You may be interested in exploring the option of commercialising your technology or invention through the creation of a new company, known as a spin-out company. Only some inventions or technologies may be suitable for the creation of a spin-out company.
The team within UCD Research and Innovation will assist you in the establishment and development of a spin-out company. We have a proven track record in supporting entrepreneurs and start-up companies from the early feasibility stage through to business development, growth and investment.
We provide access to incubation facilities and a comprehensive business support programme which includes advice, seminars, one-to-one consultancy, workshops and individual training.
The 3-month UCD VentureLaunch Accelerator Programme is designed to equip UCD researchers with the knowledge, skills and understanding that will be required to work as part of a team leading a new commercial venture. On completion of the programme, the expectation is that participating in new venture projects will have developed a commercially viable business plan.
There are a number of key elements for a spin-out company to be successful including:
- Intellectual Property
It will be necessary to assess the potential market opportunity for your technology or invention.
Conducting market research for novel technologies can be very challenging and it is likely that you will use many sources of information in order to carry out your market assessment. Market assessment should be ongoing in order to continually assess customers’ needs and to guide research and development of your project. The market information pertaining to your project will, therefore, build and develop over time. The Market Assessment Guide for Research Staff which is available in our downloads section may be beneficial.
Intellectual Property (IP)
The intellectual property you have developed is likely to be paramount to the development of the spin-out company. There are various forms of intellectual property which are detailed in the Intellectual Property Guide. The Knowledge Transfer team will assist you to protect your intellectual property.
Building the team
In order to attract investment into the spin-out company, it is necessary that a commercial management team is put in place with a strong track record and proven management skills. The team will build over time to include individuals with experience in marketing, finance and sales.
An important part of the team will be you i.e. the researcher and your research team. As the originators of the intellectual property, you will be paramount to the transfer of IP to the company.
Also your continuing involvement with the development of the intellectual property may be essential in the development of the company. NovaUCD, the Centre for New Venture and Entrepreneurs, has a highly networked community of entrepreneurs, business leaders and investors. The Office of the Vice President for Innovation can assist you to access this network and facilitate necessary introductions.
Money is usually required for knowledge intensive start-ups to assist the business to develop and grow. In addition to government grant funding, sources of finance include investments from:
- Company promoters themselves
- Friends and family
- Angel investors
- University Bridge Fund
- Other venture capitalists
UCD Research and Innovation can assist you to access this network and facilitate necessary introductions and will assist you to develop a business plan in order to present your company to investors.