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VCs and Angels Speak To TTOs

VCs and Angels Speak To TTOs. Robert Morrison Executive Director Desert Angels Tucson, AZ. Tips For Getting Your IP To Stand Out From The Crowd. Promote technologies with as much practical application as possible

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VCs and Angels Speak To TTOs

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  1. VCs and Angels Speak To TTOs Robert Morrison Executive Director Desert Angels Tucson, AZ

  2. Tips For Getting Your IP To Stand Out From The Crowd • 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

  3. How VC’s and Angels Determine Value 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

  4. How to “De-Risk” Your Technology 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

  5. VC/Angel Turn-Ons andTurn-Offs 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

  6. What You Should Expect To Give Up Rights to future improvements Say in market development and direction Possible loss of inventor(s) to acquirer

  7. Why Attitude Matters 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

  8. How Inventors Can Help- Or Hurt 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

  9. Having Your Ducks In A Row 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

  10. Trends in Start-Ups and VC Joint Ventures 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

  11. Why “Less is More” 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”

  12. Best Practices In Making A Realistic, Well-Researched Business Case 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

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