Desarrollo de proyectos y metodologías VCS- Paula Tassara- VCS
VCs and Angels Speak To TTOs
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Transcript of VCs and Angels Speak To TTOs
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Robert MorrisonExecutive Director
Desert AngelsTucson, AZ
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Promote technologies with as much practical application as possible
If IP is pure science, it should have a short path to enhancing a new or existing commercial technology
Provide easily understood information about the technology, its application, and the market(s) for which it is intended
Provide as complete a picture as possible of the IP’s protection and any freedom to operate issues
Clearly describe the possible future relationship, if any, between the inventor and the IP’s purchaser or licensee
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Size of impact on intended application(s) Acquirer's ability and cost of developing
alternative technology with equal impact Extent of IP protection Extent of freedom to operate issues Payment terms Subsequent availability of inventor Willingness of institution and inventor to
modify or improve technology after transfer
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Bring its development as close to the acquirer’s needs as possible
Eliminate as many uncertainties as possible about the legal status of the IP and its application
Share in the risk as the technology is brought to market
Provide easy communication with the technology’s developer(s)
Be willing to provide future development if desired
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Turn-Ons TTOs who understand VC/Angel perspectives TTOs who will champion deals within the
institution Provide knowledgeable and consistent points of
contact Prepackage deals that make business sense
Turn-Offs Only concerned with benefiting institution Make no effort to understand needs of VC/Angel Showcase technologies with no possible
commercial application Inflexible with deal terms
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Rights to future improvements Say in market development and direction Possible loss of inventor(s) to acquirer
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TTOs operate in a competitive environment
Seldom is technology so unique that alternatives don’t exist
Long term relationships with early stage investors can be very profitable for institutions
Appropriate attitudes lead to improved ease of doing business
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The more business savvy the better Generally technology needs a willing
mentor in its transition to commercial applications
An “Ivory Tower” mentality can be a deal killer
Frequently inventors are the best persons to optimize technology for its commercial adaptation
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Prepare an easily understood catalog of all available technologies
In descriptions of technologies provide a description understandable by a lay person that includes application and IP protection information
Provide defensible terms and conditions for acquisition of each technology
When possible, get buy-in of inventor
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VC/Angel participation in late stage development of technology before transfer
VC/Angel funding of development of desirable technology for more generous transfer terms
Greater inventor participation after transfer
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Some things more important than last nickel
Good working relationship with the VC/Angel◦ license revisions (efficiently handled)◦placing future technologies (repeat customer)
Reputation of the TTO◦ investors communicate among themselves◦Want TTO recognized as principled, reasonable
and efficient Pride of profession in “fair deal, well done”
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Transfer terms reflect an understanding of the markets appropriate for technology
Business case clearly describes state of technology and what, if anything, needs to be completed before technology can be used in the intended application
Terms are developed that at the outset reflect a fair trade for both parties