Launch a Faculty-Led Startup
Economic development and intellectual property commercialization are an important part of the University鈥檚 overall research mission. 蘑菇tv has procedures in place that permit 蘑菇tv faculty and employees to start companies utilizing technology they developed at 蘑菇tv.
Resources for Startups
Essentials to Establishing a Technology-Based Company
Having a protected product or process that is new and/or superior to anything currently
in the marketplace
Creating a management team well-versed in start-up and business operations
Access to sufficient capital and adequate facilities
Utilizing available, low-cost, experienced business assistance
LUCK and HARD WORK!
Policies for Faculty Startups
蘑菇tv employees wishing to start a new business should consult with his/her supervisor and other appropriate individuals to ensure all University policies are being followed. An 蘑菇tv employee starting a new business while retaining his/her 蘑菇tv position must manage potential conflicts of interest and conflicts of time commitment. Important 蘑菇tv policies that 蘑菇tv employees must comply with are:
PM - 11 - "Outside Employment of University Employees"
PM - 67 - "Contracts between the University and its Faculty Members"
PS - 98 鈥� "Disclosure of Financial Interests"
Managing Conflict of Interest in Faculty-Owned Companies
Keep your company activities separate and distinct from your 蘑菇tv employee activities.
Expect your company to be treated exactly like any other company. The fact that it
is partially owned by a 蘑菇tv faculty member does not give it any special privileges.
Do NOT involve your current students in your company.
Do NOT use 蘑菇tv facilities, equipment, supplies, etc. unless covered by a formal written
contract.
Licensing 蘑菇tv Technology
To license a technology contact ITC. As with any other company interested in commercializing an 蘑菇tv technology, your company must negotiate a license.
Your company will need to have a business manager who is not affiliated with 蘑菇tv to negotiate the license. As an 蘑菇tv employee, you may not negotiate with 蘑菇tv on behalf of your company. Before the license can be signed, the 蘑菇tv faculty inventors/company founders must obtain PM-11 and PM-67 approvals.
If your company does license an 蘑菇tv technology, it can expect the license to contain any or all of the following financial considerations:
- An initial licensing fee
- Royalties on sales
- Patent and future cost reimbursement
Equity - Milestone payments
- Royalties from sublicenses
- At the appropriate time, your company must acquire insurance, which names 蘑菇tv as a co-insured, in an amount suitable for your company鈥檚 industry.
Company Documentation
A company wishing to license 蘑菇tv technology must be prepared to work towards commercializing the technology. 蘑菇tv requires the following documentation in considering a potential licensee:
- Certification of Incorporation
- Formation Documents
- Capitalization Charts
- Business Model Canvas
Research & Development
Your business plan should include space and equipment to meet R&D needs. Further R&D of the licensed technology may not be conducted in your 蘑菇tv lab, unless, as any outside company, your company provides support/sponsored research for the technology.
Financing Your Company
Private Resources (Family, Friends, Angel Investors, Venture Capital)
Disclose an Idea, Invention or Discovery Technology Disclosure Form
As soon as you believe you have conceived a new technology, submit a Technology Disclosure to Innovation & Technology Commercialization (ITC). All blanks in the form should be completed and drawings and supporting data should be attached.
Upon receipt of your Technology Disclosure Form, ITC will contact you to discuss a plan for managing your technology. ITC will work closely with you during the disclosure evaluation process and provide guidance on prior art searching, market evaluation, and commercialization strategies.
Disclosures that meet certain criteria will be assigned to patent attorneys, who in close consultation with you and ITC, will prepare, file, and prosecute patent applications until issuance of a patent (or abandonment).