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UMIP brings to you a blend of entrepreneurial expertise, in-depth knowledge of University IP, project management skills and, critically, an understanding of the needs of and demands upon University IP originators. UMIP will work with you to design a business model for the IP and generate the development, operational and marketing plans for its commercialisation route. Using our in-house teams as well as our extensive networks of external professional service providers, venture capital sources, dynamic commercial managers, marketing agents and business contacts we tailor-make an approach that is appropriate and successful for your licence or spin-out projects. This way we can marshall large and relevant resources to help you increase the likelihood of success and the speed with which it can be achieved. UMIP employs a rigorous innovation selection process which assesses your idea for commercial potential and the type and potential strength of its IP protection. Stage-gate management within this process will indicate whether the IP is best licensed or whether a spin-out company would be the most appropriate vehicle for commercialisation. This ensures effective use of time and resources too. Sometimes the IP can be sold outright as a once-only sale. UMIP has three approaches to help commercialise your IP: > Protect and Develop > Innovation Optimiser > Digital Marketing The approach taken will depend on the results of our initial assessment of your idea/innovation and will be chosen with you. The diagram opposite illustrates the three approaches. Please see your UMIP Commercialisation Executive for more information. There are Researchers' Guides dealing with IP Licensing and Spin-Out Companies (available via the UMIP website which will give you more information. There is also information relating to these on the IP Awareness Resource. The timescale for protecting and commercialising IP varies and the process can be very costly. The discussions which you have with UMIP should set out a reasonable initial timetable and regular review points. However, circumstances may change as the process develops. Your involvement with the process will be extremely important, whether it is in providing additional information or attending meetings with potential licensees/investors. In the course of commercialising IP, the University may be asked by project partners or sponsors to give warranties or indemnities in relation to the IP. These are basically promises or guarantees about the IP which, if they turn out to be untrue or inaccurate, could make the University liable for substantial sums of money. As a charitable organisation, the University cannot expose its assets to unnecessary risk. You should therefore bear in mind that it is not the University's policy to grant IP warranties or indemnities. This is detailed in Appendix D of the IP Policy. THE COMMERCIALISATION PROCESS 28

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