Spin-off companies establishment process in Universities and Research institutions
Subject Areas : Technology Development Infrastructures and Supporting organizationsKeywords: University Spin-off Companies, Establishment Process, Research Commercialization,
Abstract :
University spin-off companies can be established based on research findings with contribution of relevant research groups and probably parent universities and research institutions. These companies are considered one of the most important mechanisms for research commercialization and most profitable for parent institutions and on the other hand will cause economic development. This article is aimed to submit a university spin-off establishment process for use in universities and research institutions. To prepare this guide line the findings from papers in addition of current process that are used in other countries universities with successful experience in research commercialization and spin-off creation has been used. The following steps are defined as spin- off company creation process: Primary decision for spin-off creation (Idea generation and opportunity identification), Primary evaluation of spin-off creation feasibility, Primary approval of universities and research institutions for spin-off creation, Search for executives and agreement with them, Primary search for partners and investors and negotiation with them, Preparation of the main business plan, Evaluation of the main business plan by universities or research institutions, partners and investors, Definition and formation of company management structure and registration of company, Final agreement with partners and investors about the amount and manner of their participation and equities, Technology licensing from universities or research institutions, Universities or research institutions approval for attendance of founder researchers in company according to agreed plan, Preparation of company legal documents, Definition and formation of company board of directors.