Commercialization Flashcards

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1
Q

What are the steps in forming a spin-out company?

A

1) Get an idea
2) Protect the intellectual property
3) Talk to expert
4) Find some management
5) Write a business plan
6) Raise the money

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2
Q

What are the advantages of starting an enterprise?

A
  • To improve health care, quality of life, environment etc.
  • To assist other businesses and organisations
  • To create new employment
  • To make money
  • To rise to a challenge and to enjoy it!
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3
Q

What are the disadvantages of starting an enterprise?

A
  • Hard work

- Risky (financially, relationships etc)

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4
Q

What is the idea behind the business?

A
  • Innovation

OR

  • Using an established technology/process
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5
Q

What are the advantages of innovation?

A
  • Something new brought to the market

- Rewards are high

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6
Q

What are the disadvantages of innovation?

A
  • Risky
  • Time-consuming
  • Expensive
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7
Q

What are the advantages of an established technology/process?

A
  • Can be brought to the market quickly
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8
Q

What are the disadvantages of an established technology/process?

A
  • May have to pay for a licence or use intellectual property that you don’t own/control
  • Competitors may be able to copy your business
  • Success is dependent upon providing products/services faster/cheaper than competitors
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9
Q

What are service companies?

A
  • Usually based on ‘know how.’
    (e. g growing and supplying stem cells)
  • Technology often generic or incremental.
  • Relatively low risk (low returns)
  • Creates employment.
  • Fast to profitability
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10
Q

How do service companies get funding?

A

Self-funded

Bank loan.

Government/local grants possible.

Growth equity/public funding at a later stage.

Not Venture Capital.

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11
Q

What are biotechnology companies?

A
  • Based on a new transformative idea.
  • OR based on existing high risk assets
  • Long time (>5 years) to profitability.
  • High risk
    (high returns).
  • Funding reflects risk.
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12
Q

What are venture capitals?

A
  • Fund biotechnology companies
  • Managers of a group of specialist investors
  • Raise money from investors and invest in new companies
  • Own the company
  • Put in proper company management
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13
Q

What are the exit strategies of a business?

A

1) Initial Public Offering
- Sell shares to public

2) Merger
- Merge with similar company

3) Acquisition
- Can a larger company buy you out

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14
Q

What are alternatives to venture funding?

A

1) Angel funding
- Rich individuals with money to spare

2) Public funds

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15
Q

What must the idea be for a business?

A
  • Original
  • Potentially transforming
  • Protectable
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16
Q

How you protect your business idea?

A
  • Patents
  • Copyright
  • Design right
17
Q

What does copyright protect?

A
  • The original expression of ideas

- NOT the underlying ideas themselves

18
Q

What is a patent?

A

A right to exclude others from;

  • Making
  • Using
  • Offering for sale
  • Selling or Importing
19
Q

What is a patient NOT?

A

1) A right to perform the invention
- Somebody else could hold the right to stop you making the product

2) A monopoly in the marketplace

20
Q

What is a ‘monopoly’?

A
  • Exclusive control of a commodity

- Control which makes it possible to manipulate prices

21
Q

What can be patented?

A
  • Process
  • Machine
  • Article of manufacture
  • Composition of matter
  • Improvement of any of the above
22
Q

What can NOT be patented?

A
  • Laws of nature
  • Physical phenomena
  • Abstract ideas
  • Literacy, musical, artisic works
  • Unethical procedures (eg. cloning)
23
Q

Why is it so difficult to commericialise stem cell research?

A
  • Have to get through all the stages whilst compiling with regulations
  • Burning through money whilst making no money
  • Investment (5-7 years)
  • Return (7-10 years)