Building a Better Band-Aid

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.

John Joyoprayitno, MSTC '13, in suit and tieBut 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.”

Improving Health Care with New Technology

Originally posted by Madison Hamilton on McCombs Today.

MSTC-Alul-Adrienne-RobinsonAdrienne 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.

Two MSTC Teams Place in 2014 UNL Global New Venture Competition

Two MSTC student-led teams placed in the recent 2014 UNL Global New Venture Competition. The business plan competition, hosted on March 20th by the University of Nebraska-Lincoln,  was open to college students from around the world.

Rainseed,  led by current MSTC students Jim Nelson, Mike Peterson, and John Willick, won first place, earning them $7,000 and a spot to compete in the 2014 University of Texas Global Venture Labs Investment Competition. GreenWest, which includes MSTC students Eileen Cao, Ben Lee, and Chris Gilbert, placed third, claiming a $1,500 prize.

Two MSTC teams represented McCombs in the 2013 Global Venture Labs Investment Competition last May. One team was first runner-up among the 40 teams competing from around the world, and the other MSTC team won the Wells Fargo Clean Energy Award of $20,000.

Congratulations to both of the MSTC teams represented at the 2014 UNL Global New Venture Competition, and good luck to Rainseed in the 2014 Venture Labs Investment Competition!

First place team, Rainseed, featuring MSTC students Jim Nelson, Mike Peterson, and John Willick. Photo courtesy of the UNL College of Business Facebook page.

First place team, Rainseed, featuring MSTC students Jim Nelson, Mike Peterson, and John Willick. Photo courtesy of the UNL College of Business Facebook page.

Third place team, GreenWest, featuring MSTC students Ben Lee, Eileen Cao, and Chris Gilbert. Photo courtesy of the UNL College of Business Facebook page.

Third place team, GreenWest, featuring MSTC students Ben Lee, Eileen Cao, and Chris Gilbert. Photo courtesy of the UNL College of Business Facebook page.

All of the teams celebrate a successful competition.

All of the teams celebrate a successful competition. Photo courtesy of Chris Gilbert.

McCombs Holding Strong in Entrepreneurship

Originally posted by Matt Turner on McCombs Today

RANKINGS_McCombs_PR_entrepreneurship_programs_no_7_4x3_0-300x225McCombs came in 7th in the nation in The Princeton Review’s tally of the top 25 graduate schools for entrepreneurship programs, which it publishes in partnership with Entrepreneur magazine.

The top three spots, in order, went to Michigan, Babson, and Harvard.

This is the fourth year in a row for McCombs to make the top 10 in the ranking, which has been published annually since 2006. Among public schools, McCombs is third, behind Michigan (1) and Virginia (5).

The Princeton Review surveys nearly 2,000 programs across the country and examines entrepreneurship with a wide lens, touching upon faculty, students, and alumni, and including activities both inside and outside the classroom. At McCombs, the survey included entrepreneurship among the MSTC and MBA programs and the host of initiatives and opportunities available to students (see below).

The survey measures programmatic items like scholarships, mentorship programs, and business competitions, but also considers outcomes, such as the number of businesses launched and their survivorship after graduation.

Robert Franek, The Princeton Review’s senior vice president of publishing and a nationally recognized expert on college admissions, noted in a press release the high quality of the recognized schools’ faculties, courses, and out-of-class offerings. “Their students have extraordinary opportunities to network with established entrepreneurs, interact on teams…and develop skills to launch their own businesses,” Franek said.

“This is just one more example of why I’m excited for this coming year at McCombs,” says Brett Hurt, who recently joined McCombs’ Herb Kelleher Center for Entrepreneurship as entrepreneur-in-residence. “Already, I’ve seen a tremendous response from students, who have an almost insatiable appetite for startup insight. Best of all, they are coming to me with eyes wide open; no dreamy idealists, they want to dig in, work hard, and build companies to last.”

McCombs offers rich opportunities for graduate students interested in all things entrepreneurial. A few examples include:

  • Venture Fellows, which helps MBAs get a leg up in the venture capital arena by offering internships with venture capital and private equity luminaries.
  • Jon Brumley Texas Venture Labs, a campus-wide initiative that helps link students to the entrepreneurial, business, technology, and legal resources available on campus and provides mentoring, team-building, business plan validation, and technology commercialization.
  • The Venture Labs Investment Competitions, which is held in Austin each May. Founded in 1984 as Moot Corp, it is the first and longest operating, inter-business-school, new-venture competition in the world.
  • Austin Technology Incubator, which was the first university-based incubator in the country. Established in 1989, it has raised over $1 billion in investor capital and spawned more than 200 companies, including many new ventures created by Texas MBA students.
  • Master of Science in Technology Commercialization (MSTC). Established in 1996, this one-year alternating weekend program is designed for aspiring entrepreneurs who want to identify new technologies with market potential, bring them to market, and create wealth in the process.

MSTC Places at 2013 GVLIC

The Global Venture Labs Investment Competition simulates the real-world process of raising venture capital. It is a unique partnership that brings together graduate students and business leaders. The judges function as an investment group seeking to reach consensus on the business venture they would most likely fund. The quality of the idea, the strength of the management team, the clarity and persuasiveness of the written plan, and oral presentation all influence the judges’ decisions.

Begun as “Moot Corp” at The University of Texas at Austin by MBA students in 1984, the Venture Labs Investment Competition is the oldest new venture competition in the world, and it provides graduate students with a chance to simulate the real-world process of raising venture capital.

 

Global Venture Labs first runners-up and Texas MSTC team, Beyonic.

Global Venture Labs first runners-up and Texas MSTC team, Beyonic.

The 2013 competition was sponsored by Jon Brumley Texas Venture Labs, an interdisciplinary education and research initiative. The Texas Venture Labs promotes new venture creation at The University of Texas at Austin through education and mentoring, market and business plan validation, team-building and networking, and direct links to resources and funding.

The first runners-up of this year’s competition were Dan Kleinbaum and Luke Kyohere, graduate students from the Texas Master of Science in Technology Commercialization program whose startup, Beyonic Technologies, has developed a mobile payment platform for use in the developing world.

Seismos, founded by Texas MSTC students Panos Adamopoulos, Omar Hernandez, Stevan Slusher, and Devin Bedwell won the $20,000 Wells Fargo Clean Energy prize. Seismos provides real-time measurements of oil and gas flows for enhanced oil recovery. The Wells Fargo Clean Energy track was part of the competition for a second year, with enhanced prize money this year thanks to Wells Fargo’s increased commitment and funding to Texas Venture Labs.Seismos wins Wells Fargo Clean Energy Track

 

MSTC team, Seismos

Texas Venture Labs Investment Competition first-place winners and Texas MSTC team, Seismos

Seismos also won first place in February’s Texas Venture Labs Investment Competition, as well as first-place awards in clean energy and cleantech tracks in the Shell Venture Technologies track at the Rice Business Plan Competition at Rice University in Houston. They continued their winning streak by picking up the clean-tech and energy awards, as well as an overall second-place award, at the University of California Haas School of Business investment competition in Berkeley.

Altogether, Seismos has won more than $45,000 in cash and about $100,000 in services and non-cash awards this competition season, said team member Panos Adamopoulos. “This is all thanks to the MSTC program,” he said. “We thank all the McCombs faculty and people who have been of such great help.”

This year’s GVLIC had an especially strong international presence. Eleven countries were represented, and 40 percent of the competing teams came from schools outside the United States.
“We had a true global final this yeSeismos at 2013 GVLICar, with two of the four teams in the finals coming from outside the U.S.,” said GVLIC Director Robert Warren. “Visolis did an excellent job presenting their venture and responding to the judges’ questions, and we are excited they are the 2013 Venture Labs Investment Competition’s Global Champion.”

MSTC Team wins Texas Venture Labs Investment Competition

Seismos, the 2013 MSTC Team, won the 2013 Jon Brumley Texas Venture Labs Investment Competition, and will compete in the Global Venture Labs Investment Competition in May at the ATT Center in Austin, Texas.

TVL connects local start-up companies with talented and entrepreneurial graduate and Ph.D. students from the MBA, Law, Engineering, and Natural Sciences programs to conduct special projects that help move these businesses forward. Teams of four to six students interact closely with the entrepreneur and/or investors to make an immediate impact during their engagement. TVL teams have conducted successful market validation, financial analysis, business model assessment, competitive analysis and due diligence review projects, amongst others.

MSTC- SeismosSeismos was one of five teams that made it to the TVL finals. Seismos competed with two other MSTC Teams, Glutact and Intelligent Menu.

Seismos is a technology-enabled services company that detects and interprets changes in underground oil and gas reservoirs in real-time with unparalleled sensitivity. The Team consists of Devin Bedwell, MSTC ’13, Panos Adamopoulos, MSTC ’13, Stevan Slusher, MSTC ’13 and Omar Hernandez, MSTC ‘13. They received $5000, a year at the Austin Technology Incubator, and the opportunity to represent The University of Texas at Austin at the Global VLIC in May.

MSTC Teams GluTact placed third and won $2,000 and Intelligent Menu placed fourth.