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2014 Annual Report Commercialization is not a static endeavor it is a fast-moving landscape. ROHIT SHUKLA FOUNDER AND CEO LARTA INSTITUTE AND SUBSIDIARIES WELCOME DEAR FRIEND OF LARTA We live in a time that has been referred to as the age of vanishing certainties Philip Stephens FT. Unlike the geopolitical issues which the writer was describing the uncertainties we at Larta work with are full of promise and excitement. Scientific knowledge itself is being freed from the silos in which it has inevitably developed. The confluence of the sciences enables the development of truly novel approaches to issues affecting human animal and plant health the production and distribution of food and the provision of new energy sources. Connectedness brought to us by information technologies and computational science pervades these new approaches. We are in all cases just scratching the surface of what promises to be an exciting time for the discovery and deployment of technologies that fuel the world feed the world and heal the world. This is the canvas we work with at Larta Institute. Every day we help entrepreneurs dreamers even contrarians to shape what they do to re-tinker and recalibrate their approach to the marketplace. We stand with them as they go through the zig-zag dance of commercialization. And we bring them to the attention and cultivate the interest of industry executives investors analysts and marketers. Larta is an orchestra leader. We have developed a framework and a methodology we call the network-centric approach to innovation. It is highly appropriate to the world we live in. The truism no man is an island guides us. We solicit the wisdom of many people and with their histories and experience bring this wisdom to bear on the development of simple and beautiful ideas offered by our portfolio of entrepreneurs. This methodology requires imagination and instinct diligence and doggedness. But its impact discussed and highlighted in our 2014 Annual Report is the highest tribute we can pay to the talents of the people who work with us as mentors expert resources sponsors and industry advisors. So in this our 21st year we have started to crack the code of the new age of vanishing certainties. Our maturity masks a great reality we are a lean organization that knows what it is to walk in the shoes of a startup. In keeping with lean principles we have built and continue to build Larta as an enterprise that is open and evolving that pivots as frequently as is needed for the situation and maintains a solid commitment to ensuring that no stone is left unturned in the discovery and deployment of solutions to address human needs. Our success has many parents drawn from industry government philanthropy and economic development. This success owes much to their willingness to embrace an audacious vision of the world we live in that the world is as much in an age of vanishing certainties as it is a world of endless possibilities and that these possibilities cannot be mined well if they are not mined widely. We hope our 2014 Annual Report will inform and inspire you to work with us if you dont already or to continue to engage with us in the great body contact sport we enjoy the commercialization of science and technology. Thank you ROHIT SHUKLA FOUNDER AND CEO LARTA INSTITUTE AND SUBSIDIARIES A MESSAGE FROM OUR CEO The 2014 Larta Institute Story Institute has been energizing breaking network-centric met engaging a powerful exper commercialization programs after year and running a lean have earned trust and resp companies and our network. most and sharing our value innovation we will continue a leader in charting the a our world. OUR 2014 STORY y For twenty-one years Larta ideas by evolving our ground- thodology. By cultivating and rt network fine-tuning our for continued excellence year and nimble organization we pect from our clients our By focusing on what matters proposition and passion for e to solidify our reputation as application of innovation in A LOOK BACK ON 2014 A year full of successes. Redesign of the Larta Institute website 2nd year Larta launches Romanian program JANUARY 6th year Larta launches NSF program Larta alumni Solum acquired by Monsanto 2014 Business Assistance Webinar Series begins Tibbetts awards for 7 Larta alumni companies Larta GAIN quarterly events begin 3M joins Lartas Industry Advisory Board Evonik joins Lartas Industry Advisory Board Larta alumni Altaeros named as a CNN top 10 invention of 2014 agshowcase.com redesign launch Larta alumni Gel-Del merges with Petvivo DECEMBER Lartas Securing Water for Food program for USAIDs World Water Week 10th year Larta launches NIH program Ag Innovation Showcase Forbes features Larta alumni Sharklet Technologies Pepsico joins Lartas Industry Advisory Board Larta alumni Lift Labs acquired by Google Rohit Shukla appointed to NACIE 5th year Larta launches Malaysia Bioeconomy Accelerator program 7th year Larta launches USDA Ph2 program 3rd year Larta launches USDA Ph1 program Larta alumni Advanced Circulatory Systems acquired by Zoll Medical Larta alumni Aframe Digital acquired by Neos Technologies 1st year Larta Launches NIST program CONTENTS Introduction 1 Our network-centric model 5 Our powerful network 9 Our programs 13 Larta financials 17 Our professional relationships 21 Impact and ease of doing business 25 Our Global Bridge program 29 Social impact 35 2014 highlights 37 Company highlights 41 Message from the president CFO 48 Larta Board of Directors 49 Larta Team 49 Larta Sponsors 51 Lartas mission and passion is to energize the transformation of technology ideas into solutions that elevate economic opportunities and make lives better for people around the world. For twenty-one years Larta Institute has been energizing ideas... INTRODUCTION IDEAS ENERGIZED1 Larta Institutes innovation management is exceptional in our industry. Our network powerful. Our organization lean. Our people outstanding. Our numbers impressive. For 21 years Larta Institutes passion and mission have focused on energizing the transformation of innovative ideas into solutions that elevate economic opportunities and make lives better for people around the world. Innovations in the hard sciences is our focus and industry expertise. A large part of our energy focuses on innovation in the life sciences and agriculture. We believe innovations that fuel feed and heal the world have the power to change the world for the better. 2014 was a year of new beginnings for Larta. We launched a newly designed website. We won four competitive contract bids that secure over 10 years of work for Larta. We also added new members to our network from Fortune 500 companies and strengthened our position as thought leaders in innovation management. Many business accelerators boast that they help companies to the road of commercialization. We do it across the world every day by giving meaningful assistance to hundreds of innovative start-up companies a year. 438COMPANIES ASSISTED 451TECHNOLOGIES LAUNCHED IN 2014 IN 2014 IDEAS ENERGIZED 2 aQystas Barsha pump is a low-cost innovative solution for small- and medium-sized farms to irrigate their fields without using any fuel or electricity to do so. INTRODUCTION 150MIN NON-DILUTIVE FUNDING AWARDED TO OUR PORTFOLIO COMPANIES 30OVERSEAS COMPANIES ASSISTED 2014 at a glance IDEAS ENERGIZED3 IN 2014 ALL COMPANIES IN 2014 2 AEROSPACE DEFENSE 11 AGRICULTURE FOOD 11 CLEANTECH ENERGY 4 EDUCATION 26 INFORMATION TECHNOLOGY 34 LIFE SCIENCES HEALTHCARE 1 LOGISTICS 11 MATERIAL SCIENCE IN 2014 INTRODUCTION NEARLY 70 OF OUR INDUSTRY ADVISORY BOARD MEMBERS ARE FORTUNE 1000 FORTUNE 500 AND GLOBAL 500 COMPANIES 106M RAISED BY PORTFOLIO COMPANIES FROM NON-GOVERNMENT CAPITAL PROVIDERS IN 2014 MATTHEW E. PORTNOY PH.D. DIRECTOR DIVISION OF SPECIAL PROGRAMS NATIONAL INSTITUTES OF HEALTH 438ONE-ON-ONE MENTOR COMPANY RELATIONSHIPS 5ACQUISITIONS OF LARTA PORTFOLIO COMPANIES We are very pleased to work with Larta as we celebrate the 10th anniversary of our NIH Commercialization Assistance Program and we look forward to continuing strong in the coming years. Larta continues to develop and improve innovative technical assistance programs and their staff are consummate professionals operating at the highest level. IDEAS ENERGIZED 4 IN 2014 IN 2014 55ACQUISITIONS OF LARTA PORTFOLIO COMPANIES SINCE 2005 NIH USDA NIST USAID DANFORTH CENTER RAF BIOTECHCORP OUR 2014 CLIENTS LARTA HAS A PORTFOLIO RICH IN LIFE SCIENCES AGRICULTURE AND INFORMATION TECHNOLOGY COMPANIES. ...by evolving our ground-breaking network-centric methodology. OUR NETWORK-CENTRIC MODEL IDEAS ENERGIZED5 We believe in business everything is connected and that relationships matter. Our network-centric model focuses on the ability to mobilize the experience and expertise of a wide network to customize assistance for a large number of innovators. It brings best in class guidance and counsel to them. Innovators require guidance mentoring and strategic introductions to understand and to map their commercialization journeys. They may need investors and connections to industry. Larta curates important connections for our portfolio companies on many levels and draws from a growing global network of experts in the areas closest to our mission. For Lartas methodology to be effective we need to move constantly. Commercialization is not a static endeavor it is a fast- moving landscape. We assess each company in our portfolio address its unique needs match the team with experienced mentors and set manageable measurable goals. We help them recognize key steps and decisions that have the potential to transform the trajectory of their innovations. When we immerse our companies into our network we bring horsepower just-in-time to help them meet their needs. Our end-game is to empower our portfolio companies in the marketplace using the pulse and power of a global network. IDEAS ENERGIZED 6 OUR NETWORK-CENTRIC MODEL MARKET STRATEGY FINANCIAL BUSINESS PLANNING IP PARTNER STRATEGY TOP 5 MOST NEEDED BUSINESS ISSUES IDENTIFIED BY LARTA PORTFOLIO COMPANIES IN 2014 Networking at the Ag Innovation Showcase at the Danforth Science Center in St. Louis MO. Our network-centric model OUR NETWORK-CENTRIC MODEL IDEAS ENERGIZED7 ROBERT CALCATERRA LARTA PRINCIPAL ADVISOR Larta provides a wealth of domain and industry experts who can help clients succeed with their commercialization goals and needed outcomes. Lartas model brings value to both the entrepreneurial companies and the success of the federal agencies that we serve. 8IDEAS ENERGIZED ROBERT ASHLEY LARTA CHAIRMAN OF THE BOARD Innovators require more than a product they need exposure and contacts in all facets of the marketplace. Thats where Larta makes a difference. 10000 COMPANIES ASSISTED IN 21 YEARS IN 22 COUNTRIES SINCE 1993 By cultivating and engaging a powerful expert network... OUR POWERFUL NETWORK IDEAS ENERGIZED9 Its a simple concept. Unleash the potential of innovators by pairing them with people who are industry and functional experts. Our network is diverse robust and engaged. Larta introduces our network to the most cutting edge innovations being introduced to the market and in turn they serve our portfolio companies as mentors advisors and even as partners. In 2014 Larta made 201 Strategic Introductions. We formally pinged our network to introduce Larta portfolio companies to qualified potential investors partners or collaborators 201 times. Our network includes Lartas Industry Advisory Board IAB which brings together senior executives and technology 201STRATEGIC INTRODUCTIONS 4 OUT OF 5NEW IAB MEMBERS IN 2014 ARE REPRESENTATIVES FROM FORTUNE 500 COMPANIES IN 2014 Ranked in the top 15 of Fortunes most admired companies IDEAS ENERGIZED 10 OUR POWERFUL NETWORK Carol Politis TRX Systems technology enables precise real-time positioning for people in the field where GPS is unreliable or unavailable. Her technology makes jobs safer for soldiers police firefighters miners and security professionals. Marlon Nichols of Intel Capital joined the Larta Industry Advisory Board scouts decision makers who engage with us to provide market- based feedback and access to our entrepreneurs. Nearly 70 of our Industry Advisory Board members are from Fortune 1000 Fortune 500 or Global 500 companies. Lartas Principal Advisors are specialists in strategic business planning market and product development IP financial planning and the regulatory process. Each company in our portfolio is paired with a Principal Advisor who is their guide for the time they spend with us. With expertise in international commercialization agriculture life sciences chemical material electronics and IT this dynamic group addresses our portfolio companies needs which is then supplemented by counsel from our Industry Advisory Board. Our network of industry mentors engages with our portfolio companies through our Feed Forward feedback Sessions showcases and more. We connect them just-in-time to our portfolio companies. OUR POWERFUL NETWORK 62ADVANCED DEGREES HELD BY PRINCIPAL ADVISORS IDEAS ENERGIZED 438ENTREPRENEURS ASSISTED IN 2014 11 52PRINCIPAL ADVISORS IN 2014 3479MENTORING HOURS IN 2014 IN 2014 121SUCCESSFUL STARTUPS BY PRINCIPAL ADVISORS 73INDUSTRY ADVISORY BOARD MEMBERS IN 2014 INDUSTRY ADVISORY BOARD INDUSTRY REPRESENTATION AND EXPERTISE 29 LIFE SCIENCES HEALTHCARE 21 AGRICULTURE FOOD 30 CHEM MATERIALS CLEANTECH 20 INFORMATION TECHNOLOGY MARK WISNIEWSKI LARTA PRINCIPAL ADVISOR Access to the extensive cross-industry Larta network facilitates mentoring strategic partnering and fundraising for early stage companies who provide critical innovation and drive transformational trends in the healthcare industry. IDEAS ENERGIZED 12 ...fine-tuning our commercialization programs for continued excellence year after year... OUR PROGRAMS IDEAS ENERGIZED13 7COMMERCIALIZATION ASSISTANCE PROGRAMS IN 2014 IDEAS ENERGIZED 14 We are clear that one size does not fit all. Our portfolio companies are at different stages of development and have different assets histories and potential trajectories of growth. Wrestling with the dynamic forces at play in todays world means embracing a mass customized approach to enterprise development. This approach is embedded in the DNA of our programs. This DNA is expressed clearly in our state-of-the-art Commercialization Assistance Programs CAP. Our CAPs in each of the areas of focus are non-curricular oriented to the needs and issues of specific entrepreneurs. Over the last five years Larta has assisted on average 300 companies per year. In 2014 we assisted 438 companies. Lartas commercialization SUPRIYA JAISWAL CEO ASTRILEUX CORPORATION The one-on-one interaction with a knowledgeable industry-focused Principal Advisor from Larta was invaluable. OUR PROGRAMS Daniel Lasers Wave 80 Biosciences makes next-generation molecular diagnostics instruments for HIV AIDS hepatitis and other human health conditions more accessible by keeping costs 25-60 lower than comparable systems. OUR PROGRAMS The series of activities generated in the CAPs often lead to pivotal aha moments for our portfolio companies. programs bring out the power of our network-centric model appropriately tailored to the situation of the enterprise being assisted. Being non-curricular means that Lartas entrepreneurs learn-by-doing. We help them do the heavy lifting. But the output and the accountability is theirs. This real-world approach augmented with mentoring by our Principal Advisors and just-in-time feedback from industry executives and managed by highly engaged professional staff at Larta has proven to be both efficient and effective for our clients and our portfolio companies alike. Lartas CAPs are designed with a specific goal to create opportunities for transformative pivot points for participating entrepreneurs. Our Commercialization Training Workshops CTW and our Feed Forward feedback sessions help to shift their perceptions of their product to identify business barriers and to position their offering in line with market realities. For an innovator the challenge is to understand first why and then how their products will add value or may change the dynamic in the marketplace. They must also understand why and how their product will be adopted by customers given existing competition. Our CAPs are designed to guide their planning and to help them understand the value of their product in the market. Here the power of the network is brought home. Lartas Principal Advisors help define the broader prospects. Expert resources help fill in the gaps in areas ranging from regulatory plans to brand development from product design to term sheets. Feedback provided by industry players clarifies the issues and the pathways to commercialization. The series of activities generated in the CAPs often lead to pivotal aha moments for our portfolio companies. Managing the specific interactions and experiences of participants in this network-centric operation takes diligence intuition passion and empathy for the innovator. It is accomplished by a dedicated and passionate staff committed to programmatic excellence year after year. With 10 people on staff in 2014 and a few more expected to join us in 2015 we continue our commitment to lean principles and to generating great impact. IDEAS ENERGIZED15 PETER HONG LARTA PRINCIPAL ADVISOR Larta leverages the experience of its network to provide the focused expertise needed. Their model helps entrepreneurs to stretch their thinking beyond technology development to prepare them for commercialization while recognizing that the majority of them are first time business startups. This is the benchmark of how to provide assistance to startups in a way that is effective and affordable. IDEAS ENERGIZED 16 916EVENT ATTENDEES 12COMMERCIALIZATION EVENTS FOR PORTFOLIO COMPANIES IN 2014 IN 2014 ...and by running a lean and nimble organization... LARTA FINANCIALS IDEAS ENERGIZED17 IDEAS ENERGIZED 18 For us being lean is not just a concept. It denotes a commitment to the bottom line and our mission. In 2014 only 18 of our expenses originated from GA and Fundraising and 82 from commercialization services in other words from direct assistance to the entrepreneurs in our portfolio. With 87 of our revenue coming from contract services rather than contributions and conference fees Larta continues to be self-sustaining. Empowering and retaining a good team is a cornerstone of our practice. Larta team members enjoy a competitive benefits package including health coverage transportation subsidies professional training and year-round team bonding and development activities. LARTA FINANCIALS Steve Lynchs Toolwire programs have been used by over 500000 learners in 71 countries benefitting from over 100 million minutes of real life experience and training. ELLIOT GORDON LARTA BOARD MEMBER The fact that 82 of our expenses stem from program services demonstrates that Lartas efforts are focused on helping our companies be successful. IDEAS ENERGIZED19 SELF-SUSTAINING SOURCES OF REVENUE 87 CONTRACTED SERVICES 8 CONFERENCE FEES 5 CONTRIBUTIONS DONATIONS DISTRIBUTION OF EXPENSES 82 COMMERCIALIZATION PROGRAM SERVICES 8 FUNDRAISING DEVELOPMENT 10 GENERAL ADMINISTRATIVE 2014 inside numbers LARTA FINANCIALS With 87 of our revenue coming from contract services rather than contributions and conference fees Larta continues to be self- sustaining. LARTA FINANCIALS IDEAS ENERGIZED 20 ...we have earned trust and respect from our clients our companies and our network. OUR PROFESSIONAL RELATIONSHIPS IDEAS ENERGIZED21 5COMPANY ACQUISITIONS AND MERGERS IN 2014 IDEAS ENERGIZED 22 The last two decades have been a labor of love for us at Larta. We have designed and managed commercialization programs that are constantly being refreshed by the realities of a dynamic changing marketplace. We have consistently raised the bar. Our clients partners members of our network and the entrepreneurs we serve have come to expect a standard of excellence that we pursue with passion. This means that we invest our time and expend the effort to keep our model and our work refreshed ahead of the curve. The network keeps growing as we believe it should if we are fulfilling our promise. In 2014 we welcomed five new Industry Advisory Board members four from Fortune 500 companies. OUR PROFESSIONAL RELATIONSHIPS Solums soil analysis line acquired by The Climate Corporation in Feb 2014 Advanced Circulatory Systems acquired by Zoll Medical in Dec 2014 Lift Labs acquired by Google in Sept 2014 Aframe Digital acquired by Neos Technologies in Dec 2014 2014 COMPANY ACQUISITIONS AND MERGERS Nell Caraway Co-Founder and CEO of Iris Media which provides professional development courses for educators parents and ID specialist on DVD and online. Gel-Del merged with Petvivo IDEAS ENERGIZED23 OUR PROFESSIONAL RELATIONSHIPS 20 INVITED TO PARTICIPATE IN THE AG INNOVATION SHOWCASE 1 RECOGNIZED AS A CNN TOP TEN INVENTION IN 2014 10 INVITED TO PARTICIPATE IN BIOS INNOVATION ZONE 7 RECEIVED TIBBETTS AWARDS 2014 AWARDS DISTINCTIONS FOR LARTAS PORTFOLIO COMPANIES Five of our alumni companies were acquired or merged. Our alumni and current portfolio companies received nearly forty awards and distinctions in 2014. In 2014 we succeeded in receiving a vote of confidence from existing and new clients Larta won four publicly competitive federal contract bids to work with the National Institutes of Health NIH SBIR Phase II companies U.S. Department of Agriculture USDA SBIR Phase II companies the National Institutes of Standards and Technology NIST SBIR Phase I and II companies and the United States Agency for International Development USAID for the Water For Food challenge through contract with DAI. Combined with our existing contracts with the National Science Foundation NSF and our global partner contracts with the Romanian American Foundation RAF for RICAP and Malaysian Biotechnology Corporation BiotechCorp for the Bioeconomy Accelerator program we are reaping the benefits of our laser- focused work in the commercialization of technologies that fuel the world feed the world and heal the world. NIH USDA NIST DAI USAID CONTRACT BIDS WON IN 2014 IDEAS ENERGIZED 24 SCOTT DOCKUM SBIR PROGRAM COORDINATOR USDANIFA Larta continues to provide great leadership and mentoring capabilities to our Phase II Grantees. Larta has also gone over and beyond in developing new opportunities for USDA SBIR grantees through their vast network and through inclusion in the Ag Innovation Showcase. 4PUBLICLY COMPETITIVE FEDERAL CONTRACT BIDS WON 38COMPANY AWARDS DISTINCTIONS IN 2014 IN 2014 HealthSpot supports a board-certified remotely located doctor with an on-site medical assistant that can render diagnosis and treatment via high-definition video conferencing and interactive digital medical devices. By focusing on what matters most... IMPACT EASE OF DOING BUSINESS IDEAS ENERGIZED25 IDEAS ENERGIZED 26 What matters most to us is two-fold ease of doing business with us and ensuring that our work has impact. We have built a collection of tools and apps which are both practical and effective at ensuring that the experience of commercialization under our model is different enough for each individual entrepreneur each advisor each client such that they get from the programs what they need. At the same time we ensure that we build a body of knowledge that incorporates their concerns their individualized approaches and the counsel and guidance by the network of people engaged in the various programs. Each successive group of entrepreneurs has this pool of knowledge and experience to draw from through the people they work with and through the resource function we have designed into our portal. Feed Forward feedback sessions and Commercialization Training Workshops CTW are chief among our actions that create impact among our portfolio companies. Creating points for our companies so they may begin to visualize their road to commercialization and pivot their approach appropriately is the inspiration for our actions. This is also true for the nuts and bolts of communication in all aspects of the business. Last year we instituted many new features and improvements on the Larta Portal an online realization of our network-centric model including the all- IMPACT EASE OF DOING BUSINESS JOHN VASSILIADES LARTA PRINCIPAL ADVISOR The Larta organization and its independent team of experienced advisors and sponsors can rapidly accelerate the growth of a company whose resources do not enable it to go it alone. IDEAS ENERGIZED27 IDEAS ENERGIZED IMPACT EASE OF DOING BUSINESS LOUIS M. SCARMOUTZOS LARTA PRINCIPAL ADVISOR Lartas website and portal tools make it extremely convenient and easy to track and record interactions with client companies. Larta has certainly made an indelible impression on the entrepreneurial community both practical and inspirational. important issues of invoicing and accounting keeping the entire system of rewards and compensation straightforward and transparent. To further emphasize the importance of the knowledge pool we developed a new Deliverables and Activity Reporting platform to more easily and clearly track company progress and Principal Advisor activity. In focusing our attention on the automation of some of the processes we fine-tuned our algorithms to enable companies and advisors to more easily find each other. We also introduced LartaLink our online meeting and messaging app. In January of 2014 we launched a redesign of two websites larta.org and agshowcase.com. Larta.org reflected the new brand and look we developed in 2013. Both websites are easy to navigate and create an at-a-glance understanding of our impact. We look toward 2015 to further expand our communication reach with our website our blog VOX and a new External Relations team. IDEAS ENERGIZEDIDEAS ENERGIZED 28 ...and sharing our value proposition and passion for innovation... OUR GLOBAL BRIDGE PROGRAM IDEAS ENERGIZED29 30ROMANIAN STARTUPS ASSISTED IN 2014 IDEAS ENERGIZED 30 Starting in 1997 we have expanded and enhanced our Global Bridge program across many parts of the world. In line with our commitment to increasing the competitiveness of the regions we serve and that of our international partners we work with them to recruit and engage local mentors and to build their own support infrastructure while tapping into our network on an ongoing basis. This approach builds lasting relationships and increases the effectiveness and reach of our own network-centric model. In 2014 our program in Romania RICAP Romanian Innovation Commercialization Assistance Program saw 30 entrepreneurs participate in a commercialization assistance program that OUR GLOBAL BRIDGE PROGRAM VLAD STANCIU FOUNDER ROSENC RICAP was an incredible eye opener. We met great people who provided incredible support with both expertise and motivation The U.S. advisor and local mentor provided a wide variety of available connections and introduced us to potential strategic partners and offered long-term support. Dr. Mohd Nazlee Kamal CEO Malaysian Biotechnology Corporation IDEAS ENERGIZED31 IDEAS ENERGIZED OUR GLOBAL BRIDGE PROGRAM featured local mentors shadowing U.S.-based Larta mentors. This was the result of a novel partnership with CRIDL a Romanian non-profit organization supported by Lartas regional partner GEA Consulting and sponsored by the Romanian- American Foundation. We also designed a curated week-long U.S. immersion visit which we call a Soft Landing for two entrepreneurs Green WaterNano Technology and Wyliodrin. In 2014 Larta also partnered for the third time since 2009 on a commercialization initiative with the Malaysian Biotechnology Corporation BiotechCorp. The program referred to now as the Bioeconomy Accelerator Program mentors 20 companies drawn from the human life sciences and agriculture mainly food and nutrition and features the customized coaching and mentoring program for which Larta is well known. This is an integral part of Malaysias self-designation of a bioeconomy agenda for the country. DAVID OLSON LARTA PRINCIPAL ADVISOR The program allowed Romanian start-up firms to be exposed to investors and markets outside of Romania including the U.S. I would welcome the opportunity to participate in future initiatives and programs with CRIDL and the RICAP program. AUSTRALIA BRAZIL CANADA CHILE CHINA COLOMBIA FINLAND ISRAEL JAPAN KOREA MALAYSIA NETHERLANDS NEW ZEALAND ROMANIA RUSSIA SAUDI ARABIA SERBIA SWEDEN UNITED ARAB EMIRATES UNITED STATES URUGUAY VIETNAM COUNTRIES THAT HAVE RECEIVED LARTA ASSISTANCE IDEAS ENERGIZED 32IDEAS ENERGIZED ROMEO VASILACHE SENIOR DIRECTOR ROMANIAN-AMERICAN FOUNDATION RICAP brought Lartas international expertise to Romania opening an entire global network to local entrepreneurs while providing capacity building opportunities to the local partner CRIDL. Romanian talent benefited from the highest standards of guidance and mentoring in addressing the challenges they face. AROUND THE WORLD 2SOFT LANDINGS IN 2014 Larta has given commercialization assistance to companies in 22 countries with global industry connections in 47 countries ...we will continue to solidify our reputation as a leader in charting the application of innovation in our world. IDEAS ENERGIZED33 IDEAS ENERGIZED 34 SOCIAL IMPACT A year of social impact IDEAS ENERGIZED35 IDEAS ENERGIZED 23 For small- and medium-size farms in the Himalayan mountains of Nepal watering crops can be a challenge. Irrigation solutions such as diesel- and solar-powered pumping exist but are not sustainable requiring constant repairs re-fueling or a large upfront investment. Simple solutions are needed to help farmers keep crops watered. CHALLENGE SOLUTION AQysta a Netherlands company is dedicated to bringing simple yet effective solutions to the problems small farmers in Nepal experience irrigating their crops. This innovative company designs and deploys technological solutions in an environmentally and economically sustainable manner while simultaneously empowering people with products that make a difference not for just the developed world but for everyone. To address the irrigation needs of smallholder farmers in Nepal aQysta has developed a low-cost no-energy irrigation solution. The hydro-powered Barsha pumps offer round-the- clock irrigation powered by flowing water. Requiring very little maintenance the pumps can help farmers double crop yields. Barsha pumps have a life expectancy of 10 years. SOCIAL IMPACT PRATAP THAPA CO-FOUNDER AND BUSINESS DEVELOPER AQYSTA The Larta workshop I attended on business modeling for emerging markets was full of insights from experienced people and organized and delivered in a very profound way. IDEAS ENERGIZED 36 2014 HIGHLIGHTS Our ag practice is maturing IDEAS ENERGIZED37 330MRAISED BY PRESENTING COMPANIES Over the last five years Larta Institute has developed a reputation and acclaim for its work in agricultural innovation. Starting with our work with the USDAs SBIR program we also design and co-produce the respected Ag Innovation Showcase which marked its sixth anniversary in 2014. With the help of our sponsors we organize a quarterly series in Silicon Valley under our Global Ag Innovation Network GAIN platform featuring innovators and experts in specific areas of interest and concern to the new increasingly fertile area of agriculture. Our work in the new ag is just beginning. We expect to take GAIN on the road in 2015. GLOBAL AG INNOVATION NETWORK GAIN Larta Institute took over GAIN and turned it into a national platform addressing all aspects of ag innovation in intimate 50 person quarterly meetings. Larta completed our first quarterly GAIN series in 2014. SINCE 2009 AG SHOWCASE PAMELA MARRONE PH.D. FOUNDER AND CEO MARRONE BIO INNOVATIONS The Ag Innovation Showcase is a leader in ag events. Its mix of large companies with startups NGOs and investors create a dynamic energy not seen at other meetings. IDEAS ENERGIZED 38 83OF PRESENTERS FOUND NEW LEADS 6ACQUISITIONS 110INDUSTRY TECHNOLOGIES VETTED SINCE 2009 AG SHOWCASE MATHIAS MULLER PH.D. MBA DUPONT PIONEER LARTA INDUSTRY ADVISORY BOARD MEMBER Lartas setup and organization year after year of the Ag Innovation Showcase has created a unique forum for emerging companies entrepreneurs and strategics to connect in a climate that fosters the formation of new collaborations and alliances in support of agricultural innovations. 2014 AG INNOVATION SHOWCASE AUDIENCE 19 ENTREPRENEURS 18 INVESTORS 23 CORPORATE 20 NON-PROFIT UNIVERSITY 15 PROFESSIONAL SERVICES 4 GOVERNMENT ATTENDEES FROM 12 COUNTRIES AND 32 U.S. STATES SINCE 2009 AG SHOWCASE SINCE 2009 AG SHOWCASE 2014 HIGHLIGHTS 2014 HIGHLIGHTS National Advisory Council on Innovation Entrepreneurship IDEAS ENERGIZED39 In September 2014 Penny Pritzker U.S. Secretary of Commerce announced the selection of a new group of members of the National Advisory Council on Innovation and Entrepreneurship NACIE including Larta CEO Rohit Shukla. The council whose members serve a two-year term is a dynamic group of successful entrepreneurs innovators investors and leaders from the private public and academic sectors who have demonstrated leadership in entrepreneurship innovation enterprise initiatives and commercialization. The councils charge is to identify and recommend solutions to issues that are critical to driving the innovation economy in the U.S. including enabling entrepreneurs and firms to successfully access and develop a skilled and globally competitive workforce. Rohit Shuklas appointment to the council firmly positions Larta Institute on the national stage. Mr. Shuklas practical experience and established thought leadership in innovation and commercialization made him an excellent choice for NACIE. His active participation is a key factor in advancing our nations economic growth and prosperity. JULIE LENZER KIRK DIRECTOR OFFICE OF INNOVATION ENTREPRENEURSHIP IDEAS ENERGIZED 48IDEAS ENERGIZED 40 COMPANY HIGHLIGHTS Every year in every CAP there are scores of companies whose innovations should be shouted from the mountaintop. IDEAS ENERGIZED41 IDEAS ENERGIZED 42 Record keeping can be problematic for farmers who are stretched for time. The lack of sufficient harvest records frequently limits farmers abilities to engage with commercial buyers who require a level of organization and transparency not required for direct-to- consumer sales. This prevents many small farms from participating in their local and regional supply chains. AgSquared is a provider of cloud-based farm management software for small farms. It has developed easy-to-use tools for successful farm planning management and record keeping at a low cost as well as tools that connect growers to the marketplace. In 2014 the co-founders went through Lartas USDA CATP to improve upon their mobile farm-planning app. AgSquared more than doubled its user base in two farming seasons 2013 and 2014. Improve upon farmers data capture platform with a mobile application that allows them to quickly and easily capture information about how much of each of their crops they have harvested directly from the packing house or the field on their mobile device. The information captured automatically ties to all of the crop production information captured in AgSquared streamlining their sales operations and helping them achieve transparency with their buyers. CHALLENGE SOLUTION COMPANY HIGHLIGHTS JEFF FROIKIN-GORDON CO-FOUNDEROWNER AGSQUARED Lartas excellent network of advisors took the time to truly understand the opportunities available to our company and the challenges that as an early stage startup we invariably face. They helped us think strategically about how to capitalize on our strengths to grow our business. Drones have the potential to be great tools for hard-to-reach infrastructure inspections but the technology requires highly skilled operators to avoid collision. CHALLENGE In 2014 SkySpecs an early-stage drone company based in Ann Arbor Michigan joined Lartas NSF CAP1 program to write a business plan to take them into Phase 2 of the program. SkySpecs has developed an add-on hardware-software product that transforms small crash-prone drones into safe useful tools by allowing the operator to focus on the objective rather than the nearby obstacles. The company was featured in early 2015 at Consumer Electronics Show in Las Vegas and subsequently in the Wall Street Journal as one of six drone companies to watch. Create a drone experience that allows an average skilled operator to fly with confidence in close proximity. RYAN MORTON PARTNER AND CHIEF TECHNOLOGY OFFICER SKYSPECS Our product faces some tough technical societal and regulatory hurdles before it can make the world a safer place. Mark Juergensen our Larta mentor has been very supportive with candid feedback and advice on how to take this technology to the market. SOLUTION IDEAS ENERGIZED43 COMPANY HIGHLIGHTS COMPANY HIGHLIGHTS IDEAS ENERGIZED 44 COMPANY HIGHLIGHTS IDEAS ENERGIZED45 IDEAS ENERGIZED 46 11 million Americans suffer from essential tremor or Parkinsons disease and are unable to perform many everyday and necessary tasks such as fitting a key into a lock and turning it or feeding themselves. Lift Labs a San Francisco company in Lartas 2012 NIH CAP designed a high-tech spoon soup spoon and fork to make it easier for people with neurodegenerative tremors to feed themselves. Many patients with tremors are isolated as a result of the limitations their tremors place on them. Lift Labs eating utensils sought to remedy self-isolation. The utensil design allows people suffering from diseases such as Parkinsons to function independently at the breakfast lunch and dinner table. In 2014 Google acquired Lift Labs integrating the small startup into Google Life Sciences. Design a new class of devices to assist the millions of individuals suffering from progressive neurological disorders. First stop create vibrating eating utensils that counteract the tremors with a series of little swivels and steady the utensil enough for individuals to feed themselves. CHALLENGE SOLUTION COMPANY HIGHLIGHTS The people who champion innovation. THE INSIDE STORY IDEAS ENERGIZED 48 A MESSAGE FROM THE PRESIDENT CFO DEAR FRIEND OF LARTA I hope this report provided you with a good summary of what our 2014 was like but above all we hope it helped you to better understand and connect with our story and our mission. 2014 was another sound financial year for Larta. It also marked our third year functioning as a dual non-profitfor-profit entity. We began seeing the benefits to the advancement of our mission that we first envisioned when we set out to build this structure. From our for-profit arm engagements we have been able to grow a robust financial reserve for the entire organization which has enabled us to further explore the option of investing directly in some of the companies we work with. Creating the opportunity to walk together with our companies farther along their journey and offer our services to companies that are outside of our contracted programs through fully integrated acceleration efforts continues to be at the top of our priorities for the coming years. Last year was also our first year wearing our new branding. It takes time to feel fully comfortable in a new suit but we are there now and feel at ease in our new skin. We recognize that there is still work to do to solidify our branding and external message this report itself is a key part of such an effort so we began a search for a seasoned Communications Director whom we hired in early 2015 and with whom we have set an ambitious plan to extend the reach of our message. Keep an eye out for the next evolution of Vox our in-house blog as well as our outreach to the media. Throughout all the new projects and initiatives we undertook in 2014 we kept true to our network- centric methodology working hard to strengthen the vast network of resources we put to work for the benefit of our entrepreneurs. We engaged five new Industry Advisory Board Members four of whom represent Fortune 500 companies we entered into collaborative agreements with various local partners in foreign countries and continue to refresh our roster of expert mentors. Our efforts paid off we won several publicly competed contracts from agencies in the U.S. and abroad. Overall we are positioning ourselves for the next wave of growth for Larta because we know its time to take our expertise to the next level. My expectation is that the next five years will be transformative ones for us. Thank you for being a part of our journey. We are where we are because of the dedicated professionals of our staff the innovative companies in our portfolio and our inspiring and powerful network. CONSTANZA PACHON PRESIDENT AND COO LARTA INSTITUTE AND SUBSIDIARIES Larta is a team of bright energetic and committed professionals helping to create and grow innovative companies with products and services that in many ways help make the world a better place. ROBERT ASHLEY Chairman of the Board BOARD OF DIRECTORS New and early stage companies provide energy and dynamism to the economy. Larta helps those companies succeed and grow. ELLIOT GORDON Board Member The Larta Institute team is inspiring new entrepreneurial growth around the world. Its value as a strategic partner and advisor to businesses governments and academia is recognized globally as best-in-class. TIM J. COOLEY Board Member The distance between the convergence of human capital and technology capital has been significantly reduced by Lartas impact. SHEZAD ROKERYA Board Member THE LARTA TEAM Larta is a calling for me. 21 years and counting. Im proud of what weve achieved and honored to be able to guide its future. 2015 is another pivotal year a leap forward made possible by another solid track record in 2014 ROHIT SHUKLA Founder and CEO CONSTANZA PACHON President and COO In 2014 we proved ourselves once again as Larta competed for several publicly competitive solicitations for multimillion-dollar multi-year contracts and won We humbly accept this vote of confidence from national and foreign agencies because it reaffirms for us how important it is to champion innovation and invest in the continuous improvement of our offerings. IDEAS ENERGIZED49 IDEAS ENERGIZED 54IDEAS ENERGIZED 50 2014 saw the implementation of several global programs with Malaysia and USAID adding NIST to our roster of federal agency clients and welcoming several new corporate partners to our Industry Advisory Board. Im enthusiastic to see the launch of new international projects in 2015 as a result of the partnerships weve been actively developing for the past 6 to 12 months. CARLOS GUTIERREZ Chief Strategy Officer We celebrated the 10th anniversary of Lartas flagship program NIH CAP a milestone that marks our teams commitment proficiency and experience in the Life Sciences industry. I look forward to continuing building our programs with robust content tools and expertise for our companies. JUDY HSIEH Senior Programs Manager Excellent improvements were made to both our public facing websites portal networking tool and IT infrastructure in 2014. I look forward to continuing our trajectory and identifying additional opportunities for growth. MIKE TECSON Senior Software Engineer With the start of many new programs in 2014 the organization continued its commitment to running as lean and efficient as possible. I look forward to the continued enhancements to our operational model which will further strengthen our platform for all of the new initiatives in 2015. ASHLEY MOLINA Operations Manager Last year marked five years of our NSF Phase I Commercialization Assistance Program and the first year of working hands-on with Romanian entrepreneurs. For 2015 I look forward to continued engagement with our partners domestic and abroad and to strengthening these relationships. MARCO HENKEL Programs Manager 2014 brought new challenges and opportunities with the consolidation of our agricultural programs. In 2015 I look forward to leading and strengthening our presence as a thought leader in the Ag Industry. SUSANNA LEE Programs Manager 2014 was a busy year from refreshing our larta.org website to developing our new networking web tool LartaLink. I look forward to continuing to enhance our IT systems to allow for even better interaction among our network of people. ALLAN TANG Lead Software Engineer Working with entrepreneurs to help them realize their vision has been an extremely gratifying experience. In 2015 I look forward to continuing this work and expanding our presence in the world of innovation. VIVIANA LIMON Programs Associate Thank you to our sponsors LARTA SPONSORS IDEAS ENERGIZED51 LARTA.ORG