One of the key resources for Pitt innovators who are determined to see their discoveries make an impact on the world are entrepreneurs in residence (EIRs) at the Innovation Institute, part of the Office of Innovation and Entrepreneurship.
EIRs are available for consultation at every step of the entrepreneurial journey, from initial idea or discovery to licensing or startup formation and beyond. The Innovation Institute’s newest EIR brings decades of experience from a variety of perspectives to offer to Pitt innovators.
Previously as the director of the technology licensing department of the renowned Mayo Clinic, and as a partner in several private equity and venture capital firms, Dan Broderick has been at both ends of the negotiating table with academic entrepreneurs.
Learn more about Dan in the Q&A below.
Q: Can you provide a brief overview of your career?
Well I have done licensing, startups, private equity and venture capital investing, all in the mid-west. From 1988 to 2000 I was the director of the technology commercialization group at the Mayo Clinic, where we started a $25 million internal investment fund.
I then moved into private equity, first at Mason Wells in Milwaukee where we raised two $50 million healthcare venture funds. From 2008 to 2020 I was the V.P of Investments of the Biogenerator Ventures in St. Louis where companies we invested in raised $1.2 billion in follow-on investment.
I have also served on the board of directors of the National Venture Capital Association.
Q: Is there a particular success story over that time that stands out to you?
At Biogenerator we were the first investor in Benson Hill Biosystems, an agtech company, initially based on early stage genomics technology developed by academic scientists at the Danforth Plant Science Center developing sustainable plant growing methods. Earlier in 2021, it went public at a value of $2 billion.
Q: Why did you choose to come to Pittsburgh?
A career goal of mine was to return to and be a part of a vibrant academic community, similar to my time at the Mayo Clinic, where I can use my experience to help bring faculty innovation to commercial reality. The opportunity to join the Pitt Innovation Institute and be closer to family is a perfect way to realize that goal.
Q: What qualities about Pitt stand out to you?
It’s the quality of the faculty and the volume of research that stand out the most. Pitt is an embarrassment of riches when it comes to research pushing the frontiers of knowledge in a wide range of fields tackling the biggest challenges facing society. The chance to facilitate the translation of Pitt discoveries into products and services that can make a real difference in the world is extremely motivating.
Q: When should a Pitt innovator seek out consultation with an EIR?
As soon as the inventor feels they want to talk with someone about commercialization. We can work with an inventor even before their research is published to begin forming a commercialization strategy and direct them to the resources, programming and funding sources to help them accelerate on the path to impact. A key step in this process is submitting an invention disclosure as soon as possible, prior to any publication or public presentation of research results. At that point you will start working with a licensing professional experienced in managing the intellectual property protection and licensing processes. EIR’s are an additional resource available to provide business guidance and mentorship, particularly if a startup is envisioned.
Q: How do you prefer to work with your faculty/student clients?
I am currently in the office on Tuesdays and Wednesdays, so if you are comfortable meeting in person, Those are the best days to meet in person. I can do a virtual meeting at any time.
Q: What is your best piece of advice to a faculty member or student approaching innovation and entrepreneurship for the first time?
Know what you don’t know and have a healthy respect for the experience and expertise of those who have knowledge about business and finance. You also have to be all-in and have realistic expectations, especially when it comes time to raise money.
If you are a Pitt innovator interested in exploring commercialization of your discovery or idea and would like to consult with one of our entrepreneurs in residence, contact us at innovate@pitt.edu.