Issue link: https://htpgraphics.uberflip.com/i/246991
Why create a spin-out company? Section 1 You need to be clear about when you are working for the spin-out company and when you are working for your research institution. This is particularly relevant in terms of having to determine who owns any IP rights which may be being developed. This is further complicated if you are using students under your supervision or your institution's facilities to work on projects related to the company. Ideally, everything should be done on an "arm's length" basis. Whilst it is not easy to resolve these conflicts in the early days of the company's life, it is important that such conflicts are declared to the Board of the spin-out company, Head of School, Centre or Department and your institution (often through the Registrar) or as set out in your institution's conflicts policy. This not only shows that you have recognised the conflicts but that they are "in the open". n Guidance – From the very start, you will benefit from active guidance from a business person (often called a mentor) and from your IP commercialisation organisation. Talented, entrepreneurial managers are rare and so seek plenty of advice to find them from personal contacts of your IP commercialisation organisation, which often has an appropriate contacts database or network. There are Executive Recruitment Agencies, who are useful sources. There is also a specialist on-line agency, Directorbank (www.directorbank.com), which provides a matching service. Organisations, such as the Institute of Directors (www.iod.com), should also be able to assist. Try to read an entrepreneurship magazine quite frequently. It will give case studies, tips on the latest financial initiatives, information on relevant workshops and short courses. It will give you a flavour of the terminology, psychology and culture of new and small companies. The Chief Executive of your institution's IP commercialisation organisation will know lots of these and be able to recommend a suitable one. n hanging Environment – You need to recognise and adapt to a C changing role within the company as it hopefully grows and expands. Whilst you may have a fairly "hands on" role in the management of the company in the early days, this may be less appropriate in the future when more experienced managers with specialist skills may be needed to take the company to a new stage. If you want a continuing active role you have to be prepared to learn business and management skills and ultimately to give up your existing job or position. 8