Issue link: https://htpgraphics.uberflip.com/i/116750
Emily's Spin-out Company SCENARIOS Emily's Spin-out Company A number of years has passed since Lakeland and NWP entered into the research and development relationship. Unfortunately, due to financial mismanagement, NWP is no longer able to engage with Lakeland in relation to Emily's research. Lakeland has terminated the licence to NWP of all IP which arose out of the collaboration. Lakeland thinks that the relevant technology (which is now protected by way of a patent) can be successfully commercialised and so it suggests to Emily and Prof. Table that they consider setting up a spin-out company (Emily has completed her PhD by now and is employed by Lakeland working alongside Prof. Table). Lakeland has asked Emily and Prof. Table to submit a business plan for the proposed spin-out. Write down what you think are the key points which should be contained in such a business plan. If you're in need of some tips, have a look at the Spin-Out Companies Guide for further information. Think in particular about the IP, both that which currently exists and that which will be created. Where will ownership of such IP lie and how will it be dealt with? The spin-out company, named PlanCan Limited, has been registered. The company is very short of money and the initial start-up costs are likely to be significant. In anticipation of this, Emily and Prof. Table have been seeking funding from various sources. A venture capital firm, Loadsamoney LLP, has expressed an interest in providing a significant level of funding, provided that all the relevant IP which is required for the successful commercialisation of the cancer cure is transferred from Lakeland Institute to PlanCan Limited. Loadsamoney LLP produces an assignment document which it insists is used for the IP transfer. This is set out below. THIS ASSIGNMENT is made on 2013 BETWEEN (1) LAKELAND INSTITUTE of Education Way, Pediton PD2 3JK ('the Institute'); and (2) PLANCAN LIMITED (registered no. 076514378) whose registered office is at 21 Plantation Street, Pediton PD6 5RT (the 'Assignee'). 36