The Office for Technology Commercialization oversees all aspects of technology commercialization at the University of Minnesota through its twin centers: the Licensing Center which manages patent and licensing functions and the Venture Center which assists creation of University-based start-up companies.
|
oversees all patenting and licensing of intellectual property and provides resources for University researchers. The Licensing Center identifies and protects University-developed technologies and negotiates their transfer to the private sector through licensing.
|
The Venture Center learn more |
More About the Licensing Center
Mission: The Licensing Center, a key element of the technology commercialization function of the University of Minnesota, supports the institution’s land grant mission through its commercially driven, proactive marketing approach that successfully positions the intellectual property of University investigators in the marketplace to ultimately benefit the public, the University, and the economy.
Goals and Objectives: The Licensing Center is the externally focused component of the University’s Office for Technology Commercialization charged with aggressively seeking commercial partners to license high-potential technologies. The Licensing Center contributes to the University’s strategic positioning goals by making promising University-based technologies available to the public (from discovery to utility) and by maximizing the return-on-investment value of University intellectual property. Through marketing and licensing of technology, the Licensing Center generates financial returns for the institution from annual and milestone payments by commercial partners and from royalties – financial benefits that support all aspects of the University’s mission.
Structure and Process: Intellectual property selected for patenting by the IPCC and judged to have high commercial licensing potential is forwarded to the Licensing Center by the IPCC for marketing and licensing.
The Licensing Center is a service-oriented operation having a focus on prospective commercial partners as clients. The Center will actively seek partners in the private sector to enter into licensing agreements and will manage licensing negotiations to maximize revenue return to the University. The Licensing Center is managed by an executive director who reports to the Vice President for Research and is responsible for the financial and operational productivity of the Licensing Center. The Executive Director is also responsible for the development of comprehensive marketing strategies that promote University-developed technologies for licensure and adoption by industry. The Executive Director and staff members will corroborate all basic market assumptions reviewed by the IP Commitment Committee and will further:
• Determine features and advantages of the technology in the marketplace
• Assess competitor products
• Identify potential licensees
• Develop the approaches to commercial partners and preparation
of offering document
• Evaluate all financial, legal and market data to close a commercial deal.
In addition, the Licensing Center is responsible for forecasting future licensing revenues, ensuring the maintenance and compliance of licensee payments, overseeing agreements and compliance of patent expense reimbursement, achieving profitability forecasts, optimizing the use of legal counsel for patent expenses and collecting receivables owed to the University by licensees.
Licensing Center staff can also nominate high-potential technologies for Innovation Grants that will provide additional funding to optimize licensing potential. Innovation Grants are explained in more detail in a later section.
The Licensing Center partners with the Venter Center, its companion unit within the Office for Technology Commercialization, on those disclosures with both patent and start-up potential. The Venture Center is charged with identifying and advancing intellectual property best suited for the creation of new venture-capital quality start-up companies where the licensing center assures patent protection.
More About the Venture Center
Venture Center Mission: To create start-up companies based on University innovations that benefit the University, the public, and the economy.
Summary: The Office for Technology Commercialization’s Venture Center mission is to start companies based on University of Minnesota research, and to allow the University to earn a reasonable return from these companies. The Venture Center will only foster start-up opportunities where the start-up has a compelling market strategy and there is high potential to create substantial return for the University.
All University start-up ideas involving University-owned intellectual property are assessed by the Office for Technology Commercialization and for the high potential ideas, the Venture Center will help develop a business plan, recruit management, and facilitate the formation of a new, independent company with a license to the University innovation. After formation, the Venture Center may retain a seat on the Board of the start-up and will assist in raising capital, as needed.
Structure and Process: Disclosed intellectual property with high commercial potential for launch as a start-up company is forwarded to the Venture Center from the Intellectual Property (IP) Commitment Committee. The IP Commitment Committee carefully evaluates the merits of a technology for start-up versus licensing, and is the final authority for review of all disclosed intellectual property.
Following the decision of the IP Commitment Committee, the Venture Center further assesses unique platform technologies or revolutionary innovations for start-up approaches. Venture Center staff members assist University investigators in activities essential to the establishment and success of a new company. Assistance includes:
• Developing business plans and executive summaries
• Recruiting a management team
• Preparing presentations to investors
• Structuring and negotiating investment terms for the University asset
• Assuming critical early roles in management on an interim basis, and
• Referring professional expertise based on prior expertise and reputation.
The Venture Center also administers Ignition Investments, early stage loans made to a University start-up company, to help enable a successful launch out of the University. The University significantly increases its research investment and stewards research for public benefit through this loan process during the initial high-risk timeline of a start-up.
The Venter Center partners with its companion unit, the Licensing Center, on disclosures with both patent and start-up potential, which aggressively markets disclosed intellectual property and commercially licenses a technology as a pathway to public availability and for financial return to the University.
How to Get Involved with the Venture Center The University of Minnesota is home to some of the best research facilities and faculty in the world. The Venture Center's mission is to take these ideas, prepare them for the market, and spin the technology out to new businesses. There are several ways that outside participation is actively sought.
The Expert Network: due to the overwhelming scope of the University of Minnesota's research programs, the Venture Center is always seeking professionals who have deep expertise in technical fields, regulatory pathways, government and medical payment structures, and other areas in which you may be classified as an expert. The Expert Network (TEN) is a group of entrepreneurs, technologists, and venture capitalists (i.e. “Experts”) who assist the University of Minnesota in commercializing unique and breakthrough inventions. Please contact ten@umn.edu for more information.
Advisors/CEOs-in-Residence: program where industry leaders, successful entrepreneurs, and business people can be part of the Venture Center, review opportunities, potentially found a company and be an integral part of the management team. If interested, please contact venture@umn.edu and/or read the following application.
Investment in start-up companies: when a company is launched, outside capital is sought. If you have expertise in the field and are either an accredited investor or represent an investment group, there may be investment opportunities with Venture Center start-ups. Due to the early-stage of companies, risk is extremely high and the Venture Center seeks out investors that can provide knowledge, contacts and assistance to the companies instead of capital alone. Please contact venture@umn.edu for more information.
back to top