Then review business plans to select investments

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then review business plans to select investments First V/C style investment (in Watkins/Johnson), by Kern County Land Company in 1958, was facilitated by Fredric Terman of Stanford A very early V/C firm; the Kleiner, Perkins, Kaufield & Byers V/C group was co-founded with Stanford faculty; as was the Mayfield fund in 1968 About 1/3 of all V/C investments (over $8B in 2006) is in the Silicon Valley
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Technology Management Stanford Office of Technology Licensing (OTL) Founded in 1969 with staff of 2 and licensing income of $55k Today a staff of 23 with licensing income of $61M in 2006 from 470 active licenses; cumulative licensing income since 1969 exceeds $1B Over 200 start-up companies have been licensed; Largest return from sale of equity is $336M in 2005 when Google stock was sold Association of University Technology Managers (AUTM) Formed in 1975 when 10 universities each put up $100; early focus was on passage of the Bayh/Dole law (signed in 1980) Today has over 3,500 members from all over the world with about 55% university related people; rest are from industry and support groups (patent firms, investment firms, accounting firms, etc.) Services include national and regional meetings, basic to advanced courses, a Newsletter and Journal, a four-volume Technology Transfer Practice Manual, and a comprehensive Annual Survey. A low cost ($25) electronic membership is available for developing countries
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2004 AUTM Survey $1,426 Million in Royalties $54 Billion in Licensed Products Sales 435,000 new Jobs 18,178 new Invention Disclosures 11,089 new Patent filings 5,327 new Licenses (10% to Start-Up Companies)
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Invention Disclosures 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 1991 1993 1995 1997 1999 2001 2003 Invention Disclosures
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Patents Filed 0 2000 4000 6000 8000 10000 12000 1991 1993 1995 1997 1999 2001 2003 Patents Filed
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Licenses Granted 0 1000 2000 3000 4000 5000 6000 1991 1994 1997 2000 2003 Licenses Granted
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Royalty Income 0 200 400 600 800 1000 1200 1400 1600 1991 1993 1995 1997 1999 2001 2003 Royalties in Millions USD
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Stanford Research Park Original Purpose: Earn Income Revised Purpose: Place R&D focused companies near Stanford Authorized 1951 will 209 acre allocation First Tenant 1953: Varian Associates Shockley Transistor Company 1955 Hewlett/Packard World Headquarters 1956
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Stanford Research Park: The Beginning University in tight control of Park development (no outside developer) Rigid specifications for buildings; with Landscaping/open space demands Screening of potential tenants to ensure compliance with university objectives Prepaid 99 year leases for early tenants
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Stanford Research Park: Attracting Tenants Honors Cooperative Program Stanford Affiliates Programs An Ideal Climate; Close to San Francisco Close to Faculty Consulting Interaction with and hiring of Students
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Stanford Research Park: Growth 1960: 40 companies in the Park 1960: Expansion from 209 acres to 450 acres 1985: Over 100 companies in Park 1985: Expansion to 660 acres 1985: Stanford: $5 million from rents; $1 million from investment income 1985: Palo Alto: $20 million from net utility income, sales taxes, and property taxes
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Stanford Research Park Today 150 Companies with 23,000 employees 700 acres with 10 million sq. ft. of office and facility space in 162 buildings Industry areas represented are electronics, space, biotechnology, computer hardware & software; plus law offices and consulting firms
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