assistant vice president for strategic partnerships, Indiana University

More than 400 business and academic leaders attended the annual Naval Surface Warfare Center Crane Advanced Planning Briefing for Industry on April 10 at the WestGate@Crane Technology Park. The theme of the meeting was “Partnering to Expand the Advantage.” Leaders from Crane presented the center’s strategic vision and acquisition plans, detailed technical mission area descriptions and explained the new Other Transactional Authority, or OTA, acquisition consortium.

Kirk White
Kirk White

The Navy installation, just 45 minutes southwest of Bloomington on I-69, has three mission areas that support the Department of Defense: strategic missions, electronic/spectrum warfare and expeditionary warfare. NSWC Crane employs 3,500 people, of whom 67 percent are scientists, engineers and technicians, and has an annual business base of $1.4 billion. Crane Army Ammunition Activity employs another 800 staffers.

Main priorities in the Crane product mix during the coming years include cybersecurity, hypersonics, trusted electronics, threat modeling, predictive analytics, human systems engineering, artificial intelligence, and modeling and simulation. Indiana University is supporting these initiatives through departments at several campuses including Bloomington, South Bend and IUPUI.

Crane’s first OTA has been awarded and is in project development. The OTA uses a consortium partnering approach to identify solutions for DoD projects. Interested businesses should visit the Strategic and Spectrum Mission Advanced Resilient Trusted Systems website.

Impacting the state: IU’s engagement includes supporting economic development, innovation, education

Posted on by IU Communications

During the April meeting of the Indiana University Board of Trustees, IU Vice President for Engagement Bill Stephan summarized how the university impacts the state with economic development and innovation strategies.

Bill Stephan

“Indiana University’s engagement efforts support our mission to connect with all regions of the state and further develop the statewide economy and workforce,” Stephan said. “Throughout the state, we have advanced campus initiatives and engaged partners and organizations to strengthen and expand our positive influence, and it is inspiring to see the direct impact of IU on Hoosiers’ daily lives.”

Stephan also introduced the launch of the Statewide Impact website, which shows the university’s influence throughout the state’s 92 counties. The website also includes stories about graduates who are making an impact in their communities.

A news story about Stephan’s presentation to the IU Board of Trustees is online.

Tyson Rugenstein joins IU ICO, will manage portfolio of life sciences inventions

Posted on by Steve Martin

The Indiana University Innovation and Commercialization Office, which protects, markets and licenses intellectual property developed at IU so it can be commercialized by industry, has hired Tyson Rugenstein as senior technology commercialization manager.

Bill Brizzard

Bill Brizzard, executive director, said Rugenstein strengthens the roster of the IU Innovation and Commercialization Office.

“Tyson’s extensive experience in business development is a great addition to the IU ICO, and it will serve to enhance our commercialization efforts,” Brizzard said. “We are excited to have Tyson on our team.”

Rugenstein will work with inventors across all IU campuses and regional academic centers who disclose life sciences innovations to IU ICO. Previously, he had worked at Cook Medical in sales, product management and business development.

“In my business development role at Cook Medical, I reached out to university technology transfer offices, and became passionate about the potential of research coming from universities,” Rugenstein said. “The skills that I learned from 20 years in the medical device space from sales, product development and business development will add a different background to our strong group at IU ICO.”