Dr. DJ Nag is the President of Innovaito LLC, an intellectual property strategy think tank launched in 2018. Currently he also serves as an independent board member and Chair of the Governance committee at Crown Electrokinetics Inc (NASDAQ: CRKN), an energy saving technology company.
Previously, he was the Chief Investment Officer and head of IP and partnership at Ventech Solutions Inc., a healthcare technology company that manages quality data for the Center for Medicare and Medicaid Services (CMS). He successfully led Ohio State University, Rutgers University and University of Nebraska’s technology transfer offices that included licensing, startups and investments.
As an entrepreneur he led a number of start-ups in the intellectual property strategy, artificial intelligence, and medical device space. His startup received SBIR funding from the National Science Foundation (NSF). Globally renowned as a consultant in patent monetization and intellectual property strategy, he has worked with many Fortune 500 companies, universities, and national governments. He was a Director of Ocean Tomo and a Vice President at ICAP Ocean Tomo leading patent transaction markets. He was recognized as one of the top IP strategists by IAM300 in 2019. DJ was on the Board of AUTM, the leading technology transfer association, from 2012-14. He has been actively working with governments and universities in Poland, Japan, India, Turkey, Brazil, South Korea and Ukraine.
Currently he teaches intellectual property strategy and negotiations as a Professor of Practice at Rutgers University, Lecturer at the ITQB NOVA, Oeiras, Portugal and Visiting Professor at Shizuoka University, Japan. He volunteers as the Chair of the Ohio IP Alliance, the Executive-in-Residence at the Dublin City Schools leading a startup academy for high school students and served on the Foundation board at the Dublin Methodist Hospital.
He holds a Ph.D. in biophysical chemistry, MS in chemistry and computer sciences, MBA from University of Nebraska-Lincoln. He was summa cum laude in Bachelors in Pharmaceutical Engineering from Jadavpur University (top 10 in India) and received the M.L. Khorana Gold medal for placing #1 in India in pharmaceutical sciences (1992).
In recent years there has been a paradigmatic shift towards commercializing technology through startups. There is a universal understanding that university inventions are in early technology readiness level and need substantial development to be ready to go to market. Many universities have taken it upon themselves to fund some of the startups, sometimes co-funding alongside venture funds… The next frontier for this industry will likely be in the transformation of data-rich sectors using artificial intelligence (AI) and machine learning technologies. One area largely accumulating data is the healthcare sector. Medical knowledge is doubling every 73 days, yet we are barely scratching the surface of utilizing this data. With our computing power today and the new era of AI we are at the cusp of a healthcare revolution. Academic institutions are sitting on massive amounts of valuable data that is vastly underutilized, and research institutions will soon begin to recognize and develop healthcare data into the next revolutionary asset.
A massive amount of intellectual capital gets created every day from $150 billion in annual research funding allocated to federal laboratories and universities in the United States. Unfortunately, most of that intellectual capital never makes it to the market and does not generate any ROI. Essentially more than 99% of the intellectual capital created at universities and federal labs are never protected and never gets translated to intellectual property, and hence those are almost never transferred through a license to a startup or an existing company. So, what happens to the majority of the intellectual capital that is not disclosed as inventions? That typically remains locked up at the university without access from the outside world.
Today (TTOs) are increasingly being run by professionals who are experienced in startups, licensing, monetizing and have tremendous depth of technical knowledge in a variety of fields. But they are all waging a losing battle in an industry where 73% of the offices are losing money and an additional 16% just breakeven. It is not because of the efficiency of these offices, it is because of the underlying business model… But the impact of technology transfer on the US economy has been enormous. Since 1980 more than 5,000 startups have been created. From 1996-2013 technology transfer has contributed $518 billion on the US gross domestic product, and $1.1 trillion on the US gross industrial output.
The challenge when you are filing a patent application is you don’t know if the invention will become the next billion dollar drug. As you can imagine, if a patent which is relying on a provisional patent application does serve as the basis for a successful product, the provisional application will then be closely reviewed. In other words if you a claiming priority to the provisional patent application and the the provisional was submitted without much due diligence then you are in a bit of trouble!