Congrats to MSTC alumni company, Seismos, on completing its Series A round of funding, raising $4M in financing!
Seismos, founded by MSTC 2013 alumni Panos Adamopoulos, provides subsurface fluid flow monitoring for oil and gas production.
While in the MSTC Program, Adamopoulos and his teammates won the 2013 TVL Global Investment Competition.
Please join us in sending a congratulatory “Hook ’em” to the entire Seismos team!
Originally posted on Forbes by Lisa Seacat DeLuca
Software engineer. Inventor. Mother of toddler twins. Nerd puller of late night coding jags. And, at 32, the most prolific female inventor at IBM with more than 150 patents in areas such as mobile, data, and cloud, to my name.
I’m one of the faces of innovation at IBM. One of my patents is U.S. Patent #8,694,777: Securely identifying host systems, which enables more secure identity control in cloud computing environments.
The patent was among 7,534 patents filed by IBM last year, making it the first company to exceed 7,000 patents in one year and marking the company’s 22nd consecutive year as worldwide patent leader.
Patents are key to my company’s strategy, not just because they’re proof of unique ideas, but because they’re the platform for the future inventions that drive the success of our clients, business and industry. Because none of us work alone. Innovation comes from the spark of an idea. Yet, we all build on top of the innovations that other tinkerers before us have come up with.
As I said in my TED@IBM talk last fall, “The speed of invention in the future will be as fast as we can dream up ideas. We’ll be able to use each other’s innovations to test drive ideas and find inspiration to keep solving everyday problems.”
Which is why we’re all encouraged at my company to become inventors and why there is such a buzz around creativity.
As a 22-year-old new hire at a large multinational company, I was definitely intimidated when it came to getting started. But the excitement of becoming an innovator, and the contagious feeling I got from my colleagues that I could do just that quickly turned me into one. I was hooked. There’s not a better feeling than coming up with creative solutions to real problems that other people find valuable.
And in fact, all of us can experience that feeling these days. With open source, crowd funding, and easy-to-use apps for developing software and electronic gadgets, we’re seeing a massive leveling of the playing field when it comes to innovation. Staying curious, supporting other makers, and taking a risk on our ideas will make those napkin ideas a reality. I encourage everyone to share their ideas with the world.
I’m an inventor, a brainstormer, a tinkerer. And I’m proud to be part of one of, if not the, most innovative companies in the world. The creativity of my colleagues inspires me everyday. And the wave of inventiveness online sparks my imagination. More innovation will help all of us have more productive, more fulfilled lives. And it’s just plain fun.
Watch Lisa Seacat DeLuca’s TED@IBM video.
Lisa Seacat DeLuca is an IBM Master Inventor and Mobile Software Engineer and member of the Texas MSTC Class of 2010
Originally published on TechCocktail by Will Schmidt
Lisa Deluca, an Omni-Channel Technology Strategist and Master Inventor at IBM, first heard about an interesting program at the University of Texas at Austin (UT Austin) through her colleagues at work. As one who was trying to decide between pursuing an MBA or a Master’s in Technology, DeLuca was delighted to hear that The Master of Science in Technology Commercialization (MSTC) fused these two worlds tougher.
UT Austin has, in effect, built their MSTC program to combine business, technology, and innovation into a one year program at The McCombs School of Business. Specifically, it focuses on preparing participants for the intersection of these worlds in their future careers.
Students like DeLuca meet on alternating weekends, either in person or telecommute in video software like Skype, to learn the business skills needed to compete in a global economy while continuing their full time jobs. Fusing entrepreneurship with education, the MSTC Program’s main aim is to help their students create innovative ventures and products.
“This program is like an MBA for more technical people,” says DeLuca. “It’s helped me in my day job to understand the market I inhabit. In my day to day I’m normally a developer, so I do coding and am not always exposed to the business side of things. Now I know why we make the decisions we do.”
Officially launched in 1996, the MSTC program has remained committed to the idea of getting a relevant degree into the hands of their students for 18 years at this point. The hope is that these students, in turn, might one day drive innovation on their own terms.
Students are taught how to identify and evaluate technologies with market potential, develop and present business plans, and profitably launch innovative products into the market. On average 80 students are accepted every year, with 50 percent coming from entrepreneurial backgrounds, 40 percent are corporate innovators, and 10 percent inhabit the tech commercialization space.
As a remote student out of San Francisco, DeLuca would join the class every other weekend with about 20 percent of the other students, who were also remote. It was just like a real classroom where she had to be on time and participate, lest her grade suffer.
Despite telecommuting, she was still able to tap into the best parts of the program, one of which, according to DeLuca, was that she could find the right people to ask her questions to. Traditionally, that’s a tough thing to do, but when DeLuca got access to an entire network of mentors and faculty through the MSTC program, the problem was all but diminished.
“It’s a lot of work, it’s a huge time commitment, but you learn a ton,” says DeLuca. “I got to spend time with some of the best professors I’ve ever known, and the time absolutely flew by.”
Of the class participants that graduate in May 2014 there have been 14 ventures launched. Two graduates even went on to be in the Texas Venture Labs incubator, based at UT Austin, and another graduate founded Beyonic to bring mobile payments to Africa.
Sure, there’s homework and you have to be engaged during class time, but as DeLuca says this is a unique experience you can’t get from other university programs. You’ll get to interact with different people, hear different stories, and embed yourself into the lives of people you might never have otherwise met.
“In life, it’s crucial to understand why things are more important than others and why a problem might be interesting to you over your colleagues,” says DeLuca. “The MSTC program gives you a different approach to looking at entrepreneurial life.”
Applications are currently open for the program, but they’re close on February 18, 2015. So, if you’re anything like DeLuca and you’re considering an MBA, a Master’s in Technoloyg, or anything similar, you might want to consider getting on board with the MSTC program.
Texas MSTC team, RainSeed, after being selected for the Wells Fargo Clean Energy Challenge at the 2014 Global Venture Labs Investment Competition.
Two companies formed by graduates of Texas MSTC Class of 2014 have been accepted into the Jon Brumley Texas Venture Labs (TVL) Accelerator for the fall semester. Designed to help startups raise capital and bring their products to market, the TVL Accelerator will allow the founders of both Hrvst and RainSeed to focus on the companies they developed during the Texas MSTC Program.
“My founder and I had Dr. Adams for a professor in our UT MSTC program and saw first hand what other companies could accomplish through TVL. We both knew if we went forward with Hrvst as a company the resources and network TVL could provide us would be extremely valuable as a new young company,” said Jason St. Peter, co-founder of Hrvst, a data-driven investment portfolio management tool.
“RainSeed’s acceptance into the TVL Accelerator allows us to continue to leverage the university’s resources after the Texas MSTC Program, as well as the expertise of Rob Adams and the TVL team. This gives us the opportunity to build our business and grow more effectively than we could do on our own, something that is invaluable at our current early stage,” explained RainSeed CEO and MSTC alumni, Jim Nelson.
RainSeed is a technology platform that allows water utilities to connect to their end-users to more effectively manage water resource use. While in the Texas MSTC Program, RainSeed won the 2014 Nebraska Innovation Competition and went on to make it to the second round of the Global Venture Labs Investment Competition.
Hrvst is an Austin -based technology company developing an online platform to help investors better understand their overall portfolio while guiding them to better long-term investment decisions.
The TVL Accelerator accepts 14 companies each fall and spring semester. Participating companies receive 200+ hours of student time, a chance to present at the Venture Expo, and access to the TVL Alumni Network. TVL has worked with over 63 startups that have raised over $187 million.
Dr. Donna Kidwell is a member of the Texas MSTC Class of 2007. We invite you to read on to learn about her experience in the Texas MSTC Program.
Name: Dr. Donna K. Kidwell
Year of MSTC Graduation: 2007
Education Background:
BA History, UT Austin 1992
Doctorate Business Administration, Grenoble Ecole de Management, Grenoble, France, 2012 on the commercialization of science and research out of universities into industry.
Pre-MSTC Job:
Innovation Manager, Keller Williams Realty International
Post-MSTC Job:
Co-founder and President, Webstudent International AS, a Norwegian based startup creating innovative eLearning solutions between universities and industry.
Favorite MSTC Class:
Just one?! Kate Mackie’s Marketing course.
What technology did you work on during the program?
Virtual worlds and virtual world currencies.
How did the Master of Science in Technology Commercialization change your outlook on entrepreneurship and business?
The MSTC gave me systems and processes that I employ daily to develop my business. From learning and validating markets, creating new revenue models to launching international businesses: I use those lessons daily.
What is the most valuable thing you learned in the MSTC program?
There is systemic work behind entrepreneurship. It isn’t magic or happenstance – it’s actual work that you can do: decisions you can make, risks you can analyze, and models you can prove and build.
What advice do you have for prospective MSTC students?
As an MSTC student, you have a unique opportunity to explore areas of interest and open doors. That is much harder to access and create time for later on. In each trimester you have a framework for developing expertise and insight into a technology field you are passionate about. Plunge in and dive deeply!
Originally posted by Andrew Faught on McCombs Today
Every year, nearly 750,000 tendon repair procedures are performed in the United States, most of them without precautions to prevent excessive scar tissue formation, which can cause chronic pain in patients.
But not if John Joyoprayitno, MSTC ’13, has his way. The co-founder and chief operating officer of Austin-based Alafair Biosciences is working to commercialize a natural membrane that could minimize adhesions by acting as an “internal Band-Aid” on surgical wounds.
“You basically cover the wound, let it heal, and then the membrane degrades and resorbs back into the body,” Joyoprayitno says. “It allows the body to do what it’s supposed to do, and it prevents excessive scarring.”
Adhesion-related complications, which can force doctors to re-operate, create a $3.45 billion annual health care burden in the United States, he adds.
Joyoprayitno’s membrane (which hasn’t been given a name yet) was developed at The University of Texas at Austin, which licenses and has part ownership in it. The film, made of naturally occurring sugar molecules, will be submitted for review by the Food and Drug Administration and could be available to doctors in late 2016.
Plans to bring the technology to market for tendon repair took root while Joyoprayitno was a student in the McCombs School of Business’s one-year M.S. in Technology Commercialization (MSTC) program, which targets aspiring entrepreneurs who want to launch new ventures based on emerging technologies. The membrane already has been issued two patents, and it’s received four other provisional patents.
Since it was founded in 2011, Alafair has grabbed the notice of state policymakers. In May, Gov. Rick Perry announced that the company was the recipient of a $2 million award from the Texas Emerging Technology Fund(TETF).
The TETF is a $485 million fund created by the Texas Legislature in 2005 at the governor’s request, and reauthorized in 2007, 2009, 2011, and 2013. A 17-member advisory committee of high-tech leaders, entrepreneurs, and research experts reviews potential projects and recommends funding allocations to the governor, lieutenant governor, and speaker of the house.
In the past, too many good ideas were leaving Texas because of a lack of investor savvy, says MSTC director Gary Cadenhead. To date, TETF has allocated more than $250 million in funds to 87 biotech ventures. The impact is palpable: the state reports that in 2009, the biotechnology industry had a $75 billion economic influence in Texas.
The same study found that for every biotechnology job created, 2.3 additional jobs are generated, which fuels the Texas economy.
“It’s one of the really good things that the state of Texas has done — giving money to firms that are in the critical area, when it’s probably a little too early for venture capitalists,” Cadenhead says. “It bridges that gap between what friends and family can put up, before big money comes in.” Continue reading on McCombs Today.
For Joyoprayitno, who once considered enrolling in medical school but instead opted to become an entrepreneur (he’s also co-owner of the Austin Speed Shop, a car restoration business), the TETF grant will allow Alafair to grow and expand its employee base.
The company isn’t the only player in the membrane business. Other products exist, but they’re often made with collagen, which is expensive and has questionable efficacy, Joyoprayitno says. Doctors also have complained that other membranes are difficult to work with because they lack flexibility.
“Our product will have better handling characteristics,” says Joyoprayitno, who notes the Alafair membrane can be changed on demand from a flexible membrane to a mucous-like consistency that causes it to stick to the wound. “It allows the surgeon to place it more accurately.”
For now, all efforts are on successfully commercializing the membrane, which goes well beyond simply having a great idea.
“It takes organization, hard work, and wearing all of the hats,” Joyoprayitno says. “You’ve got to figure out what needs to happen and make it happen. Everybody uses the saying, ‘drinking from a fire hose.’ You really have to be able to handle that.”
Cadenhead, for one, likes Joyoprayitno’s chances for hitting a biotech bonanza: “I think he’s got a winner.”
Originally posted by Madison Hamilton on McCombs Today.
Adrienne Robinson, MSTC ’10, is a pioneer in the health care industry. The McCombs School of Business graduate has been working for Merck, a leading health care company, for nearly 19 years. Recently Robinson had the opportunity to spend three months in India working with Interactive Voice Response (IVR) technology. The IVR device, much like a cell phone, uses pre-recorded messages to teach women in India about maternal care. “We were educating them about what is respectful treatment, cleanliness standards, services they should expect, and lastly, how long they should wait for any of these services,” says Robinson. Furthermore, Robinson taught these women about government entitlements such as cash benefits and free transportation to the hospital.
Robinson spoke with us about her project in India, her time at McCombs, and her advice for students.
What drew you to the MSTC program?
I am fascinated by the concept of enabling innovation. I was originally searching for a master’s program purely about the science of innovation, and then I found the Masters in Technology Commercialization program.The MSTC program appealed to me not only because of The University of Texas at Austin’s reputation, but I [also] found the curriculum to be practical for my professional needs. I was also very drawn to being in a program that was for seasoned professionals from multiple industries. I thought this would lead to more diverse dialog and interactions. Lastly, from a personal standpoint, I wanted both a classroom experience as well as the web interactive mechanism since I live in the Northeast and couldn’t fly down every other weekend but could [attend classes] monthly.
What advice would you give to McCombs students?
Your time with MSTC goes fast, and it’s a safe place to really grow your expertise. Pick as many projects as you can to expose yourself to the different industries and technologies and try to apply the knowledge you’ll be gaining in MSTC.
You will do a fair amount of team project work. In that project work, be sure to take different roles than what you normally might choose. You’ll get more horizontal knowledge by learning other areas that you aren’t as comfortable with.
Networking isn’t just for the workplace. While you are in MSTC, you not only have access to great teachers, but your fellow students [also] have a wealth of information. Make sure you develop as many relationships as you can so you can learn from those around you.
When did you start working in the health care industry? And what influenced that decision?
I decided I really wanted to work in pharmaceuticals because of its mission. I’ve been at Merck now for 19 years, and I’ve really loved being part of a company that puts applying innovation to the patient at the center of its mission.
How do you think new technology is affecting the pharmaceutical industry?
We are striving to expand from purely a pharmaceutical company to a healthcare company. We’ll be looking at the full range of preventive options, as well as diagnosing, treating, and managing disease. This means diagnostics, monitoring, personalized medicine, healthcare services, etc. These will all be new technologies and we’ll have to figure out how they fit into our long-term strategy.
What project are you currently working on?
I was selected as a Richard T. Clark Fellow for a program established by our previous CEO. Its intent is to offer seasoned experts to help solve world health problems. I spent three months in India testing an innovative technology that was developed by a small startup company to address the significant problem of maternal mortality in India.
I was on loan to an NGO (non-governmental organization), called CEDPA (Centre for Development and Population Activities). I was working with the small startup, Gram Vaani, to conduct a feasibility study and implementation plan for using the Interactive Voice Response (IVR). Much like a mobile phone, this new technology is already in use for educating the rural poor about social change issues and government corruption complaints. In this particular case, my project was to modify this technology for a slightly different approach and use it as a mechanism to educate, empower, and activate women in maternal care. Not only would these women be educated via this communication method, but they would also be able to leave their feedback.
Since we went live with the system in November, we’ve found that the women are able to use the system and they really love it. I conducted focus groups with patients who are using the system and it was so neat to see their excitement [in response to] how this is improving their lives. Also, the government is very interested in seeing the feedback about their public hospitals. The real measure, of course, is if the death rate due to childbirth will be reduced, which will be measured over time.
It was a life-changing experience, and I can also say I absolutely applied skills I learned in the MSTC program.
