AURORA | The leader of the Colorado Institute for Drug, Device and Diagnostic Development is stepping down at the end of 2014.
After helping to launch the life science-focused nonprofit in 2009, Kevin Smith, CEO of CID4, is retiring from his post as a part of a planned retirement.
“I’ve invested about seven years of my life into this project and I’m really proud of where we are,” Smith said. “I’m indebted to the all of the people involved.”
Smith cited wanting to spend more time with his family and the end of the organization’s first five-year plan as the central reasons for his resignation.
He was appointed to the position by CID4 founders Rick Duke, chief scientific officer of CID4, and Denise Brown, former executive director of the Colorado Bioscience Association, for his managerial experience in medical device companies and the time he was able and willing to commit to the project, according to Duke.
“There was a need for project management and to put together an organization that would fund technological innovations and bring management expertise to that technology,” Duke said. “Kevin came on board because he has experience in large companies and organizations on the medical device side. He basically put together all the pieces — assembling the mechanisms of different funding companies, putting together management teams and the organization itself.”
Under Smith’s leadership, CID4 invested approximately $3 million into nine early stage life science companies. In turn, those companies invested an additional $30 million and created 85 jobs to further the development and implementation of their patient-based
technologies.
Those numbers were achieved at the end of 2013, according to Smith, who said that they are on target with CID4’s initial goals, which were laid out when the organization was founded.
Going forward, Smith said he would like to see CID4 increase its footprint and expand the number of companies the organization mentors. Currently, the nonprofit has 20-30 “very intense” mentoring relationships, according to Smith.
“In 10 years, I’d like to see us be three or four times our current size in terms of our operating budget, continue to invest in 2-3 new technologies each year, and netting a gain from our portfolios.”
Above all, Smith said he wants CID4 to focus on diversifying its revenue stream and lessening its reliance on state funds.
Currently, CID4 operates largely off of state grants from organizations such as the Colorado Office of Economic Development and International Trade. CID4 received more than $1.3 million in grants from the COEDIT last year.
Duke echoed Smith’s sentiment on varying the organization’s funding, and acknowledged the difficulties associated with accomplishing that, particularly locally.
“There was a sense when we put the organization together there would be some interest from CU and the City of Aurora to support an effort like this,” he said. “We clearly need to have some additional support from the community, but because the way our grant works with the state, it makes it a bit hard because we have a statewide mission, which makes it hard on a local level. The thinking is, ‘why should I invest in CID4 if they’re going to invest in a company in Fort Collins?’ That’s been a challenge.”
To combat that stigma, Duke said that there has been a recent push for CID4 to focus more on becoming a regional entity as opposed to one that encompasses all of Colorado.
The organization is accepting applications through the end of January to fill Smith’s role, which will see its title change from CEO to executive director.
“CID4 is well positioned for its future and we believe the new Executive Director position will strengthen our alignment with the State of Colorado in our mutual quest to create new jobs and business opportunities within the dynamic life science sector of advanced industries,” Steve Orndorff, chairman of the CID4 board, said in a statement.
Smith will lend a hand in the on-boarding process of CID4’s newest leader and will continue to serve on the organization’s board after stepping down.
As the CEO of Sapphire Technology, the company that prevailed in 2014’s solicitation with funding and management assistance from CID4, I have nothing but high regard and esteem for Kevin Smith and the entire CID4 organization. Although the investment CID4 is making in Sapphire is highly critical to our success as we endeavor to bring to market a new and innovative dental composite instrument line, I surmise the mentoring we receive along the way will prove equally if not more important to us in the long run. Although I will profoundly miss Kevin once he steps down from his role with CID4, I forever wish him all the best as he transitions into his next life phase!