The Commercialisation stage is where the IP Commercialisation team drive the original idea forward. The University Executive Group (UEG) will be informed of progress, risks, opportunities and plans for commercialisation. The IP Commercialisation team will review the commercialisation options presented and their ultimate sign-off (Approval) will be sought from UEG in order to proceed with the prefered exploitaion vehicle/mechanism. At this stage, the IP Commercialisatiomn team will prepare a suitable paper for approval and sign-off by UEG.
It is at this critical stage that the future of the IP commercialisation will be determined, before final approval from Senior University Management (UEG).
The following is an overview of the activities:
1. Due diligence
A full commercialisation check list will be completed. An internal term sheet will be adopted setting out clearly the key terms and conditions of any commercialisation, including any considerations and beneficiaries. An initial management team will be appointed at this stage.
Building on the Project Action Plan a detailed commercialisation plan will be produced, based on known and anticipated factors.
- Spin out/in company.
- Trading through the University’s subsidiary company, UoPEL.
- Third party licence agreement(s)/ assignment.
- Sale of IP
3. Seeking approval
The key approval steps within this stage include the signing-off of the Initial Term Sheet and agreement and sign-off of the Strategy & Commercialisation Plan.(It is at this critical stage that the future of the IP commercialisation will be determined. Therefore, an internal ‘term sheet’ will be created as part of the gate 4 process, which will include ‘sign-off’ by all appropriate parties including the key academics/originators, other investors as necessary. It is at this Stage that the ‘conditions’ stipulated at Stage 2 above would be addressed).