Lexington, KY - Two existing and six hopeful research spinoff companies were on the agenda when the University of Kentucky College of Agriculture and UK’s Von Allmen Center for Entrepreneurship recently hosted an afternoon of presentations to potential investors. Their audience was the board of directors of Allylix, the UK research spinoff that had earlier that day announced an expansion in Lexington that will add 14 full-time jobs to the market.
Allylix is a renewable chemicals company that develops products for the flavor and fragrance, food ingredient, cosmetic chemicals, insect repellent and biofuel markets
Presenters ranged from the high speed 3D measurement firm Seikowave and Solidagex, a company that derives speciality ingredients from the goldenrod found so abundantly across Kentucky, to promising ventures in on-farm biofuels production, “smart” cattle eartags, genetically modified alfalfa, starch modifying enzymes, equine infectious diseases and MosquitoMate, a venture derived from entomology research in a method of eradicating the pesky insects that eliminates the need to spray properties with toxic chemicals.
“I loved the mosguito control idea,” said Allylix board member Tom Jameson, founder of the Lexington-based industrial storage solutions firm Shelf Plus and a board member of Bluegrass Angel Venture Funds. “There seemed to be an easy path to commercialization. And great economic benefit.”
Jameson said he found the event very useful in his search for investment prospects that meet his criteria. “I am looking for IP that can offer a true competitive advantage or game changing technology that can be scaled to $200 million in sales or greater. I also prefer IP that does not require government regulatory approval, such as the FDA.”
Each presenter was given 15 minutes to offer details of their concepts in hopes of receiving useful feedback and perhaps investment interest.
“The presentations were among the best presentations of innovative research, linked to potential real-world applications that I have seen recently,” said Dr. Ron Meeusen, an Allylix board member and a Managing Partner of Cultivian Ventures of Carmel, Indiana. “Clearly the UK inventors not only master their highly technical disciplines, but have access to people savvy in the ways of turning technology into businesses and jobs.”
The audience included Meesusen, Blue Grass Angels Chairman Jed Bullard, Dr. Simon Barnes of Tate & Lyle Ventures LP, Dr. Pulakesh Mukherjee of BASF Venture Capital, Commonwealth Seed Capital President Gene Fuqua, Kentucky Corn Grower’s Association Executive Director Laura Knoth, and Kentucky Science & Technology Corporation Associate Vice President Laurie Daugherty.
“I look for innovations which a) potentially solve a real problem people face, b) are defensible through patents or related property rights, c) do not face uncertain, lengthy or expensive federal regulatory reviews to reach market, d) have good, passionate people dedicated to the project, and e) can reach market in 3-5 years,” noted Dr. Meeusen. “Of these, the people – inventors and business partners – are probably the most important element,” he added.
Jameson, whose expertise is in the acquisition, development, and asset management of commercial real estate throughout the southeastern U.S. views UK as an incubator of commercialized research with as yet unrealized growth prospects. “Real Biotech jobs for our brightest students means real advancement for Lexington economic development. If we can create a biotech core technology workforce in Lexington, there will be offshoots of that technology in the future. And the possibility exists that we develop into a biotech regional center feeding off of the research developed not only out of UK but out of the commercial research labs as well.”
Look for profiles of some of these UK initiatives in the November and December editions of Business Lexington.