The new program accelerates business development for research-based university startups.
The University of Georgia Innovation District offers a new tool to help university entrepreneurs commercialize their research. Georgia Startup License is an express program that combines business and technical support with a streamlined technology licensing process to help UGA startups get started.
Created by Innovation gatewayGeorgia Startup License, UGA’s technology transfer office, leverages the momentum of UGA to bring ideas from the lab to the market. So far, more than 200 startups and 850 products based on university research have hit the market.
To be eligible for the Georgia Startup License, a UGA entrepreneur must either be involved in a startup company or be identified as the inventor of the intellectual property (IP) to be licensed and commercialized.
“The Georgia Startup License was developed using best practices from other universities and reviewed by startup lawyers and investors to provide a solid foundation for future company development,” he said Tim Martin, Deputy Director of Innovation Gateway’s startup program. “Our two-phase approach is ideally positioned for UGA startup companies that have achieved external validation, including grant funding or dilutive investment.”
How it works
During Phase I of the program, the Innovation Gateway team works closely with the startup to evaluate its market and business strategies, identify potential shortcomings, and develop an action plan to improve its overall readiness and maturity. Mentors, scholars, and other business resources within the university’s growing innovation ecosystem can guide these companies through the assessment process.
The option to license the university’s IP under development will be available when Innovation Gateway and the startup finalize an action plan. This grants the startup the exclusivity of an exclusive license for the invention.
During phase II, the startup implements its phase I action plan and takes part in it UGA Corps and other entrepreneurial training and programming, working to meet pre-defined milestones. Meeting these requirements leads to access to the Express License, a standardized, non-negotiable agreement that includes favorable terms and simplified costs compared to a typical UGA license agreement.
The efficient licensing approach eliminates the significant time and expense involved in negotiating an agreement. Instead, those resources are redirected towards the growth of a successful new business.
“Life in a university spin-out is often difficult and unpredictable,” he said Cory Acuff, Deputy License Director at Innovation Gateway. “The Georgia Startup License is truly a partnership between UGA and the startup that provides affordable, preferential license terms to reduce uncertainty while preparing the company for long-term success.”
To learn more about the Georgia Startup License, please visit Innovation Gateway website.