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Boeing's acquisition of Insitu buys small-company culture; provides market power

Flight International, an international aerospace news weekly magazine, goes behind the scenes of Insitu and Boeing to see how the organizations will pair their cultural strengths in the growing market for unmanned aerial systems.

Related external links (will open a new window):

  • Boeing's culture challenger
    Flightglobal - UK - May 28, 2009

    Related WTC links:

  • Boeing is a WTC client
  • Insitu is a WTC client

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    Insitu wins $250M U.S. Special Ops contract for ScanEagle

    Insitu, a Boeing subsidiary which makes unmanned aerial vehicles in Bingen, Washington, has received a five-year contract with a potential value of $250 million from U.S. Special Operations Command for intelligence, surveillance and reconnaissance services using the ScanEagle unmanned aircraft. The camera-carrying drone aircraft was used recently in the U.S. Navy's rescue of an American ship captain held by Somali pirates.

    Related external links (will open a new window):

  • Read the Boeing press release

    Related WTC links:

  • Insitu is a WTC client
  • Insitu unmanned aerial vehicles watched pirates

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    Nanotechnology Health & Safety Forum - June 8-9, 2009

    The Nanotech Health and Safety Forum is being presented in Seattle at the Edgewater on June 8-9, sponsored by Batelle, UW, Univ. of Oregon, Oregon State, Riddell, Intertox, and others.

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    Date(s): June 8, 2009 (Monday) to June 9, 2009 (Tuesday)
    Time: 12:00 PM to 12:00 PM
    Location: The Edgewater Hotel, 2411 Alaskan Way, Pier 67, Seattle, WA 98121
    URL: http://www.nhsf2009.org/
    Description:

    This conference is being held in conjunction with the first-ever U.S. meeting of the International Standards Organization Technical Action Group 229. This group is focused in substantial part on drafting global standards for safe use of nano materials and is meeting just down the waterfront at Bell Harbor during that same week.

    Assembled are an extraordinary faculty of panelists, including some of the top researchers, regulators, underwriters and loss control specialists in the country dealing with the critical issue for these uniquely capable materials: are they safe to work with and when will industry know? In addition, although the ISO/ANSI program is a closed meeting, there will be some overlap through a key reception and some cross over speakers, making this a great opportunity to meet the leading edge thinkers from 24 countries on this issue - over 200 scientists, corporate figures, insurers, regulators, and others.

    There will also be an MIT Enterprise Forum on nano research and use in conjunction with the reception.

    Featured Speakers
    -Dr. Leroy Hood, renowned co-founder of the Institute for Systems Biology and recipient of the Biotechnology Heritage Award.

    -Dr. Kenneth Dawson, Director of the Centre for BioNano Interactions (CBNI), the Irish national platform for excellence in the interaction of nanoparticles with living systems (www.cbni.eu).

    -Dr. Justin Teeguarden, one of the authors of the recent National Research Council report "Review of the Federal Strategy to Address Environmental, Health, and Safety Research Needs for Engineered Nanoscale Materials."

    For more confirmed speakers and panelists for the NHSF, please visit the website at www.nhsf2009.org.

    Contact: Ammon Gilbert
    206.443.2115
    agilbert@intertox.com

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    Modumetal, UW Partnership Receives Funding for Anti-Corrosion Technology

    Modumetal to develop an innovative commercial anti-corrosion technology in partnership with University of Washington's Department of Materials Science and Engineering.

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    SEATTLE – May 20, 2009 – Washington Technology Center (WTC) has awarded an Entrepreneur's Access grant to the University of Washington to support an advanced material research collaboration with Modumetal, Inc. of Seattle, Washington.

    Modumetal, Inc., a Seattle-based developer of nanostructured materials, is collaborating with the University of Washington's Department of Materials Science and Engineering on a project titled "Functionally-Graded Preceramic Polymer Coating for Corrosion Resistant Commercial Sulfuric Acid Pipelines."

    "We are excited about this opportunity to partner with the exceptional researchers at the University of Washington to create this cutting-edge material for new commercial anti-corrosion application," says Leslie Warren, Modumetal's Project Manager and senior engineer in this effort. Christina Lomasney, the company's CEO confirms that "with support from partners like the WTC and University of Washington, Modumetal is poised to create a new technology that will have broad industrial application and will result in new jobs and economic growth in our region."

    Sulfuric acid is a highly corrosive substance used extensively in industrial processes. Typical anti-corrosion coatings have a weakness – if breached, they leave the metal surface underneath the coating vulnerable to acid attack. Modumetal has a unique production method that eliminates this surface weakness by allowing anti-corrosion materials to be functionally combined with metal.

    With this project, the team of Modumetal and UW Professor Rajendra Bordia, Ph.D., plans to modify a preceramic polymer system developed at the University to merge with a functionally graded materials system developed by Modumetal for corrosion protection of commercial sulfuric acid production pipelines for ConocoPhillips.

    "This project combines the research that has been done at the University of Washington and at Modumetal to develop a novel solution for a significant problem in the area of corrosion," said Dr. Bordia. "The short term EA funding from WTC gives us a chance to initiate this joint development and prepares us for long term collaboration with Modumetal. The need for corrosion resistant coatings is widespread and the proposed solution that we will be exploring with Modumetal has the potential to impact a broad range of industries."

    Modumetal expects that successful application of this technology will lead to many opportunities in the $300 million corrosion-prevention market.

    The $5,000 award for this project comes from an Entrepreneur's Access grant from Washington Technology Center (WTC). WTC competitively awards around $1 million in state funding annually for research and technology development projects. State funding enables collaboration between companies and non-profit research institutions on technology projects that show strong potential for commercializing products and creating jobs. Since 1996, the state has funded 330 research and technology development projects.

    "This grant is a great example of state government at its best," said Washington State Representative Jamie Pedersen (D-Seattle). "The seed money from WTC, combined with world-class research facilities at the University of Washington and the innovative entrepreneurs at Modumetal, will create jobs and help the state maintain its lead in technology."

    More information about the research and technology development program is available online at http://www.watechcenter.org/rtd.

    About Modumetal, Inc.
    Modumetal (www.modumetal.com) was co-founded in 2006 in Seattle, WA to realize the commercial potential of a unique class of advanced materials. Modumetal is creating revolutionary nanolaminated and functionally-graded materials that will change design and manufacturing forever by dramatically improving the structural, corrosion and high temperature performance of coatings, bulk materials and parts. Modumetal represents a whole new way of producing parts and is leveraging nanotechnology to achieve this unprecedented performance. Modumetal is made by a "green" electrochemical manufacturing approach, which reduces the carbon footprint of conventional metals manufacturing at the same time that it redefines materials performance.

    About Washington Technology Center
    Washington Technology Center is a statewide economic development organization focused on technology and innovation. We spark ideas, form connections between people and resources, and foster job growth to position Washington state as a national technology leader. As an organization, Washington Technology Center channels state, federal, and private resources to help companies develop and commercialize new products and technologies. Our 15,000-square-foot Microfabrication Laboratory provides companies and university researchers access to facilities and specialized equipment for micro-electromechanical systems (MEMS) research and product/process development. The impact of Washington Technology Center's work has generated more than $600 million in additional investment for Washington companies and researchers. For more information how Washington Technology Center can help research and development projects succeed, visit www.watechcenter.org or call 206-685-1920.

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    Related WTC links:

  • Modumetal is a WTC client

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    MITEF: Extreme Science and its Entrepreneurial Opportunities - June 8, 2009

    The next decade will see a renewed focus on extreme science, the realm of PhDs, exotic instrumentation, complex intellectual property, and lengthy clinical trials. Call it Sci-Tech rather than Hi-Tech. In this strange new world, where are the business opportunities for venturists and entrepreneurs?

    On the 10th anniversary of the White House report that led to America's National Nano Initiative, MIT Enterprise Forum presents a panel of three exciting and very different start-up ventures that exploit molecular materials engineering across an array of markets.

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    Date(s): June 8, 2009 (Monday)
    Time: 5:30 PM to 8:00 PM
    Location: Edgewater Hotel, Seattle
    URL: http://www.mitwa.org/catalog/index.cfm?fuseaction=product&theParentId;=120&id;=829
    Description:

    COME EARLY and hear a keynote address by Dr. LEROY HOOD, Founder of the Institute for Systems Biology, to attendees of the 2009 Nanotechnology Health and Safety Forum. And please consider joining them for their 2-day conference at the Edgewater (see details below).

    MIT Enterprise Forum (starting from 7:00 pm) panelists include:

    • Chris Wheaton, Chief Operating & Financial Officer of Seattle-based ENERG2, developing innovative energy storage solutions based on proprietary nano-structured carbon materials that are finely controlled and offer ultra-high surface areas.
    • Bart Norton, Director of Sales at Redmond-based Asemblon, using molecular self-assembly to fabricate and efficiently tailor unique catalytic chemicals to enhance material processing in a variety of industries.
    • Christina Lomasney, CEO and Founder of Seattle-based Modumetal, pioneering thin-film nano-laminate metallurgy techniques that grow metal parts through greener manufacturing to develop high-performance materials for industrial, maritime, aerospace and automotive applications.
    • Moderator: John Martin, MIT Alumnus and former Director of the Washington State Nanotechnology Initiative; collaborator, 2009 Nano Health and Safety Forum (NHSF) and WA / ORE Micro / Nano Breakthrough Conference (MNBC).

    Reception starts at 5:30 pm. MITEF program starts at 7:00 pm. $30 registration includes hors d'oeuvre reception and admission to NHSF Keynote Address by Dr. Leroy Hood.

    Nanotechnology Health & Safety Forum (NHSF)
    June 8-12, 2009

    The Nanotechnology Health & Safety Forum (NHSF) sponsored by Battelle, the University of Washington, the University of Oregon, and Oregon State University, will focus on occupational and environmental health and safety standards of nanotechnology, providing attendees with important insights and answers. The NHSF has been scheduled to coincide with the first U.S.-hosted meeting of the International Organization for Standardization (ISO) Technical Committee (TC) 229 Nanotechnologies, which is taking place June 8-12, 2009.

    Throughout two information packed days, NHSF will explore the science of nanotechnology, government regulations, insurance and risk management, along with the roles of corporations and non-profit organizations as related to the future of nanotechnology. For more information, please visit www.nhsf.org.

    Contact: JaRon Snow
    (425) 771-4790
    mitenterpriseforum@verizon.net

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    WTIA Annual Summer Celebration - July 30, 2009

    With the sun starting to make an appearance more frequently, WTIA is jumping head first into planning their annual Summer Celebration event! Mark your calendars for July, 30th and head over to Pyramid Brewery Beer Garden in Seattle for a memorable summer night!




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    Date(s): July 30, 2009 (Thursday)
    Time: 7:00 PM to 10:00 PM
    Location: Pyramid Alehouse, Brewery & Restaurant
    URL: http://www.washingtontechnology.org/pages/events/events_events_wsaevent.asp?EventID=798
    Description: Backstage Access to the Hottest Bands in the Technology Industry!

    New to the Summer Celebration this year is a musical element that you won't want to miss. WTIA has teamed up with Xconomy to bring you Seattle's first ever 'Battle of the Tech Bands'! If you are part of a band whose members are involved in the technology industry and would like participate, please see the 'Battle of the Bands'tab and get jammin' for the selection process!

    There are few better ways to enjoy a hot summer day than spending time with friends, a cold beer and good chow, and great music from local bands.

    So, join WTIA and all their partners for the must-attend event of the summer!

    Contact: Brittany Blackwell
    206.448.3033 x 133
    bblackwell@washingtontechnology.org

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    Notes from the Angel Capital Association Summit 2009

    The Angel Capital Association Summit 2009, held April 15-17 in Atlanta, highlighted current statistics and trends in early-stage investing. WTC Angel Network Manager Elaine Kong attended the conference and filed these notes.

    Investment Trends
  • Currently, there are about 300 angel groups in the US.
  • In 2008, each angel group:
    • Made an average of 6.3 investments;
    • Invested an average of $1.77M;
    • Invested an average of $277K per round;
    • Invested in an average of 3.7 new companies.
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  • In 2008, 62.7% had follow-on or co-investments with VC firms and 23.4% had 1 or more positive exits.
  • Major trends: A survey conducted in March 2009 indicated:
    • 40% of angels believe that deals and dollars will be down in 2009.
    • Over 53% will be involved in co-investments with other angels or angel groups.
  • Investment preference (in order of decreasing preference):
    • Medical Devices and Equipment
    • Software
    • Biotechnology
    • IT Services
    • Energy
    • Business Products and Services
    Alternative Means of Exit
  • Secondary markets: Funds that focus on acquiring direct investments, portfolios of investments, and limited partnership interests in VC.
  • Provide new path to liquidity: Take some chips off the table; lock in return; use proceeds to back new investments; and possible participation in future upside.
  • Secondary markets have ballooned from $3B in 2007 to $5.7B in 2008.

    Bridge Notes
  • Company has a signed term sheet, but does not close soon enough. Lead investor proposes bridge note. Important to give lead investor significant position so that incentives are aligned between lead, bridge note holders and company. This way, it incentivizes next round investors to honor bridge note terms.
  • Most often, bridge note is used in the following situation: Company requires cash but has no lead investor or term sheet for next round. Therefore, company and some existing investors agree on a bridge note to fund company until next round investors are found. Usually, the note is structured with interest plus a price discount on next round or warrants. Problem with this is that the note is an agreement between company and some existing investors; however, note terms is applied to the next round led by a third party. Some of the remedies include: specifying that bridge note share price discount paid via dilution of existing shareholders; separating note or veto power on any terms changes; prohibiting company from accepting term sheet that eliminates share price discount.
  • Standard terms to consider in all bridge notes:
    • Participation rights in next round
    • Approval of any additional debt
    • Premium if company is acquired
    • Resolution if cash not raised by note due date
    Angel Group Management and Compensation
  • Management Activities:
    • Member recruitment
    • Communication with members
    • Investment Activities: fund raising, deal flow, deal negotiations
    • Portfolio Management
    • Relationships with service providers
  • Management compensation: Average direct pay of $75K (can be up to $150K), some receive portion of carried interest.
  • Form of compensation: Salary, benefits, bonus, and performance-based compensation.

    Public Policy
  • Stimulus Bill – New 75% exclusion of capital gains for qualified small business stock held more than five years and purchased between 2.17.09 and 12.31.10.
  • House Proposed Legislation – SBA Office of Angel Investing $50M over 3 years
  • Administration Budget Proposal - $2B to mach seed funds and angel group investments
  • State Programs – Over 30 states support angel investing. It is coined the most cost effective economic development dollar spent. State tax credits: 20% - 100%. Co-investment funds $1M - $8M. There are also education and administration grants as well as technology councils and economic development structures supporting angel activities.

    Syndication
  • Co-investment is the most prominent trend amongst angel groups. Most angels prefer to co-invest with other angels or angel groups over co-investments with VCs.
  • WTC’s regional co-investment call is featured in the ACA published syndication guide as a model to follow. The Pacific Northwest is recognized as one of the leaders in co-investment.
  • The ACA Collaboration Committee (in which Elaine Kong is a member) is testing out nationwide syndication by selecting and presenting four companies at the ACA Summit. The Collaboration Committee will reconvene in June to analyze interests and results.

    Related external links (will open a new window):

  • Expert: Venture capital will focus on cleantech
    Bizjournals.com - Apr 17, 2009
  • Berkus details 'Age of Recommendation'
    Bizjournals.com - Apr 17, 2009
  • Visit the Angel Capital Association Web site

    Related WTC links:

  • Angel investing declined 10 percent in 2008

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    Life Sciences Discovery Fund opens 2009 summer commercialization grant competition

    LSDF plans to award up to $750,000 in its 2009 Summer Commercialization Grants Competition. Individual awards will be up to $150,000 in total costs, with work expected to be completed within one year. A required pre-proposal is due Wednesday, July 15, 2009.

    According to the LSDF announcement, grants will fund research and development of new technologies to reduce the risk associated with their commercialization. This work, often referred to as "prototype development," or "proof of principle" or "reduction to practice" experimentation is supported by LSDF to improve health and health care and to foster economic development within Washington state. Full proposals are due on Wednesday, September 9 and awards will be announced in mid December.

    Related external links (will open a new window):

  • Learn more at the Life Sciences Discovery Fund

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    Insitu has major role in Columbia Gorge economy

    The Seattle Post-Intelligencer profiles the rural economic impact of Insitu, an unmanned aircraft maker based in Bingen, Washington. The company started in a garage 15 years ago and has since grown to more than 500 employees at 21 locations located primarily in Klickitak and Skamania counties along the Columbia Gorge. Now a wholly-owned but independent subsidiary of Boeing, Insitu plans to keep its headquarters in the Columbia Gorge and is considering options for expanding and consolidating its operations.

    Related external links (will open a new window):

  • Drones play big role in Columbia Gorge economy
    Seattle Post Intelligencer - USA - May 13, 2009

    Related WTC links:

  • Insitu is a WTC client
  • Insitu unmanned aerial vehicles watched pirates
  • Insitu awarded $20.9 M defense contract for unmanned air systems

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    Life sciences commercialization initiative signed into law by Governor Gregoire

    Washington Governor Chris Gregoire signed into law E2SSB 6015 which directs the department of community, trade, and economic development (CTED) to review commercialization and innovation in the life sciences and technology sectors.

    According to the final bill report, CTED is required to report to the Legislature and the Governor by December 1, 2009, on methods Washington can use to encourage and support innovation in life sciences and information technology. CTED must look at ways to increase the amount of regional capital for early investments, examine state laws regarding these technologies, evaluate Washington's technology-based economic development efforts, and review the status of technology transfer efforts at research universities.

    CTED must provide a draft report to the Washington Economic Development Council (EDC), which must prepare written observations about the draft report and its relation to the overall strategies proposed by the EDC.

    Related external links (will open a new window):

  • View bill information for E2SSB 6015

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    IsoRay receives approval to market cancer therapy in Canada

    IsoRay, Inc., a Richland-based developer of therapies for prostate and other cancers, has announced that Health Canada’s Therapeutic Products Directorate has approved IsoRay's Proxcelan Cs-131 brachytherapy seeds for sale throughout Canada.

    In a press release, IsoRay CEO Dwight Babcock stated, “This completes another step in being able to expand the potential distribution of cesium-131 brachytherapy seeds. We initially plan to leverage the relationships of our exclusive U.S. distributor, BrachySciences, and contacts we have made with Canadian physicians who are interested in using cesium-131 to treat their patients. Through these channels we hope to begin to penetrate the Canadian brachytherapy market.”

    Related external links (will open a new window):

  • Read the IsoRay press release

    Related WTC links:

  • IsoRay is a WTC client
  • IsoRay signs distribution agreement for prostate brachytherapy product

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    Microvision lands supplier of green lasers for its pico projector

    Microvision, a Redmond-based developer of light scanning technologies, moves a step closer to shipping its new pico projector to users with the announcement that it has landed Corning as a supplier of green lasers. For two years, Microvision has been waiting for a company to be able to supply production-level quantities of green lasers. Microvision expects its Show WX pico project to be commercially available mid-2009. The Show WX projector uses lasers, not optical lenses, to project images ranging smaller than 6 inches to larger than 100 inches diagonally from a device the size of a portable music player. A key benefit -- in addition to the small size -- is that focusing is not necessary with laser projection technology.

    Related external links (will open a new window):

  • Corning and Microvision Announce Agreement for Supply of Green Lasers for Microprojectors
    Microvision press release - May 4, 2009
  • Green lasers arrive for pico projectors
    EE Times - May 6, 2009

    Related WTC links:

  • Microvision is a WTC client
  • Microvision demonstrates a preproduction pico projector at Macworld and CES

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    Clean technology initiative signed into law by Washington Governor Gregoire

    Washington Governor Chris Gregoire signed into law SSB 5921 which requires the governor to convene a temporary Clean Energy Leadership Council. The Council, in collaboration with a statewide, public-private alliance, will prepare a strategy for growing the clean energy technology sector in Washington state.

    According to the bill, the Council is to submit an interim clean energy strategy and initial recommendations to the Governor and Legislature by December 1, 2009, and the final clean energy strategy and recommendations by December 1, 2010. The Department of Community Trade and Economic Development is to consider the clean energy strategy when preparing its application for federal state energy program funding and determining the type and number of projects to fund, and is to consult the Clean Energy Leadership Council prior to awarding federal energy stimulus funding for clean energy projects.

    "We must coordinate the efforts of alternative energy entrepreneurs and innovators with public and private resources," said Sen. Phil Rockefeller, D–Kitsap County, primary sponsor of the bill. "This will help move their ideas into commercial application and create clean energy job opportunities."

    Related external links (will open a new window):

  • View bill information for SSB 5921

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    Washington's tech sector had fourth consecutive year of job growth in 2007

    Washington's tech sector added 11,300 jobs in 2007 -- marking the fourth consecutive year of job growth -- data shows in TechAmerica's recently released Cyberstates 2009 report.

    "Although Washington experienced its fourth year of job growth in 2007, the outlook for the future remains uncertain, and our expectations for growth are tempered by the current economic situation," said Terry Byington, Executive Director, TechAmerica Washington.

    Washington's National Tech Sector Employment Rankings:

    1st in software publishers employment with 47,600 jobs
    8th in electromedical equipment manufacturing with 3,600 jobs
    13th in R&D; and testing labs employment with 20,100 jobs

    Related external links (will open a new window):

  • Read more at TechAmerica

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    CTED and Alibaba.com offer a free company listing to Wash. companies

    CTED (Washington State Department of Community, Trade and Economic Development) has been invited by business-to-business Web site Alibaba.com to promote Washington companies and products around the globe. With over 16 million users, Alibaba is the world’s largest B2B marketplace and a great place to sell and to buy. CTED's "State Your Products Program" is a free service for Washington businesses and there will be no financial obligations for participating companies.

    By completing CTED's online survey, your company and the products you post will be processed and placed onto the Alibaba.com marketplace. Participants must be a registered business in the state of Washington and supply all required product and contact information. If you include the URL of your product catalog in the survey, CTED will integrate that directly into the portal at no cost to you or your company. Alibaba.com will notify you via email when your products are posted and you will be able to review your company and product profiles. You will also be able to edit and add images to customize your store front.

    To have your company listed on Alibaba.com, simply fill out the online registration form using the link below. For specific questions, please contact Troy DeFrank at 206-256-6145.

    Related external links (will open a new window):

  • CTED's online survey and registration form

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