EnterpriseWorks

EnterpriseWorks News Partnerships & Acquisitions

Enterpriseworks graduate, Pattern Insight, technology acquired by VMware

Pattern Insight was founded by former University of Illinois Computer Science professor YY Zhou and the company’s first employee was Jed Taylor, who now advises EnterpriseWorks clients as an Entrepreneur-in-Residence. Pattern Insight was located at EnterpriseWorks from 2007 to 2011. Pattern Insight is a data mining technology company that enables real-time analysis of source code, changing how software-intensive products are developed, tested and supported. Log Insight, a log analytics product, aims at management and real time operational analytics for IT data regardless of scale. On August 7, 2012 it was announced that Log Insight, together with its technology and team, have been acquired by VMware. EnterpriseWorks is pleased for this successful acquisition by one of its former clients. Pattern Insight will continue to have its Code business. http://patterninsight.com/blog/blog-post/2012/08/07/log-insight-has-been-acquired-by-vmware/

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EnterpriseWorks News

I-Start Program Launching Soon, IL DCEO Awards Grant Funding

EnterpriseWorks is creating a new entrepreneur kick-start program to help launch more companies out of the University of Illinois. EnterpriseWorks is developing the I-Start program to encourage more University of Illinois inventors to pursue start-up formation and commercialization of their research and technology. Working alongside proof-of-concept funding programs, I-Start will help facilitate the administrative and professional service work related to forming a new company, which can seem overwhelming and time consuming to new entrepreneurs. I-Start will offer a suite of first year startup services for new University of Illinois entrepreneurs including business development, business plan writing, legal setup, SBIR application, financial statements, marketing assistance, and human resources/payroll assistance. The I-Start program is designed to complement participation in the EnterpriseWorks incubator, which provides a supportive environment for new entrepreneurs to locate with other new startup companies. EnterpriseWorks will be offering the I-Start program through a cost sharing model, with funding provided on a competitive basis and awarded based on the potential of the faculty member (or qualified entrepreneur) and technology to have commercialization success. EnterpriseWorks would support funding for the program as a part of its incubation program. Funding provided by EnterpriseWorks, would overtime be considered “repaid” through rent, accounted by crediting half of future rent towards pay-off of I-Start services provided upfront to the new company.  The Illinois Department of Commerce and Economic Opportunity (DCEO) has generously awarded a grant to EnterpriseWorks at the University of Illinois to provide additionally funding to allow the program to support more entrepreneurs from the University of Illinois. With new funding provided by the grant from DCEO, combined with funding from the Research Park, it is anticipated that 15 new startup firms can participate in the program over an 18 month launch period. There will be two levels of funding available for I-START program. The first option is 90% upfront funding by EnterpriseWorks and DCEO and the remainder of the cost paid by the entrepreneur. This will include a competitive selection process to qualify for the program with input from the Office of Technology Management and EIR advisors. The second option is for the company to fund 50% of the services while EnterpriseWorks and DCEO fund the other 50%. This will also include an internal application process with input from OTM, but will be less restrictive. Additionally, a company may elect to fund 100% of the program upfront, requiring no repayment and qualification through EnterpriseWorks application.  Applications and service agreements are being developed for the new I-Start Program. If you are interested in being considered for the program please contact Laura Frerichs or speak with a Technology Manager at the UI Office of Technology Management.

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EnterpriseWorks Media Mentions News

Inc.com lists EnterpriseWorks as one of the “10 Start-up Incubators to Watch”

CHAMPAIGN, Ill. —Inc.com’s recently published list of 10 start-up incubators to watch featured EnterpriseWorks as one of the “most productive, innovative, and nurturing start-up incubators in the country.” EnterpriseWorks, a business incubator for early-stage technology firms located within the Research Park at the University of Illinois at Urbana-Champaign, was included in Inc.com’s July 15 article, “10 Start-Up Incubators to Watch,” because of its multifaceted approach to working with entrepreneurs and the various opportunities available to start-ups. EnterpriseWorks was lauded for “particular success with information and biotechnology companies.” The article also cited its unique location within the Research Park; as a result, EnterpriseWorks start-ups have the opportunity to interact, network and collaborate with tenants including large corporations and other established firms. Start-up companies also have access to an economically viable, highly talented workforce as they employ many University of Illinois students. “By working to commercialize U of I research, start-ups at EnterpriseWorks are addressing societal challenges and pursuing transformative results,” said Lawrence Schook, interim Vice President for Research at the University of Illinois. “We are proud of our efforts to support start-ups through hands-on training, funding and grant opportunities, and access to some of the best entrepreneurial minds our community has to offer.” The Inc.com article specifically mentioned the EnterpriseWorks Entrepreneur-in-Residence (EIR) program, which provides free consulting services by experienced entrepreneurs who have effectively commercialized technology. The EIRs provide a wide array of assistance – at no charge to local technology entrepreneurs – including one-on-one consultations and training workshops. In the past year, the EIRs have conducted more than 200 individual consultations. “We appreciate the recognition of the accomplishments of EnterpriseWorks in creating an eco-system and support resources conducive for technology commercialization. Our success in launching more than 120 companies since the Research Park opened in 2001 has taken a lot of hard work by the entrepreneurs, the University, the community, and state,” said Laura Frerichs, Director of Research Park.

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EnterpriseWorks News Partnerships & Acquisitions

New Entrepreneur-in-Residence at EnterpriseWorks: Alan Singleton

EnterpriseWorks hires Entrepreneurs-in-Residence to assist entrepreneurs and inventors that are starting a business. EnterpriseWorks hires local-experienced entrepreneurs that have effectively commercialized technology to provide consultation to local entrepreneurs at no cost to the company. The EIRs provide advice on business development, attracting investment, revenue creation, and engagements with industrial clients. They also provide entrepreneur training, and help fill early management guidance for startups and help inventors determine a path for starting their business. EnterpriseWorks will cover the cost of the consulting services for Research Park clients and other University of Illinois entrepreneurs. EnterpriseWorks requires a request for counseling submission to be completed. Alan Singleton specializes in corporate formation and transactions, intellectual property, and securities law. He has over 17 years of experience working with entrepreneurs to develop solutions to the wide variety of business and legal issues they face in establishing and growing their companies.  Alan regularly advises clients on issues including company formation, raising capital, securities compliance, taxation and implementing stock option plans, mergers and acquisitions, and asset sales.  Alan has established a reputation for being a leader in technology commercialization and early stage companies in East Central Illinois.  In recognition of his work, Alan was selected by the University of Illinois and the Champaign County EDC as the 2008 recipient of the Entrepreneurial Advocacy Award.  Alan is active in both the business and educational communities.   His firm organizes the business plan review group Second Saturday and he has served as a judge for the V. Dale Cozad Business Plan Competition.  While maintaining an adjunct faculty appointment with the University of Illinois College of Medicine, Alan has given guest lectures for the University of Illinois MBA course on technology commercialization, the senior Capstone Design Course in the Department of Agricultural and Biological Engineering, the Academy for Entrepreneurial Leadership Idea to Enterprise Workshop, the Technology Entrepreneur Center Advanced Invention to Venture workshop and for medical residency programs throughout the state.

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EnterpriseWorks News Research Park

Former US Speaker of the House Visits Research Park, NanoSi

The Research Park was pleased to host Dennis Hastert, former United States Speaker of the House in the Research Park this week on 2/8/10. He was interested in learning more about technology commercialization at the University of Illinois. He also visited with Nanosi, an EnterpriseWorks company making ultra small fluorescent silicon nanoparticles. Nanosi founder, Munir Nayfeh has been talking with him about energy-efficient lighting. NanoSi, has been a partner with PolyBrite, a company that Hastert is consulting, in developing new lighting technologies. In recent years, Hastert has traveled with Nayfeh to Brazil, Saudi Arabia and South Korea to pursue business opportunities.

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EnterpriseWorks Graduates News

Company working on marine uses for its ‘self-healing’ coating

CHAMPAIGN – Scott White is impatient about a few things. One is how long it takes new technologies to get into the marketplace. So White, a professor of aerospace engineering at the University of Illinois, decided to do something about it – namely, start his own company. Autonomic Materials Inc. took up residence in the University of Illinois Research Park last fall. Housed in the park’s EnterpriseWorks business incubator, the company aims to develop commercial applications for the “self-healing” technologies White and his colleagues are creating at the UI’s Beckman Institute for Advanced Science and Technology. First up: developing “self-healing” polymer-based coatings for ships, oil rigs and other metal structures exposed to corrosive saltwater environments. During his 18 years at the UI, White has studied materials and how they fracture. Inspired by biology and nature, he considered how living things heal and wondered whether those concepts might be used to help materials repair themselves. White and his colleagues used the techniques of “microencapsulation” and “microvascular materials systems” to distribute healing substances throughout the material. When their findings were published, they received interest from many quarters in applying the concepts to products. But White decided if the technology was going to get to market quickly, he should start his own company. “I never thought I would do this,” he said. But from his observations, large companies aren’t the most efficient when it comes to employing new technologies. “They’re very slow,” White said. “The pace I see the fruits of our labor being used is too slow for me.” He concluded that if he wanted to see that kind of technology applied and used, it would have to be done by a small company. Autonomic Materials incorporated in 2005, with members of the UI’s Autonomic Materials System Group accounting for most of the core investors. At this point, the company has two full-time employees: senior development scientist Magnus Andersson and development scientist Gerald Wilson. Both have doctorates from the UI, Andersson in fluids mechanics and Wilson in materials science. For now, Wilson spends much of his time on technical development, while Andersson acts as the lead on business development. More technically trained employees will be needed this year as the company ramps up its testing program for evaluating coating systems. White said Autonomic Materials is focusing on developing epoxies, polyurethanes, vinyl esters and silicon rubber with self-healing properties that can be used in marine environments. Among the likely end users: commercial shipbuilders, defense contractors and companies that need to protect oil production platforms and piping from corrosion. Though Autonomic Materials is smack-dab in the Midwest, its lab at EnterpriseWorks is equipped with salt fog chambers that replicate the corrosive environment of the sea. White said he hopes to have Autonomic Materials Inc.’s first commercial product formulated by April. During the initial stage of the company, it will focus on developing commercial products, optimizing materials systems and proving performance characteristics, he said. Once it develops clients, the company expects to partner with large manufacturing firms to supply the product. Eventually, White hopes the broader paint industry will adopt self-healing technology in its products. “I want to walk into Lowe’s and see a self-healing paint on the shelf,” he said. “I don’t see any reason why this can’t occur in three to five years.” White said the technology is “remarkably cost-effective” and there are no significant costs that would boost the price of paint. “There’s not a magic dust that costs an ungodly amount,” he said. “The materials are widely available.”

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