Issue link: https://htpgraphics.uberflip.com/i/116729
Why create a spin-out company? Section 1 Involvement of the Research Originator n Your Role – You, as an originator, will be at the centre of the spin-out from the outset. This will involve you in many roles. You are very likely to be one of the initial shareholders and you will be looking for the company to grow and develop to increase the value of your shares. You may be asked to chair the Scientific, Technical or Research Advisory Board of the company in the early stages of the company's life. This is conventionally classed as a committee of the board of directors. It does not necessarily mean that you have to be a director of the company to be a member of it. It is an important role, though, ensuring high understanding by the directors of the company's core competencies and any relevant issues, such as safety and regulatory issues, associated with the company's portfolio. You may also take a place on the board of the company as a director. The role of a director is principally concerned with the 'big picture' and strategic leadership and is distinct from a manager's role. Nevertheless, in a small spin-out company, your particular appointment as a director is likely to involve you in a more "hands on" role in the running of the company and require you to be involved in the day to day business activities of the company such as negotiating contracts, dealing with employees and managing cashflow. However keep looking at the long-term strategy of the company. Prepare plans to deal with and anticipate changes in circumstances and to attract further sources of funding so that the company can not only survive financially in the short term, but also continue to grow and fulfil its potential. n onflicts – Your involvement in the spin-out, therefore, can pull you in C many different directions and place considerable demands on your time. It may also give rise to conflicts of interest. In the early stages the company may not have the financial resources to allow you to take a full-time role in it. You can, therefore, be left in a position where you are balancing your time and energies between fulfilling your research role as an employee of your institution as well as devoting time to getting the spin-out off the ground. 7