What are the minimum requirements for a start-up company to be considered as a licensee?
• Professional operating management of the company at the level of CEO/COO. Faculty should not attempt to manage start-up companies. Although positions such as Chief Technical Officer may be appropriate, most venture capital firms will not invest in start-ups that have faculty members as operating management. Faculty need to be cognizant of the highly competitive and complex nature of the business world and the level of effort and commitment which will be required for a company to be successful. • A thorough and comprehensive business plan. Typical business plans address the following: • Mission statement and strategy • Objectives • Service/Product description • Market analysis • Competitive analysis • Key management • Financial projections • Capitalization schedul • Projected profit and loss • Exit strategies • A reasonable level of capitalization to support the initial operations of the company and a plan for approaches to subsequent financing. • Ability and commitment to reimburse a
