First Flight Venture Center

Local Universities Spread Entrepreneurialism To Gen. Z

FFVCNC — Wed, 15 Feb 2012 14:22:38 +0000

There is something about being an entrepreneur that has enticed Americans since we landed here so many moons ago. The risks, rewards, challenges and excitement have captured another generation.

Generation Z will soon be entering the work force and local universities NC State, Duke & UNC, are welcoming the entrepreneur spirit with open arms…and ideas.

A recent news article written by Tori Stilwell of McClatchy Newspapers stepped onto our local campuses to check out how our schools are preparing the newest entrepreneurs. Here is what she found:

RALEIGH, N.C. — A Friday night consisting of pizza and beer might not sound very exceptional in the life of the average college student. But for the residents of Duke’s InCube living community, the college staples are fuel for the entrepreneurial spirit.

“It’s kind of a hacker culture just because of a lot of people are doing technology startups,” said Tom Schuhmann, an InCube resident and a Duke senior. The community consists of campus apartments connected by a common room and serves as an incubator for Duke’s undergraduate entrepreneurs, all of whom are working on a startup or are on the hunt for their next project.

“People are up really late in the common room, ordering pizza and working on the startups,” he said. “It’s a little nerdy, but we enjoy it.”

When Schuhmann graduates in May, he won’t be looking for your run-of-the-mill job. Neither will many of his cohorts.

This year’s crop of college graduates will – by some accounts – mark the first entrants of Generation Z into the workplace. And as the generation trades textbooks and all-nighters for cubicles and conference calls, states are trying to figure out how to accommodate this generation’s creative tendencies and retain their brainpower.

“This is a generation that wants to be able to contribute their ideas to organizations from Day 1,” said Anita Brown-Graham, director of N.C. State’s Institute for Emerging Issues.

“The notion of waiting your turn in line is completely foreign to them,” she said. “The workplace will change some of their expectations about what is reasonable, but it’s also true that workplaces are going to have to find ways to accommodate this generation.”

For its purposes, the institute defines the generation as those born between 1990 and 2002. While opinions vary on who should be included in Generation Z, the institute chose its range based on the youngest of North Carolina’s 2020 workforce, which will be mainly composed of 18-year-olds to 30-year-olds.

The institute hopes to discuss the unique traits of the generation and what challenges may lie ahead as its members come of age.

“For the first time, we face a scenario where one generation is likely to be less well off than their parents’ generation on a number of criteria including earnings, overall quality of life, health and life expectancy,” Brown-Graham said.

Seeing these economic shifts, however, may be yet another advantage that Generation Z has grown up with, said Andrew Yang, founder of the Venture for America program. The program places graduating seniors in the front lines of a startup for two years with the aim of preparing them to become entrepreneurs.

“The current college student has seen their parents and their peers trust in large institutions and then sometimes be disappointed,” Yang said. “Organizations that people would not have thought were the least bit unstable a number of years ago have proven to be much more volatile.

“This generation is much more interested in equipping themselves with an array of skills that they can trust in than they are in investing a decade or two with the same company.”

Universities are also doing their part to prepare America’s newest crop of entrepreneurs. In North Carolina, for example, Duke, N.C. State and UNC all have entrepreneurship programs for students interested in working in startups upon graduation or learning the creative processes necessary to turn an idea into a business.

Buck Goldstein, UNC’s entrepreneur in residence and a senior lecturer for the entrepreneurship minor, said the potential he sees in his students often far surpasses the expectations of their elders.

“They’re empowered because they have so many tools readily available to them,” he said. “They have more choices – even in a difficult economy – with what they’re doing with their lives. They view themselves much more as citizens of the world.”

But that doesn’t necessarily mean North Carolina doesn’t have what it takes to harness this generation’s potential, Goldstein said. The key, he says, is creating opportunities within the state that make it hard to leave.

“If you look at the ecosystem, innovative ecosystems, there are not too many much better than RTP,” Goldstein said. “It’s all here, the intellectual capital is here.

“Even in tough times, there’s a lot of resources aimed at innovation, and that’s the kind of environment knowledge workers want.”

Jordan Edwards, an N.C. State business major concentrating in entrepreneurship, said she hopes to stay in the area after she graduates in May. She’s aiming to get a full-time position with her current internship employer – Riley Life Logistics in Durham.

“I like to learn about as much as I can and not be tied down to one specific area,” said Edwards, who is doing marketing work for Riley Life in addition to hands-on training about how the business operates.

She also hopes to one day start her own business and understands the appeal entrepreneurship has for her generation – one that has grown up with MySpace, Facebook, YouTube and Twitter.

“We’re very used to change, and it’s kind of exciting to know that you’re not going to be doing the same thing every day,” she said. “It’s kind of hard to keep our attention. Sitting at a desk for an extended period of time in clothes that are uncomfortable is not that appealing to most of us.”

Reeling Generation Z into the workplace is one thing. Accommodating the way they work is an entirely different story, Brown-Graham said.

“The notion that there are certain times you’re working and certain times off of work is foreign to them,” she said. “This is a generation on a more social level. They’re going to want more flexible work schedules.”

Fitch Carrere, a UNC senior getting a minor in entrepreneurship, spent spring 2011 working for Durham’s Appia, a startup that brings app stores to smartphones. Though the company had 55 employees while he worked there, the environment had many features of a startup, he said.

“I was probably physically there two days a week, but I probably worked four days a week for them, often at 10 p.m. or 11 p.m. at night,” said Carrere, who was developing marketing materials for the company. “It’s a great place to work. Most of the walls are glass and (there’s) IdeaPaint so you can write on the walls.”

Other adjustments employers may have to make is the speed at which they operate and the drive that motivates Generation Z to do more.

To adjust to both of these conditions, Goldstein suggests that companies streamline and reduce bureaucracy.

“Information is flowing way too fast to have a lot of hierarchy,” he said. “Our students understand that. They don’t have time for it. Flat organizations can process information and make decisions much faster.”

But the last, perhaps best, piece of advice for learning how to work with Generation Z is given by Gary Alan Miller, an assistant director at UNC’s career services office.

“As I work with students, there’s as much difference as there is commonality,” he said. “Any time we’re trying to generalize, there’s always going to be a challenge.”

To read this article in its original format, please click here.

Developer Alexandria pays $20M for RTP site, plans life sciences network

FFVCNC — Mon, 13 Feb 2012 20:49:53 +0000

Hot off the press from MedCityNews!!

Life sciences property owner and developer Alexandria Real Estate Equities (NYSE:ARE) aims to create a network of life sciences hubs across the country and the firm has made a Research Triangle Park, North Carolina acquisition its first move in the strategy.

The Hamner Institutes for Health Sciences‘ headquarters has been sold to an Alexandria affiliate for $20 million. Alexandria is already RTP’s largest real estate player and operates 840,000 square feet of lab and office space. Overall, the firm operates more than 12.4 million square feet of space in key life sciences clusters including San Diego, San Francisco, the greater Boston area and suburban Washington, D.C.

RTP has been The Hamner’s home since its 1970s beginnings as the Chemical Industry Institute of Toxicology. The institute now houses The Hamner’s Institute for Drug Safety Sciences and Institute for Chemical Safety Sciences. The Hamner will lease back the 140,000-square-foot building from Alexandria.

The Hamner will be part of what Alexandria calls the RTP Collaboration Consortium. Alexandria says that the move is part of a “core university strategy” that consists of building a network of institutionally anchored life sciences hubs. These sites will collaborate with universities, companies and international institutions. The Alexandria initiative continues efforts already under way at The Hamner. Besides university partnerships and research arrangements with industry, the institute has also been nurturing international relationships, particularly with China’s emerging life sciences community.

Alexandria CEO Joel Marcus said in a statement that the firm aims to develop life sciences clusters in locations close to top academic centers. Alexandria’s Research Triangle tenants already include Duke University and The University of North Carolina-Chapel Hill. The firm also counts life sciences firms Bayer, Eisai, Medicago and Astellas Pharma among its RTP tenants.

To see this post in its original format, please click here.

Durham stem cell firm Aldagen sold for up to $40 million

FFVCNC — Mon, 13 Feb 2012 20:44:35 +0000

From WRAL’s Tech Wire:

Regenerative medicine company Cytomedix (OTC:CMXI) has acquired North Carolina stem cell technology company Aldagen in a $16 million stock deal that broadens the firm’s regenerative therapies pipeline.

Another $25 million in Cytomedix shares also could be awarded to Aldagen investors based on milestones of a clinical trial involving an Aldagen treatment candidate.

Cytomedix shares closed at $1.40 on Wednesday.

Maryland-based Cytomedix develops biologically active regenerative therapies for wound care, inflammation and blood vessel development. The company has been diversifying to build its regenerative medicine capabilities.

Aldagen’s proprietary ALDH bright cell technology is being used to develop regenerative cell therapies for cardiovascular conditions.Last June, Aldagen enrolled its first patient in a phase 2 clinical trial studying candidate ALD-401 as a treatment for ischemic stroke.

“This strategic acquisition of Aldagen provides Cytomedix with a novel, patent-protected cell selection technology that fits well with our existing commercial products and strengthens our long-range growth profile,” Cytomedix CEO Martin Rosendale said in a prepared statement. “In combination, we now touch the three pillars of regenerative medicine with autologous stem cells, platelet-derived signal molecules and plasma scaffolds.”

Under the terms of the agreement, Cytomedix issued Aldagen shareholders preferred shares valued at $16 million, giving Aldagen an approximately 17.3 percent stake in Cytomedix.

As part of the transaction, some Aldagen investors purchased $5 million of Cytomedix common stock in a private placement.

With the closing of the deal, Aldagen becomes a subsidiary of Cytomedix and will continue to operate from its Durham location.

Lyle Hohnke, Aldagen’s former CEO, joins the Cytomedix board.

Aldagen chief operating officer Edward Field has been appointed COO of Cytomedix. Three Aldagen board members now join Cytomedix’s board of directors, which has been expanded to nine seats.

Aldagen stands to gain additional Cytomedix shares — up to 20.3 million — based on milestones tied to the firm’s phase 2 ischemic stroke clinical trial. Under the terms of the deal, 80 percent of those milestones are tied to success in that trial.

Costs of the trial will be funded in part by the $5 million investment made by Aldagen shareholders, $3 million in proceeds from warrants exercised by existing Cytomedix shareholders and some of Cytomedix’s cash on hand.

Venture capital-backed Aldagen has raised more than $60 million from investors including the Aurora Funds, Intersouth Partners, Harbert Venture Partners, CNF Investments and Tullis-Dickerson. The company had taken steps toward an initial public stock offering but last year withdrew those plans citing market conditions.

To see this article in its original format, please click here.

Making People Matter: FHN makes headlines!

FFVCNC — Fri, 03 Feb 2012 15:59:39 +0000

As ‘eCare’ becomes more popular, families are looking for web-based solutions to provide elderly citizens with virtual, noninvasive care.

First Flight tenant, Family Health Network has done just that by creating a web-based software, ‘Connected For Life.’ CEO Harry Bailes has recently been quoted in Healthy Cal, speaking about the benefits of their innovative product.

FHN’s software is most beneficial for connecting seniors socially and also providing a medium for family to continuously monitor their health. This gives seniors more independence while also giving their family peace of mind that their loved one is safe and healthy.

Their technology is making healthcare personal again, “It’s providing care like we used to do, when we lived next door to one another.” says Harry Bailes, CEO of Family Health Network.

Connected for Life is allowing people to realize they still matter.

From all of us here, Congrats FHN!! Keep making headlines!

To read the full article in its original format, please click here.

First Flight and CED’s Study Makes Huge Impact

FFVCNC — Thu, 26 Jan 2012 13:58:58 +0000

380 attendants. 20 years of history. Immeasurable hours spent researching. 1 heck of an impact.

Last night at their annual meeting, CED presented a 20-year retrospective report, “Starting Something: The State of the Entrepreneurial Economy of North Carolina, 1992-2011,” which was compiled in conjunction with First Flight Venture Center and UNC-Chapel Hill Department of City & Regional Planning.

The report collected data from 1,823 high-growth companies founded in North Carolina since 1992. All in all, these companies created 40,560 jobs and 397 have attracted $7.7 billion in private capital, raised from more than 600 funds, since 1997.

This information had never been compiled before, so this study fills a large gap in the Park’s history. It clearly indicates how much of an impact entrepreneurs make on this area. This study has given our area a significant amount of visibility – so hopefully the investor dollars come rolling in as a result!

The story was covered by several large media outlets, including The Washington Post’s Market Watch.

To read the story in their original formats from these outlets, please click the links below:

The Wall Street Journals’ Market Watch

There were many individual contributors for this project and without their hard work, this would never have been accomplished. So from everyone in our area, thank you to all those who compiled this invaluable research!

As always, thanks for reading!

-Lauren

HIPAA/HITECH Security Implementation for Small Healthcare Practices

FFVCNC — Tue, 24 Jan 2012 15:27:18 +0000

From one of our Friends of First Flight…space is limited so register today!

Planning to prepare and comply with HIPAA/HITECH security rule requirements for federal audit?

If 2012 is your meaningful use security and risk assessment target submission year, then register for this 4-hour course designed to prepare you to build an effective and complete HIPAA/HITECH compliance program. At the end of the training you should have all the tools you need to develop a comprehensive program for meeting security requirements of the federal regulation. Also, understand HIPAA/HITECH security requirements and steps required to implement secure and compliant EHR systems.

Date: Wednesday, February 1, 2012

Time: 1:00 PM – 5:00 PM EST

Method: Online Training (Instructor-led)

AGENDA:

- Healthcare Industry Overview

- Healthcare Regulatory (HIPAA/HITECH)/Meaningful Use Overview

- Differences between HIPAA and HITECH Regulations

- Define CIA & ePHI Data Elements

- Healthcare Technology Adoption/Trends

- Types of Security Failures and Consequences of Non-compliance

- Information Security and Compliance for Small Practices

- Steps for Implementation

Faculty: Blair Jerome, PhD http://www.linkedin.com/in/blairjerome

Price: $350/participant

Space is limited to the first 10 registrants

Visit ehr20.com/training to register.

About EHR 2.0: EHR 2.0’s mission is to assist healthcare organizations to develop and implement practices to secure IT systems and comply with HIPAA/HITECH regulations. Visit www.ehr20.com to learn more.

Contact Asha Kamath at asha@ehr20.com or 703-628-3733 if you have any questions.

First Flight Venture Center to provide wet lab space to research companies

FFVCNC — Mon, 23 Jan 2012 13:24:17 +0000

Space is filling up quickly but labs are still available!

Thanks CED for getting the word out!

“For the last 10 years CED has helped me to know what I need to know and to meet the people I need to meet. Every company has a different path to success, but in North Carolina all of those paths go through CED. Every entrepreneur – aspiring or experienced – needs vision, perseverance, and CED.” ~Michael Pollack, co-founder Advanced Liquid Logic – former FFVC Tenant

First Flight Venture Center (FFVC) is now accepting applications for tenants in need of flexible and affordable wet lab space. FFVC is a successful incubator with over 250 graduates and close to $800M in economic impact. Successful past graduates include Advanced Liquid Logic, Advanced Animal Diagnostics and others.

Tenants are fitted with small, well-furnished labs at a fixed price (amenities included). Researchers may also avail themselves of shared resources and the ability to lease critical equipment such as -80 freezers, incubators and other pieces at a low monthly rate.

First Flight is a year-round incubator with an average tenant stay of approximately two years. Many life science and medical device companies are attracted to the cost effective space and the on-going stream of well-regarded mentors from the life science community. FFVC tenants show a high success rate with grant agencies and funding sources.

Potential labs may submit their application online or call 919-990-8558.

First Flight & CED in the news!

FFVCNC — Thu, 19 Jan 2012 20:27:38 +0000

IBM, Cisco, SAS. Recognize these companies? Of course you do. Not only are they some of the largest employers in North Carolina, but the companies were founded right here in our area. While these three companies are easily recognizable, there are many companies which have come out of RTP that aren’t quite as large in head count as these behemoths. So what about those companies? Where are they now? How were they funded?

In an effort to shed light on the varying entrepreneurial ventures to have come out of the Park and how they’ve contributed to North Carolinas greater economic impact, CED & First Flight have compiled “The State of the Entrepreneurial Economy in North Carolina, 1997-2011.” This look back at all the companies founded in RTP is sure to be eye opening for all companies and thought leaders here in the Park; past, present and future.

Joan Siefert Rose, President of CED, set out to create this extensive database with a few specific factors in mind. She wanted to determine “how many (companies) there are, who starts them, who funds them, and what happens to them.”

This lengthy project has tremendous value for our area. Rose explained, ““To date, information on start-ups and growth-stage companies has not been collected in any one place. Our goal has been to start with a retrospective of the entrepreneurial economy in our region over the past two decades, using the best available sources of information, to establish a baseline.”

After hours of diligence, the information has been compiled and is ready to be presented to the public at CED’s annual meeting on January 25th. The meeting is free to all CED members. For more information please contact Anne Katharine Wales by phone at 919.226.0464 or by email.

To read the article on WRAL’s TechWire in its original format, please click here.

SBIR/STTR Grant Workshop Info

FFVCNC — Wed, 18 Jan 2012 17:15:46 +0000

Is it really grant time again?? Well it may not seem like it, but April 5th’s NIH deadline will be here before you know it.

Our friend Nancy Fisher has sent us the latest information an SBIR/STTR workshop. Below is Nancy’s contact information and information for the workshop. Please contact her with any questions – Thanks!

I wanted to let you know that we have scheduled a new SBIR/STTR workshop for Feb 4 and 5, in preparation for the NIH April 5 deadline. The link is:

http://www.ncfisherresearch.com/2012sbirworkshop.html

There are also some comments from previous participants that help folks decide whether it is right for them.

If you have any questions, please contact:
Nancy C. Fisher, Ph.D.

NC Fisher Research

www.ncfisherresearch.com

ncfisher9407@earthlink.net

This is a great opportunity for all of you out there who need a little direction when it comes to grant writing, so don’t miss out & email Nancy today!

Triangle Startup Factory Re-Launch

FFVCNC — Wed, 18 Jan 2012 15:46:08 +0000

Another accelerator is among us…

Tech Crunch has recently made the announcement that “serial entrepreneurs and mentors Chris Heivly and Dave Neal are kicking off the re-launch of their North Carolina-based startup accelerator, Triangle Startup Factory, in the hopes of providing entrepreneurs with a founder-friendly option for accelerating their early-stage tech businesses.”

Their advantage? “Each batch will consist of five to seven startups, and founding teams will receive a $50,000 capital investment upon being accepted, the cost of which will be 7.5 percent equity going to the accelerator. But, perhaps the best part of the news for founders is that Triangle is promising an additional $20,000 to $150,000 in convertible notes to each startup that completes its three-month program.”

This mentor-heavy accelerator is meant to develop successful companies in a very short period of time. The work is intensive, but what start-up isn’t?

The Triangle Startup Factory should be a great addition to the entrepreneurial community in our area. So from everyone at First Flight, welcome Triangle Startup Factory and welcome to the community.

To read the TechCrunch article in its entirety, please click here.