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GLOSSARY OF TERMS Business Summary Submission (BSS) - a detailed document to outline your business proposition covering, but not limited to, the stage of development, competitors, customers, IP and financials. Conflict(s) of Interest - any personal interest that may compromise or might reasonably be deemed to compromise impartiality, conflict with duty as an employee, or result in private benefit. Enterprise - a business or venture. Expression of Interest (EoI) - a document to give a brief outline of your idea covering, but not limited to, the problem you are addressing, why your solution is better than currently available products, IP and your support needs. Exit Event - a term that describes several possible events that allow initial investors of a company to cash out a portion or all of their investment. Impact - the demonstrable contribution that excellent research makes to society and the economy. Intellectual Property (IP) - the name given to the means of protecting the fruits of intellectual labour, whether it is laboratory research, a novel, the logo of a business or the knowledge associated with a product or process. Innovation - is the process of making changes to something established by introducing something new. As such, it can be radical or incremental, and it can be applied to products, processes, or services and in any organisation. Letter of Intent - a commitment to the Innovation Optimiser Programme. Service Business - usually does not involve IP and provides diagnostics, clinical research, software, training models etc. Social Enterprise - businesses with primarily social objectives. They principally reinvest their surpluses in the business or community for these purposes. Unlike commercial businesses, they are not driven by the need to produce profit for shareholders and owners. UMI³ - The University of Manchester I 3 Ltd, a wholly owned subsidiary of the University; is the University's appointed agent to protect and commercialise its Intellectual Property. UMIP Fellow - highly trained and knowledgeable postgraduate students who undertake defined tasks on intellectual property commercialisation and technology transfer. Warrant Instrument - sometimes called a "Golden Share" is like an option to purchase. It gives the holder the right but not the obligation to buy an underlying security at a certain price, quantity and future time. See our other UMIP Guides for information. 23

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