Inventors Guide to Law, Business & Taxes


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You can build upon the Entrepreneurial Team analysis of your opportunity report to introduce your current management team members, along with their background and responsibilities, and to describe the main functions that still need to be filled.


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Consider answering these further questions: How will key decision be made, i. Which key roles are needed early on and which ones will be outsourced or incorporated later? It should build upon the information gathered in the prior sections to demonstrate how the planned resource allocation and financial management will allow your company to grow, by spending capital to generate profits, over the timeframe of the business plan. A typical financial plan will have monthly projections for the first year, followed by annual projections for the following three to five years, as relevant to the nature of your venture.

You can structure the plan on the following sections: Capital requirements: How will you finance your venture, given the investment needed? Does your investment strategy rely on staging? In this case, who is likely to fund the initial stages?

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What kind of investors What will your investors get in return? Have you planned a detailed and viable exit strategy?

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Which companies might be interested in buying you if you are successful? Key assumptions and risks: What key assumptions of your financials are important for your business success i. In other words, what risk are you taking with your business?


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How can you prove your assumptions? How can you minimize them? Key milestones: What key milestones are required to meet the financial projections? Metrics: What are the key metrics to be measured and tracked? Financial projections: What are the projected costs, revenues and cash flow during the timeframe of the business plan?

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When will the company break even? Your financial projections should better be supported by a spreadsheet that can be updated and evolve while the company is growing. Cash flow: This statement keeps track of how much cash your company has at any given point. It is useful to meet punctual or seasonal cash demands and to avoid running out of funds to sustain your business. Balance sheet: This statement lists assets, liability and equity and provides a full overview of the financial health of your business. Make sure that the exhibits are correctly referenced and explained in the main text and that they add value to the document.

In case of any discrepancy between the summary below and the relevant policies, the updated official version of the relevant policies shall always prevail. Further, it describes the CRG mechanisms designed to promote the transfer of research results to the scientific community, industry and society. For the purpose of this guide, this chapter summarizes the most important aspects of the policy related to effective technology transfer. Ownership of intellectual property CRG researchers should be aware that the CRG shall be the owner of all the inventions and works arising from their research activities, this without prejudice of their inventorship and authorship rights.

The ownership interest applies to any sort of industrial and intellectual property, including: patents, copyrights on software, mask works, tangible research property, trademarks and know-how. Distribution of revenues from commercial transfer Net royalties received by the CRG from the commercial transfer of CRG innovations are re-distributed internally to CRG inventors and authors and to the CRG valorization fund, to promote further technology transfer activities and foster the next generation of innovation.

Licensing request process Entrepreneurs, who are interested in the licensing of a CRG technology for the creation of a new startup, must submit a formal request to the TBDO, complying with the following main requirements: A draft business plan that identifies the resources and steps necessary to develop and exploit the technology, and that sufficiently describes the opportunity, the market, the competitive landscape, the marketing strategy, the economic potential and the financial feasibility. A presentation of the entrepreneurial team, showing that the management team it is sufficiently experienced to execute the business plan and capable of raising capital.

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Once the entrepreneurs have sufficiently proved resources and commitment to develop and exploit the CRG technology, the TBDO may negotiate the terms and conditions to enter into a license agreement with the startup. To this end, TBDO has created a variety of agreements designed to get startup companies access to the technology they need, in line with the strategic vision to enhance their ability to eventually succeed. Nevertheless, as with licensing to existing companies, there are still some terms in CRG licenses to startup companies that are non-negotiable.

The majorities of clauses in TBDO licenses are negotiable, and provide for both financial and non-financial terms.

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Typical financial considerations include, but are not limited to: Reimbursement of past, ongoing, and future patent costs. Annual fees for license maintenance. Startup companies face the combination of high developmental costs, uncertainty as to the potential value of the technology and limited financial resources. CRG understands that the request for certain forms of payments and certain level of royalties may adversely affect the viability of the startup in its initial stages. For this reason CRG may contemplate, at its discretion, a participation in the share capital of the startup.

In general, equity is not taken in preference to cash; rather, in the absence of sufficient cash compensation for technology licensingrelated transactions and when TBDO believes that it has negotiated the best cash terms possible, equity is taken as additional compensation. In this sense, the shares are viewed as a reasonable business solution to enhance the overall financial package acceptable by the company and its investors, whilst providing an opportunity for CRG to share its potential return.

Milestone payments, based on the commercial development plan. When flexibility is needed, CRG can agree that certain fixed fees will be paid upon the achievement of specific milestones related to the development plan, regulatory filing or approval or commercial milestones, such as the first commercial sale in certain countries or regions or the initiation or conclusion of preclinical and clinical trials.

Royalty payments on net sales. Rates depend on a variety of factors such as the value of the invention, the level of development of the inventions, the time to market, the territory, the patentability, and whether the license is exclusive or nonexclusive. The non-financial considerations of the license are equally important and will include: Degree of exclusivity: non-exclusive or exclusive within the field of use and territory in which the license is granted.

Reporting requirements. Termination: Licenses generally last for the life span of the protection of the licensed IP right, although they can be terminated upon notice by the startup, or by the CRG, under certain predefined conditions, such as a material breach of the agreement. In any case, CRG shall always retain a right to research. Further standard clauses, such as confidentiality, liability, indemnity, term and termination, notices, governing law and jurisdiction. However, certain terms are so important that yielding on them would negatively impact the principal activity of CRG, namely academic research.

Typical non-negotiable terms are: The right of CRG to use licensed technology for research and educational purposes. The right of CRG to publish research results. Indemnification of CRG by the licensee. Option agreement In many cases startups will not fulfill the requirements to negotiate an exclusive license. In such cases, TBDO might negotiate a time limited option agreement, which will give the company the first right to negotiate a full license when those requirements are met.

The agreement stipulates a term to meet such requirements and to exercise the option, on a caseby-case basis.

This gives a company some extra time to conduct proof of concept developmental research or to fulfill some missing requirements of the business plan, e. Option agreements can be exclusive or non-exclusive. A typical exclusive option agreement provides the new venture with a limited timeframe within which TBDO will not actively market the technology or seek other potential licensees. In exchange, the party receiving the exclusive option often pays an option fee to be mutually agreed and assumes the responsibility for reimbursing ongoing IP expenses during the term of the option.

If the new company does not fulfill the requirements to exercise the option by the end of the term, TBDO, at its sole criteria, may either consider granting additional time or pursue other licensing alternatives.

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Term sheet At the onset of the negotiation of either an option or a license agreement, a term sheet is usually drafted by the TBDO, to ensure that all parties agree on the basic terms of the agreement, including the financial terms. This process may involve the preparation of a number of drafts and may require to conduct discussions, before both the CRG and the licensee come to a mutual understanding on the financial and commercial development terms, After execution of the license agreement Your relationship with CRG does not end with the successful execution of a license agreement, as the startup company must provide CRG with regular commercial development reports and annual reports on royalty income payments.

Participation of the CRG in the share capital of the startup The participation of the CRG in the share capital of the startup by holding equity shares will be subject to the previous approval of the Board of Trustees of the CRG. In case the CRG decides to participate in the share capital of any startup, such participation will be subject to amongst others the following requirements: It will usually represents a minority share of equity in the startup.

It will be protected with an anti-dilution clause in case of subsequent share capital increases below a valuation to be mutually agreed upon. It will be protected by limitations to the startup drag-alone right, which might not be exercised below the market value of the shares. Depending on your specific appointment, limitations may apply to the time that you can devote to the company. For example, CRG group leaders are not allowed to spend more than a certain percentage of their time for outside activities, such as consulting.

Approval is typically given when the statements are factual and do not imply endorsement by the CRG — for example, the new venture is allowed to state that it has licensed IP rights from the CRG; however, the CRG will not endorse any particular company or product. Common stock. Common shareholders have the right to vote for directors and to approve significant decision, such as mergers or sales of assets.

go site They usually also have rights to receive dividends and assets upon liquidation of the company, although subordinate to the rights of preferred shareholders.

Inventors Guide to Law, Business & Taxes Inventors Guide to Law, Business & Taxes
Inventors Guide to Law, Business & Taxes Inventors Guide to Law, Business & Taxes
Inventors Guide to Law, Business & Taxes Inventors Guide to Law, Business & Taxes
Inventors Guide to Law, Business & Taxes Inventors Guide to Law, Business & Taxes
Inventors Guide to Law, Business & Taxes Inventors Guide to Law, Business & Taxes
Inventors Guide to Law, Business & Taxes Inventors Guide to Law, Business & Taxes
Inventors Guide to Law, Business & Taxes Inventors Guide to Law, Business & Taxes

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