LAUNCHING A START-UP FROM INVENTIONS
The goal of the University in facilitating start-ups is to maximise the chances of successfully transferring technology solutions developed by members of the university community for societal benefit in alignment with the University's vision for the pursuit of excellence in knowledge, character and service to humanity.
The Innovation and Technology Management Office understands that starting a business can be quite challenging without institutional assistance. The University is willing to assist fill that gap with necessary support including facilitation of the licensing process, provision of incubator/innovation space, lab facilities, expertise and mentorship as well as providing the framework for financial investment.
ITMO recognizes that most early stage technology solutions require significant investment to bring them to commercial launch. Therefore, it is critical that start-up promoters (entrepreneurs) must be willing to commit their resources (time, finance, faith and doggedness) to make the inventions successful. ITMO as an institutional unit in conjunction with the Entrepreneurship and Skill Development Centre (ESDC) is willing to negotiate with new companies to craft agreements that are consistent with other licenses which will make them succeed. A typical technology transfer process from idea to start-up (commercial launch) can be conceptualized as a continuous cycle in which discoveries from research in the laboratories are developed into licensed product in the market which can then assist fund the next generation of research and innovation as illustrated in the cycle below
Thus, a successful star-up launch requires commitment, dedication and perseverance in addition to the traditional components for a successful start-up launch. These components include: utility and compelling concept, strong market opportunity, unique competitive advantage, sound business and financial model, top-rate management team/enablers, timing and luck. ITMO in conjunction with ESDC will incubate potential start-ups through all the components for a successful start-up launch.
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