(287c) Lessons Learned by An Entrepreneurial Minded University Professor On the Creation of New Companies

In this presentation, the author will present several lessons learned by the author during the process of spinning out companies based on his research at the University of Utah. The presentation will specifically address 4 questions or areas that might be relevant to academics looking to start a company. First, what should a professor consider before working to spin out a company? Some of these issues include: time commitments, involvement of graduate students, conflict of interest questions, motivation for the spin out company, and what is required to be successful? The author will look at pros and cons of the technology spin out process. Second, what can a University do to assist professors with the commercialization process? This discussion will focus on how the goals of the University and the Technology Transfer Office may not always match up with the goals of the professor, and how these goals can be reconciled to maximize benefits to both parties. Specifically, how can RPT and commercialization coexist? Third, how can the University partner with the spin out company? This question is important if many of these small businesses are to thrive. Small businesses have many challenges, and the assistant of a large University can help. Fourth, how can the small business contribute back to the University. The small business has many ways it can return the favor to the University, including money, research opportunities, and education. Finally, the author will present some personal case studies to help address these questions and hopefully provide some answers to academics considering starting a spin out business.