The Initiative for Life Sciences Entrepreneurship provides thought and research leadership for the UAB life sciences technology community. The ILSE provides market and scientific due diligence for the UAB Research Foundation; the ILSE offers academic courses and seminars on new venture creation and financing; and, finally, the ILSE assists new venture creation in the Birmingham area. The ILSE was organized by the UAB Business School in early 2003 and is a collaborative initiative among the engineering, medical, business schools at UAB and the UAB Research Foundation and Southern Research Institute (SRI) The Initiative focus is:
1. Academic course development
2. Independent Study Programs
3. Advanced Education Seminars/Conferences
4. New Venture Development and Funding
Academic course development
Each academic year, ILSE offers a set of technology entrepreneurship courses to graduate
students in the business, engineering, medical, and health administration schools. The courses include: “From Idea to IPO: the technology venture”, “Technology Venture Business Planning”, “The Art of the Deal: negotiating technology ventures”, and “Life Sciences Industry Structure and Strategies”. In the fall of 2003, 45 Ph.D. Candidates, post-docs, and faculty members registered for “From Idea to IPO”.
Independent Study Programs
Teams of 3 to 4 students are established to research the scientific and financial potential of each UAB RF intellectual property. Team members have multi-discipline expertise. For example, Finance MBA, a molecular biology Ph.D. candidate, and an electrical engineering graduate student. The teams have 30 to 45 days to prepare a 15 to 20 page IP strategic plan.
Advanced Education Seminars/Conferences
The ILSE organizes periodic 2 to 3-day seminar/conferences that will be available to UAB faculty and post-docs, as well as Birmingham area biotech employees. The se, seminars will cover such topics such as FDA approval to Venture capital financing, for example. The FDA Approval Process was offered in fall 2003; 35 post-docs and faculty registered.
New Venture Development and Funding
The ILSE acts as a filtered feeder for the OADI and the Birmingham venture community.
Currently, the ILSE is investigating a $1 million seed capital fund for $50,000 to $100,000 investments in UAB properties. In essence, the ILSE is creating the entrepreneurial environment necessary to transform Birmingham into a Tier 1 Biotech region.