Commercialization via Start-up Company

Increasingly, at universities, faculty, staff and students are interested in seeing their research results reach the marketplace by starting a new company rather than the more traditional way of licensing the technology to an existing company. The Technology Transfer Office staff is prepared to assist in this process by offering the following services:

1. Identification of Commercialization Options: Through an initial meeting and follow-up, the Technology Transfer Office staff learn about the business opportunity and discuss various ways to move it forward. Technology Transfer Office staff present and discuss the attached Check list of issues for a start-up company at FSU.
2. Business Opportunity Analysis: Following an agreement to work together, Technology Transfer Office staff will work with the researcher to understand the research background and its applicability to particular markets. A Business Opportunity Document will be prepared which, in 1 -2 pages, describes: the opportunity (how the products will make money); the technology; the intellectual property situation; the products/services arising from the technology; the markets; the commercialization process; and next steps.
3. Preparation of a Commercialization Plan: A brief document outlining why a start-up company is appropriate, how ownership might be apportioned, legal incorporation of a company; company site, financing of the company, Business Plan preparation, and company management.
4. Dealing with the University: The Technology Transfer Office staff can assist researchers to address and resolve the following issues:
   
   • internal FSU sign-off/information to appropriate administrators.
   • how to provide a portion of commercialization proceeds to all parties who have such an expectation - students, other faculty, the University.
   • FSU may have an interest in the intellectual property through policy or prior funding. This needs to be resolved and documented in an agreement.
   • structural relationships with FSU - will FSU hold equity, will the company launch initial activities while housed at the university, technology transfer into the company, etc.?
5. Preparation of the Business Plan: A plan is required to run the company, and provide performance milestones for any license. Technology Transfer Office staff can assist researchers in its preparation. A plan normally discusses how the necessary human and financial resources can be gathered to create a product flow, which is put into the market to satisfy a need and create a cash flow which allows the company to survive and grow. This document is an expansion of the Business Opportunity Document, but provides more description, details the financial projections including cash flow, as well as describing the investment opportunity. Such a plan has a series of action plans for product development; market development including sales and marketing; obtaining investment; strategic partnering, etc. There must be specific information about governance (Board of Directors) and advice (business mentors and advisors). The plan is prepared by the individuals who will manage the company. The Technology Transfer staff can provide comments on a draft plan.
6. Launching Company Activities: As company activities increase, hands-on involvement by the Technology Transfer Office will decrease - - the sooner the company has its own employees and advisors, the better it will survive in the marketplace. The Technology Transfer Office will monitor company activities in a manner which is negotiated and can continue to provide advice and assistance as mutually agreed upon.