When an innovation is developed at the University, there are a number of potential avenues for “transfer” of the innovation to the private sector. Depending upon the objectives of the faculty member(s) or student(s), this may range from simply publishing the information to starting a spin-off company.
Research Collaborations
As most University innovations are considered early stage (i.e. not ready for commercial use or perhaps too advanced for the market) many University researchers are looking at the option of forming research collaborations. This is a popular commercialization avenue because commercial partners bring expertise and market feedback often not available within the confines of a research laboratory, and are often willing to fund the research in return for some sort of access to the results.
Aside from the great two-way flow of information, one of the main benefits researchers receive is the development of a solid relationship with an industrial partner(s). Once the innovation is complete and ready for the mainstream, chances are that the industrial partner(s) will license the technology to make the innovation available to their customers. These license deals tend to go pretty smoothly, as the licensee is already familiar with the technology, the inventors, and the University.
Licenses
One of the main functions of UVic Industry Partnerships is to assist faculty with negotiating license agreements and option agreements with industrial partners. We have experienced staff and providers to help valuate the intellectual property being licensed or optioned, and adhere to the ethics standards set out by the Licensing Executives Society, AUTM and the National Acadamies of Science.
Spin-off Companies
Spin-off companies can be an excellent way to transfer innovations from a University environment to the private sector. These are typically most successful when:
a) a solid team is put together with a mix of technical and buiness expertise
b) the team members work well together, and have the same vision for how to operate the company (e.g. a bad combination is one founder wanting a “lifestyle” business whereas another has aspirations for an “IPO”)
c) the innovation or technology is “platform” in nature, meaning many products or services are possible as a result of the innovation
d) the founders are willing to “put skin in the game” by investing themselves or getting their own friends and family to invest in the first round
e) there is a clear and identified market need for the product or service
There are of course dozens upon dozen of other factors which will afffect the outcome of a spin-off venture such as choice of business model, timing, competition, regulatory issues etc., however, in our experience these identified items in the above list are critical.
Faculty, staff or student that feel they have a concept for a start-up should come and speak with staff at UVic Industry Partnerships. We have working experience starting companies, obtaining access to project funding and tax credits, and arranging for new companies to get access (when appropriate) to UVic developed intellectual property.
Lastly, our office operates a local Angel Network in partnership with VIATeC, and works closely with the British Columbia Innovation Council (BCIC) on their programs to encourage the development of new BC high-tech companies. Depending upon timing and the quality of the business opporutunity, some start-up capital and mentorship may be available through the Entreprenuership@ program sponsored by BCIC.