Life Sciences entrepreneur leads tech transfer process: 11/23

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Life Sciences entrepreneur leads tech transfer process

by Cindy Abole
Public Relations

There's nothing more important to Charleston native G. Thomas Finnegan III than to see MUSC's campus and the Lowcountry area grow to become a hotbed for discovery, innovation and entrepreneurial activity.

Finnegan, a successful biotech entrepreneur, inventor and investor with real-world technology commercialization experience, was recruited to MUSC to work with faculty and the research community.

Tom
Finnegan Tom Finnegan

He plans to identify promising discoveries in biotechnology research, medical devices and applications, and new therapies that can improve health outcomes in order to create commercial applications and products or create start-up companies. He wants to expand the institution's commercialization pipeline by marketing and promoting technology to industry, licensing and drafting tech transfer agreements as well as providing business support to researchers.

Finnegan is the director of MUSC's new Center for Innovation and Entrepreneurialism. The center was established under the recommendation of MUSC leadership, research directors and guidance from MUSC's Strategic Plan.

Finnegan feels that about 20 percent of faculty, as well as students, already embrace an entrepreneurial spirit through their research work and activities. But, he feels that MUSC has fallen behind compared to other institutions in benefitting from commercialized discoveries and licensing income. "It's these people that I want to connect with and talk to so I can help those who are ready to move their research ideas and clinical innovations to the next level," he said.

"Entrepreneurialism isn't about just licensing technology; it's about helping people work better, quicker, smarter and more efficiently. It's this outside-of-the box thinking that achieves results. The great thing about entrepreneuralism is everybody wins and contributes to the greater good, which is advancing science. Bottom line, it takes mney to get things done well."

Since setting foot on campus in August, Finnegan has been busy telling faculty and research groups his own story as a life sciences professional that owns and manages licensed technologies connected with MUSC and other institutions. He said he sees himself as a catalyst — someone who encourages an entrepreneurial culture at MUSC and throughout the state.

As research universities and academic health care institutions struggle with smaller budgets, reduced federal and state funding and limited private support, faculty are realizing that it's tough to advance their research and discoveries. According to Finnegan, if an organization reduces costs that are deemed entrepreneurial or innovative, they added more dollars to their bottom line to conduct research.

"Everyone can be entrepreneurial. I'd like to provide an avenue for more people who want to go in this direction, to think this way," said Finnegan, who often defends the general stereotype of successful entrepreneurs. "Entrepreneurs aren't risk-taking mavericks who only know how to run and startup companies. On the contrary, many are innovators, who are calculated risk takers, who share a vision, drive, intelligence and strong work ethic."

Finnegan believes that not everyone is cut out to be an entrepreneur. He challenges faculty to do their part and seek alternative ways to support the entrepreneurial process by sharing ideas with colleagues, networking, participating with a clinical trial, etc.

Finnegan came to MUSC by way of Austin, Texas where he was vice president of finance for Introgen Therapeutics and went on to start up and manage several biotech companies. He graduated from the University of South Carolina in Columbia with a degree in finance and real estate in 1990 and earned his master's degree in business from Emory University in 1999 before working as an investment banker at Merrill Lynch and S.G. Cowen & Co.

Finnegan's presence on campus is welcomed by research and university leadership, including MUSC President Ray Greenberg, M.D., Ph.D. On Nov. 16, Finnegan was a guest speaker at the University's Leadership Development Institute where the theme was about leadership through innovation.

"Tom Finnegan can help our faculty better understand the process of commercializing technology," Greenberg said. "With his extensive experience in securing investments for new technologies, he understands the perspective of a potential investor. He can help faculty think through the kinds of issues that would be of concern to a potential investor, thereby improving the chances of securing support."

Finnegan feels the time is ripe to define MUSC in the technology transfer arena. Currently he's busy organizing one-on-one meetings to streamline processes. He's also planning education outreach events with faculty and students and collaborating with the campus' Foundation for Research Development, the South Carolina Clinical and Translational Research Institute and other groups to establish industry-sponsored research. Other plans include inviting industry professionals such as a patent lawyer, venture capitalist and business development specialist, to meet and address issues and answer questions with faculty entrepreneurs.

Robert R. Donato, J.D., is the interim executive director for the Foundation for Research Development, and works closely with Finnegan. He agrees that MUSC already hosts a corps of world-class researchers and that the challenge is to extend this entrepreneurial thinking so that people feel empowered to contribute ideas in this process. "This type of culture change supports an 'I can do it' attitude that's important to faculty, staff and students."

"Our short-term priorities are to identify more technologies that have market potential and to help position inventors to have a higher rate of success in bringing these products to use for the benefit of patients and their caregivers," Greenberg said. "We need to be realistic that the chances of developing a blockbuster technology are small. At the same time, we know that we have a very creative faculty, and we want to encourage them to think big – to envision how they can be agents of change. I am very confident that some great innovations will come out of this effort."

For information on the Center for Innovation and Entrepreneuralism, contact Finnegan at finnegan@musc.edu or call 876-2413.

Friday, Nov. 23, 2012

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