9 Steps to Navigating VCU’s Start-up Process
Creating a start-up can be complex – and spinning a new venture out of a University can be an even more intense experience. But TechTransfer and Ventures is here to help at every step of the way. We will walk you through this journey. Below, you can get a sense of each step to get an overview of what you can expect, along with links to get you moving. Check out the success of our existing start-ups. To get started, you’ll need to handle Steps 1 and 2. If you get lost on Step one, just reach out to us.
Step 1. Disclose your invention and protect your technology
This is step one, regardless of the route to commercialization. Remember: If you are faculty or research staff, VCU owns the technology, and you’ll need to license it from VCU to start your company.
Make sure you work with TechTransfer and Ventures to file a patent application on the invention before you publish or present anything. Once your technology or idea is in the public domain, it cannot be protected. In most cases, start-up companies cannot attract funding if their core technology doesn’t have strong patent protection.
> Take the first step: Disclose your Invention.
Step 2. Schedule your initial start-up meeting
After disclosing your technology, come meet to review the basics of VCU’s “spin out” process. We can help you build a business model, if needed, or review any plans you may have (in whatever form they may be — we can help get you organized).
Start-ups also change and evolve – it’s what keeps things exciting. We can schedule regular meetings or check-ins to keep you safe and set you up for success.
> Schedule a meeting: Email techtransfer@vcu.edu.
Step 3. Develop a high level business model
If you want to commercialize your technology through a start-up company, you should first evaluate its potential viability. Start-ups are an exciting but risky business, so taking the time to outline your company’s business model is an important first step. This process helps you reduce risk from the start, and increase your chances of success.
> Need help? If you need help with a business model, the TechTransfer and Ventures venture director can provide you with examples and templates. Discuss your goals with us at our initial meeting. You can also view this free course on Udacity around building a start-up and creating a business model.
Step 4. Review conflicts of interest and report financial interest disclosure
If you are faculty or research staff, the start-up you’re considering is likely related to the research you’re working on at VCU. Make sure you understand conflict of interest (COI) issues. A COI is not inherently bad, but it needs to be identified and managed.
In addition, you will need to report financial interests of all investigators who have responsibility and independence in the design, conduct and reporting of research.
> Review COI in Research here. Schedule a meeting with the team by emailing AIRS@vcu.edu. Again, your TechTransfer and Ventures licensing manager will guide you through this process at the proper time — if you’re just getting started, there’s no need to do anything now.
Step 5. Meet with your chair to review the time-away policy and get approvals
Your start-up may require some time away from your position at VCU – so you need to get approval from a few people. Meet with your department to review the Outside Professional Activity (OPA) policy, discuss your intent, and get approval for your time commitment. Remember: even if your start-up takes you away from your work at VCU, creating new knowledge and forming new ventures is also part of the reason you’re here!
Step 6. Legally form your company
Legally establishing a new company is a fairly simple process, but there are things to consider. When the time is right, we’ll walk you through these steps.
> Next steps: Your VCU TechTransfer and Ventures licensing manager and venture director will guide you through the formation process.
Step 7. Negotiate the license or option agreement
Along the way, we will work with you to obtain a license or option agreement to signal to potential investors or partners that your company has secured the rights to the VCU-owned technology.
Step 8. Surround yourself with expertise
We know your time is valuable, especially in your lab or workspace. But it’s important to get out and network. Identify other potential mentors, advisors and like-minded entrepreneurs. Learn from your advisors and outline what/who you need to succeed.
> TechTransfer and Ventures maintains a database of hundreds of experts, mentors, advisors, and other inventors like you. We can help you build these relationships over time.
Step 9. Pursue funding
To advance your company and technology, you will typically need capital to start your business.
> TechTransfer and Ventures will guide you to potential funding partners and help you prepare for presenting to investors. We have guides, presentation templates, and the experts to help you navigate this process.