Funding for your new company can come from many different sources, including small business grants, angel investors, venture capitalists, loans from friends and family, and banks. To help new companies get off the ground and conserve funds, the UW is sometimes willing to accept equity in a transaction for a company start when UW TechTransfer considers it an appropriate business decision. Your UW TechTransfer technology manager will help you assess the most appropriate funding sources for your business and technology.

The Technology Gap Innovation Fund (TGIF) is a Royalty Research Fund managed by UW TechTransfer and the Washington Research Foundation. The purpose of TGIF is to further the development of UW innovations with commercial potential. The primary focus is on projects that require additional research or prototype development to make them suitable for licensing or a company start. In this way, TGIF bridges the “gap” between academic research and commercial development of new technologies arising from research. For more information and to apply for the TGIF, click here.

UW TechTransfer helps UW innovators understand the startup process and the risks and benefits of starting a company. UW TechTransfer also helps innovators understand their obligations to the UW and obtain necessary permissions to participate in the company, and guides the transfer of intellectual property rights to the new company. UW TechTransfer professionals have helped UW researchers, faculty, and staff start more than 200 companies.

LaunchPad is a UW TechTransfer business development initiative. It is designed to catalyze the creation of new ventures based on promising UW innovations. Involvement in LaunchPad is not mandatory for creating UW-based startups; however, LaunchPad can be an effective tool to help jumpstart the process.

When an innovator expresses an interest in starting a company based on their UW innovation UW TechTransfer staff will meet with the researcher to discuss the startup plan and how LaunchPad could be of assistance. Typically, LaunchPad links UW startup projects to a network of professionals from the business and investment communities, and provides resources, coaching, and startup expertise.

There are many resources available, from books to the Web to consultants, to help you prepare an effective business plan. Your business plan should represent a realistic expectation of the business opportunity and your plans to develop the innovation. You should create a customized version of your business plan for each of the different audiences to whom you will present your plan.

Putting the right people together to run your business is as important as putting together an effective research team. Your business team should consist of people you trust and work well with, as you will likely work with them frequently, especially in the beginning stages of forming a company. They should have the appropriate skills or expertise for the role they will play (CEO, COO, CIO, etc.) and should be enthusiastic and dedicated to creating a successful business.

Your UW TechTransfer technology manager can help you locate a mentor/advisor or business partner to help guide the formation of your startup.

UW employees do not have to stop working at the UW when they start companies based on UW innovations. However, the UW does require that any employee involvement with a company be reviewed and approved. UW employees must file a Request for Approval of Outside Professional Work for Compensation Form.

In addition, The UW’s Office of Sponsored Programs within the Office of Research reviews all licenses to, or grants from, a company in which a UW employee has, or anticipates, a significant financial interest. A Significant Financial Interest Disclosure Policy form (GIM-10) must be submitted. More information is available here.

UW research employees have limited use of UW facilities when their outside work activity is approved by the UW and is related to technology transfer. Please see Administrative Policy Statement 47.2 for more information.

Recently, new legislation went into effect that governs outside activities of federal and state employees. The new laws have allowed the UW to develop new, more flexible policies to manage consulting and outside work. See the UW’s Outside Professional Work Policy and APS 47. 3 for more information. See also APS 59.4, Technology Transfer.