Orange Coast Medical Ventures (OCMV)
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Orange Coast Medical Ventures (OCMV)
Orange Coast Medical Ventures was the first incubator to come from the University of California, Irvine’s Orange County Business Incubation Network in 2007. The medical device incubator was formed from a university/industry collaboration to develop “flight-ready” technology to the point that it can become attractive to outside investment. The incubator network is fostering an innovation economy in an ecosystem of venture support. UC Irvine is actively working to translate technology to the commercial marketplace within the microcosm of Orange County; this effort involves multiple venture groups within the region and is attracting significant investment.1
The Orange County Business Incubation Network (OCBIN) was originally established through a partnership between the University’s Office of Technology Alliances, The Don Beall Center for Innovation and Entrepreneurship and numerous public and private organizations. Initially, OCBIN existed only as a virtual incubator with resources and services free to eligible entrepreneurs, incubators, service providers, and investors. OCBIN quickly developed the for-profit Orange Coast Medical Ventures and Tech Coast Works incubators for medical devices and IT respectively. The goal of the network is to commercialize technology developed at UCI with the support of local industry organizations and venture funds in order to build the high tech and life sciences sectors while retaining the area’s high paying jobs.2
OCMV provides investment to early stage companies in the form of services, support and facilities in exchange for equity shares. The Incubator has an established relationship with Aubrey Group, the contract medical device manufacturer who provides rapid prototyping and in some cases lab space to portfolio companies. The Office of Technology Alliances can also elect to incubate companies within reach of the University’s faculty in the UCI Research Park; this diversity allows UCI to effectively combine traditional OTA operations with the flexibility of the incubator network to spinout companies by leveraging industry resources available through OCBIN Connections.3
OCBIN links together entrepreneurs, incubators, service providers and investors through the OCBIN Connections program. OCBIN Connections is free to eligible groups wishing to participate in the growing Orange County innovation based economy. The network is very progressive, its constituents represent numerous venture funds, angel networks and service providers in addition to OCBIN’s founding members. Primarily, the network is serviced by the UCI affiliated OCTANe.
The Orange County Technology Action Network operates at arm’s length from the University and possesses both for-profit and not-for-profit units. The OCTANe Foundation for Innovation promotes education and workforce development programs, while Capital Management accesses the venture community to invest and partner with companies formed through the OCTANe LaunchPad. UCI is encouraging a proactive model of turning technology around efficiently to build the economy and keep jobs in the region. The OTA helps university researchers access federal grants for industry collaborations and also incorporates the UC Discovery Grant Program which matches SBIR and STTR awards to University scientists; simultaneously the OTA and Entrepreneurial Center are engaging private companies and investment groups with UCI licenses and the OCBIN program.4
This past year UCI opened their Medical Center’s Douglas Hospital, this facility serves the community and School of Medicine with premier care, and provides resources for local researchers and companies wishing to test new technology in a clinical setting. UCI has worked with industry effectively before in its Photonics Incubator and Cal IT2 program; both of which now have a presence in the OCBIN and OCTANe programs. UCI is determined to accelerate the generation of its innovation hub to attract investment and job creation.
OCBIN has established two business incubators in Orange County and has plans to develop new aerospace and biotech incubators as well. The goal is to develop novel technologies through basic research until they are ready to be licensed to an independent company which will then be able to attract further investment in growth and job creation. Multiple industry and venture groups have connections to the OCBIN program including: BioCom, SoCalBio, and CONNECT; and the program is already drawing investment from public and private arrangements. This community will stimulate an already active economy centered on the life sciences.5
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Luminogenics is a resource with interests in systems of technology commercialization in the life sciences. Included here is a directory of hundreds of biotech incubators, research parks, and associations.
