w w w. v e n a b l e . c o m
Tech Transfer
Primer
Charles J. Morton, Jr., Esq.
Vasilios Peros, Esq.
The Venable LLP logo is a U.S. Registered Service Mark of Venable LLP.
TECH TRANSFER PRIMER
Charles J. Morton, Jr., Esq.
Vasilios Peros, Esq.
TABLE
OF
CONTENTS
I.
Introduction .............................................. 1
II.
Bridging the Gap........................................ 2
III.
Does Your Team have the Right Stuff? ........ 4
IV.
Company Legal Structure .......................... 6
V.
Intellectual Property .................................. 7
VI.
Financing .................................................. 12
The Venable LLP logo is a U.S. Registered Service Mark of Venable LLP.
I
INTRODUCTION
The region in and around Washington, D.C. provides a vast wealth of
technologies developed in our universities and government laboratories and the
associated unique opportunities to commercialize such technologies. The effort to
commercialize such inventions, often referred to as “tech transfer,” is an
increasingly important part of our regional and national economies. Tech transfer
is often a critical element in the formation and development of the businesses we
represent. Tech transfer is also an effective alternative for larger, existing
companies to develop and maintain their technological edge.
The region in and around Washington, D.C. is the home of over 60
government laboratories and universities. Researchers at these government
laboratories and universities have historically developed new technology at an
impressive pace. Although a portion of such technology may be implemented in
various government programs or university teaching experiences, the majority of
this technology is not commercialized into products and services that generate
positive revenue streams. Among the reasons for this lack of commercialization is
the fact that the researcher’s focus in not on such commercialization, but rather on
the task of developing the basic technology. Technology commercialization is time
consuming and must be done in addition to research and teaching priorities.
Furthermore, the more entrepreneurially minded researcher, the university and
government lab, typically lack the means, and connections to entrepreneurs and
existing companies, to facilitate the commercialization of technology.
Furthermore, prior to the 1980s, the government generally retained the
rights to intellectual property arising out of federally funded research. Under this
policy, there was no incentive to develop federally financed inventions for the
commercial market. Consequently, inventions through such research simply sat
on the shelf.
In early to mid 1980s, the Bayh-Dole Act and its amendments were enacted
as Congress perceived the need for reliable technology transfer mechanisms. The
Act enables small businesses and universities to retain rights to materials and
products that they invent under federal funding and to license such materials to
companies to facilitate commercialization of technology and development of new
products. The Act also requires small businesses and universities to share royalties
with the researcher who invented the technology, thereby motivating the
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researcher to assist in the technology commercialization. As a result of the Act,
many universities and government labs established tech transfer offices and
significantly increased the number of patents issued to them and the number of
licenses granted to entrepreneurs and existing companies. Although the efforts
of the tech transfer offices have resulted in significant increases in tech transfers,
there are still vast amounts of technology that could be commercialized.
This Tech Transfer Primer summarizes and discusses the basic issues regarding
tech transfer. First, we explore bridging the gap between the university and
government lab and the entrepreneur. Second, we discuss the critical elements of
an effective team for commercialization of technology. Third, we review the
preferred choices of legal structure for establishment of the underlying business.
Fourth, we summarize the basic forms of intellectual property and issues in tech
transfer agreements. Finally, we discuss the various options available for
financing the new venture. In each instance, our goal is to provide a basic
overview. A detailed discussion about these topics and many others implicated by
tech transfer efforts, is beyond the scope of this Tech Transfer Primer.
II
BRIDGING THE GAP
Much has been written about the importance of leveraging the remarkable
blend of public and private strengths in the region in and around Washington, D.C.
Unfortunately, when the representatives from the disparate camps actually meet, it
seems they are speaking different languages. The very folks who could be helped
at local government labs and universities, often discourage the nimble, reactive
companies that could actually harness what they create. The discouragement is
not intentional, rather it reflects a disconnect in the language of the entrepreneur
versus the university or lab employee. Despite noble efforts by tech transfer
offices, often the gulf is simply too broad to bridge, and enormous amounts of
research and technology remain untapped.
Professional advisors and carefully crafted agreements are essential to
bridge the gap. Advisors can play an important role in helping companies focus
on the strategic benefit of potential partnerships and create ways to realize those
benefits. For example, helping companies understand and value the long-term
potential of a relationship with a research and technology producing
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organization can, at times, be difficult. Equally challenging may be convincing a
technology transfer officer of the wisdom of licensing technology to a small company
with little experience in product development, manufacturing and distribution.
In both instances, the benefits may be more significant than either side
would expect. In the case of the long term potential, small companies struggling
in this difficult economy may find it difficult to invest the time and resources
necessary to build a relationship with a university or a government lab. The
uncertain return, perceived insider advantage and fear of the unknown, all
conspire to support the status quo. Unfortunately, the real threat to most small
companies is an unwillingness to grow. Those that thrive are learning, evolving
and seeking new challenges. It is in that process that they find opportunity.
There is no better place locally to exercise that process than in the effort to mine
tech transfer opportunities. We do mean mine; just as people searched for gold
or silver, the local government labs and universities are depositories of wealth to
be extracted. It is often hidden, even disguised, but nonetheless real. The
challenge for local companies is to find it, dust it off, and reveal its true value.
The sources of this research and technology are limited by their own
preconceptions. There are often institutional preferences, real or perceived, of
dealing with larger companies with well-developed design and development teams
and distribution channels. Such companies, however, may not be the best at
adapting existing technologies to new applications. They may not be the
companies that could actually take the research and technology to the next level.
Carefully crafted agreements between labs or universities and entrepreneurs
can also help to bridge the gap. The agreements often provide for modest equity,
or at least profit sharing in the specific technology and associated rights being
transferred. They should define in clear and unambiguous terms the scope of the
transfer and any residual rights retained by the transferor. There must be a
recognition built into the pricing of the tech transfer of the seminal role played by
the private sector company in actually commercializing the technology.
Reciprocally, the entrepreneur must value the important role played by the actual
inventor of the technology and often it is important to forge a working
relationship with that inventor. In short, like in any successful relationship, it must
be built on a foundation of mutual respect and an effort to find a structure
through which both sides win.
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So today, as you drive past one of our fine universities, or look past the fence
at one of our government labs, imagine the hidden resources that are there. They
aren’t on the surface and it may take some time to find the resources that are the
right fit for your company, but they are certainly there. With planning and
strategic digging, you may be the one to strike gold.
III
DOES YOUR TEAM HAVE THE
RIGHT STUFF?
The road to successful development and commercialization of technology
can be filled with unexpected twists and turns. But fortunately, the road can also
be very rewarding and profitable. Assembling the right team - the right mix of
individuals with technical, business and other critical skills - is an essential step to
the successful commercialization of a product conceived in one of our universities
or government labs and the success of the company that is formed around it.
However, scientists and business managers many times speak different languages
and travel in different circles. Despite their efforts, they fail to become part of the
same team, lessening the likelihood of success.
The successful team will include both experienced technical and business
individuals and professional advisors. The team must include the scientist and his
technical support team as they hold the knowledge concerning the invention and
will be invaluable in product design, development and manufacture. Equally
important, the team must also include a business manager who has expertise in
managing a company and dealing with a variety of professional advisors and
financial matters. Finally, professional advisors such as an attorney, accountant
and banker are critical to the success of the team.
The benefits of the right team are significant. The completion of the
development of the product idea and the subsequent product design, testing and
manufacturing will require significant attention from the scientist and the
technical team. However, other issues regarding business formation, intellectual
property protection, financing acquisition, hiring of employees and staff, and sales
and marketing will require equally focused attention. The business manager
working with the professional advisors must be skilled in accomplishing these tasks.
The relationship of the scientist and the business manager should be
complementary. They must function well together to succeed, thereby making the
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day to day relationship between them critical. Documenting that relationship and
making sure each party understands their role is vitally important.
Many legal and financial issues will require the focus of the business
manager’s efforts. First, the legal structure of the company must be selected. The
company’s attorneys and accountants can best advise the company on an
appropriate structure that provides a shield against liability, affords beneficial tax
treatment, and facilitates financial investment in the company. Careful planning is
required to assure that control of the company remains with the founding
stockholders.
Equally important is the acquisition and protection of the company’s
intellectual property. Many times, the product idea has been developed by a
university or a government laboratory. The university or government lab may
have filed a provisional patent application or may already have been granted a
patent on the product idea. Therefore, the company will license the product idea
and the associated intellectual property rights from the university or government
lab. The company’s attorneys should be able to advise effectively the business
manager in negotiating the terms of such license to acquire the technology for use
in a broad territory while containing expenses such as initial licensing fees and
annual royalties.
In the early stages of business formation and product development, the
company must also pay close attention to the protection of its trade secrets and
trademarks. As the product is developed, the amount of information considered a
trade secret will increase. The business manager will want to implement
appropriate procedures and legal agreements to protect such trade secrets.
Similarly, trademarks that distinctively brand the company and its products will
be developed and need to be afforded adequate legal protection.
Finally, the company will require financing to achieve its success. The
company’s accountants can effectively prepare the company’s financial statements
and clearly define such capital needs. Moreover, the company’s attorneys will
guide the business manager to the appropriate sources of capital and through the
maze of agreements that will be negotiated before the funding arrives in the
company’s bank account.
Although there will be an urge to forge ahead alone, the parties involved
must take time to build the right team. Complemented by experienced business
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and legal professionals as an integral part of the team, the scientist will increase
his probability of avoiding many of the potholes on the road to success.
IV
COMPANY LEGAL STRUCTURE
The selection of the appropriate company structure is essential to the
successful commercialization of technology. From the early stages of technology
commercialization, the entrepreneur and his business manager must pay close
attention to the selection of the company’s structure. The appropriate company
structure provides a shield against liability, affords beneficial tax treatment, and
facilitates financial investment in the company. In addition, careful planning is
required to assure that control of the company remains with the founding parties
when the company obtains additional financing from outside sources. A skilled
corporate attorney can help to successfully navigate these rough seas.
Although there are many choices for the company’s structure, the two most
used and desirable forms for early stage companies establishing tech transfer
opportunities are the S corporation and the limited liability company. First, these
legal structures provide essentially the same shield against liability. The liability of
the company’s stockholders and members will be generally limited to only the
amounts that each has invested in the company. This shield from liability is
especially important for the founding parties because it can protect from loss of
their home and other personal assets. It is important, however, to realize that
limitations on liability will likely be determined by contracted guarantees that the
founders will be compelled to enter into.
Second, the selection of appropriate company structure will avoid the issue
of double taxation. In the case of both the S corporation and the limited liability
company, income passes through the company to its stockholders and is taxed
only once at the stockholder level. Minimizing taxes, while always desirable, is
especially important to the operations of the start-up company.
Third, these company structures offer effective management
approaches. The S corporation will have stockholders, a board of directors
and officers. The limited liability company will have members and can be
managed collectively by its members, by a managing member or by a board of
directors. The entrepreneur and the business manager will typically hold the
top positions of the start-up company.
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Once the corporate structure is selected, the entrepreneur must pay close
attention to the number of shares the company issues to its founders and
investors. The entrepreneur may consider selling an interest in the company to
his business manager and several key founding parties or employees, thereby
giving them a vested interest in the success of the company. However, the number
of shares sold is critical to assure that the entrepreneur retains control of the
company. In addition, at some point in the future, the company may pursue
additional financing from outside investors. It is critical that the founders
understand what percentage of stock of the company such investors will want for
their investments and plan its initial stock sales accordingly to assure that the
entrepreneur retains control of the company.
Although the selection of the company structure and the allocation of
interests in the company may seem like a paper exercise at first, the founding
parties eventually discover that it is essential to effective company operations and
to retaining control.
V
INTELLECTUAL PROPERTY
The acquisition and protection of intellectual property is also essential to the
successful commercialization of a government or university product, as well as the
success of the company formed around the initiative. From the early stages of
research and development, researchers and entrepreneurs must pay close attention
to the protection of intellectual property rights. A lack of understanding of the
technology and the associated intellectual property rights can lead to an
unintended partial or incomplete transfer of the intellectual property rights,
creating unplanned hurdles to overcome during product development and
commercialization. In some cases, debates concerning ownership of intellectual
property rights can make negotiations with a university or government lab for the
technology transfer difficult, if not impossible. In other situations, the lack of
adequate protection after the technology transfer can limit the value and
profitability of the product. A skilled intellectual property attorney can help to
successfully navigate these rough seas.
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The basic forms of intellectual property rights include trademarks,
copyrights, trade secrets and patents. Each form of intellectual property provides
its own group of rights and scope of protection. One form, or a combination of
forms, of protection will typically be implemented.
A trademark is generally a word, phrase, symbol or design used to identify
and distinguish the source of goods or services from its competitors. Examples of
trademarks include “Microsoft®” for computer operating systems and
“Compaq®” for personal computers. Trademark law protects the consumers’
ability to accurately ascertain the source of goods and services and protects the
goodwill associated with products and the businesses for which the marks are
used. A trademark should be distinguished from a copyright that protects an
artistic or literary work and from a patent that protects an idea or invention.
Although one can use a mark without federal registration, there are
advantages to federal registration of the mark. For example, the person who
obtains federal registration of a mark is presumed to be the owner of the mark for
the associated goods and services and is afforded exclusive nationwide use of that
mark within a recognized scope of business. Accordingly, such person can prevent
other parties from using marks that are confusingly similar to its mark. The mark
must be used either in interstate commerce or the person must have an intent to
use the trademark in order to be afforded federal registration. Federal registration
also provides other significant advantages, such as increased damages, to a party
involved in a court proceeding involving matters such as trademark infringement.
To best achieve protection of its marks, the company should implement a
coordinated trademark strategy. The company should seek the advice of an
experienced marketing professional who, working with the entrepreneur and his
team, should develop options concerning the branding and marks for the
company’s new products. The company’s attorney should perform a trademark
search to assure that the selected marks for the product are not similar to, and do
not infringe upon, the marks of another party. The company’s attorney should
then file for federal protection of the selected marks.
A copyright protects artistic and literary works. Copyright protection for a
work is generally afforded to those works that fall under the following subject
matter categories: literary works; musical works (including lyrics); dramatic
works (including music); pantomimes/choreographic works; pictorial, graphic,
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and sculptural works; motion pictures/audiovisual works; sound recordings; and
architectural works. These definitions are flexible. For example, such assets as
software code, manuals, screen displays, audiovisual works and sound recordings
may be afforded copyright protection.
A copyright in a work is created immediately if the work is original, fixed in a
tangible medium of expression, and within the protected above subject matter
categories. For example, in the case when an author writes a book, the copyright is
created upon the placing of the words on the paper. While there is no formal
requirement for an owner of a copyright to file an application seeking to register a
copyright, it is highly recommended.
Copyright owners enjoy several exclusive rights, including the right to
reproduce the copyrighted work; distribute copies of the copyrighted work;
prepare derivative works based on the copyrighted work; perform the copyrighted
work publicly; and display the copyrighted work publicly. The creator may also
assign his rights in the copyrights to other parties or license use of the copyrights
to third parties. The creator is granted the exclusive rights for varying lengths of
time, generally for author’s life plus a specified time period.
It is important to note that only the copyright owner has the right to create a
derivative work - a work based on, or in other words, derived from, pre-existing
copyrighted material. It consists of a contribution of original material to a preexisting work so as to re-caste, transform, or adapt the pre-existing work. For
example, modification of copyrighted software or the enhancement of data in a
database are derivative works.
The intellectual property attorney should carefully review the copyrights
associated with the product and the technology transfer from the university and
government lab. Because copyrights are created without registration requirements,
the university or government lab will typically own the copyrights in the
technology being transferred.
A patent generally protects inventions and ideas. A utility patent is the most
common and covers new and useful inventions of a process, a machine, an article
of manufacture, a composition of matter or a useful improvement to the above
items. Examples of inventions for a utility patent include medical devices,
chemical compounds, processes for manufacturing electronic components, and
software-related inventions. More recently, patents have been allowed for
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business methods that involve a procedure or process to perform some business
function. For example, a patent can be obtained for a new means of marketing
and distributing a product by electronic commerce using the Internet. A patent
should be distinguished from a copyright that protects an artistic or literary
work but not the ideas in such work.
A patent granted in the United States provides the owner the exclusive right
to prevent others from manufacturing, using, importing, offering for sale, or
selling the invention in the United States. These rights also include the right to
prevent others from importing the invention into the United States. Accordingly,
any technology transfer which is based on patents generally requires a license of
the underlying patent rights. The university or government lab must have clear
procedures for the disclosure of new inventions and technology. Carefully crafted
employment related agreements should be implemented to assure that the
university and government lab does own the intellectual property rights being
transferred. Without such employment agreements, there could be confusion over
who owns the work.
The entrepreneur and his attorney must carefully review the technology
transfer agreements to assure that the license includes all of the patent rights
required for the operations of the entrepreneur’s company. The technology
transfer agreements can license all, or only a portion, of the total patent rights held
by the university or government lab. Many times, the license granting patent
rights will be limited to a specific geographical territory and to a specific field or
industry. In addition, the license will typically require the payment to the
university or government lab of an initial licensing fee and an annual royalty fee
based on the sales of the company. It is critical that the entrepreneur and his team
understand the terms and conditions of any license and the associated impact on
the company’s revenues and growth.
Inevitably, the company will also develop its own new inventions and ideas.
To best achieve protection of such patentable inventions and ideas, the company
should implement a coordinated patent strategy. The company should implement
appropriate policies for disclosure of new ideas and inventions as well as carefully
crafted employment related agreements which place ownership with the company.
The company should also seek the advice of an experienced marketing
professional who, working with the entrepreneur and his attorney, should
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determine which of the many ideas and inventions should be submitted for
formal patent protection. The company’s attorney should perform a patent search
to assure that the ideas and inventions do not infringe upon the patents of another
party and, if appropriate, then file for the patent application.
Trade secrets are protected by keeping the ideas, inventions and other
confidential information not generally known to the public. Under the Uniform
Trade Secrets Act (UTSA), a trade secret is any information, including a formula,
pattern, compilation, program, device, method, technique or process that derives
economic value from its secrecy and is the subject of reasonable efforts to
maintain its secrecy.
An entrepreneur can invest significant amounts of money and time in the
development of new products, processes and customer lists. The entrepreneur is
then faced with the question of whether to protect that intellectual property under
a patent or copyright statute or to maintain the intellectual property in a
confidential manner as a trade secret. The determination of which course to take
is a challenging one, requiring the entrepreneur and his attorney to weigh the
effect of public disclosure under patent and copyright laws with the company’s
ability to maintain secrecy and commercial value through treating the invention
or idea as a trade secret.
There are several reasons why trade secret protection may be favored over
patent protection. First, patents are given monopoly rights of limited duration,
whereas trade secret rights persist as long as their secrecy is maintained. The
potential for unlimited duration of rights is an attractive attribute of a trade secret.
Second, a trade secret inherently is not disclosed to the public, leaving no trail for
others to follow. One of the primary effects of patent protection is to provide
others with a clear blueprint of the invention. Third, as with a copyright
protection, the trade secret protection is immediate. In contrast, the process of
patent application and issuance can take several years. Trade secret protection
may be the only viable approach if the anticipated period of commercial value of
an invention is a very short one.
It is a good practice to obtain an employee’s written acknowledgement of the
confidentiality of the company’s information and agreement to not disclose such
information. Similarly, such an agreement should be implemented when sharing
trade secret and confidential information with a third party. However,
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confidentiality agreements with employees may not be enough to ensure trade
secret protection. The company should implement a trade secret protection
strategy that also includes: (1) limitations on access to trade secrets, (2) special
security for areas in which materials containing trade secrets are stored, (3)
specific procedures for monitoring access to materials containing trade secrets,
and (4) the implementation of firewalls and security software to protect against
unauthorized access to network systems.
Although there will be an urge to complete quickly the technology transfer
agreement and product development, careful review and understanding of the
intellectual property issues associated with the product and the technology
transfer are critical to negotiating a complete and cost effective deal with the
university and government lab. Continued monitoring and implementation
of an intellectual property strategic plan will maximize the value of these
intangible assets.
VI
FINANCING
As with any other business, the development of a business, even a product,
fueled by a technology transfer requires financing. Working capital is a necessary
tool for any developing business. In this regard, companies built upon
technology transfers are no different. Capital is needed for such companies to turn
ideas into a product and to build the team to turn the product into profits.
Financing for businesses comes from an array of sources, from the founders
to public sources. It also comes in many different flavors, from debt to equity and
many permutations of the sources and flavors. When looking for ways to
fund technology transfer opportunities, entrepreneurs should carefully
consider all the options.
It may be axiomatic to suggest, but nonetheless it is important sometimes to
state the obvious, that the first place all businesses should look for funding is with
its owners. No one is as likely to see the value in the vision as those who conceived
it. And, no one should be prepared to invest in the business if the owners are not.
Assuming owners are prepared to make a significant commitment to the
business, there are an array of governmental funding sources that encourage
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linkages between public sector laboratories and private sector business. Some of
these, such as Maryland’s Industrial Partnerships (MIPs), do so as an explicit part
of their mission. Others, such as the Small Business Innovation Research
(“SBIR”) program, do so as a natural consequence of their mission. They exist at
both the federal and state level and run the gamut from grants to equity
investments.
Federal programs include the SBIRs. SBIRs provide varying levels of support,
from a phase one grant with a maximum investment of $100,000 to much more in
subsequent phases. These dollars are designed to help in the development, testing
and commercialization of technology in specific fields. Applications for funding
that reflect partnerships between public laboratories and private business fare
better than others. These funds, which are not required to be paid back and do not
involve the purchase of equity by the government, are arguably the best money any
company can receive.
States sponsor a number of programs that can help to give such ventures a
boost. For example, developed by the Maryland Department of Business and
Economic Development (“DBED”), the Challenge Investment Fund and Enterprise
Investment Fund Program, offer staged equity investments of not more than
$150,000 and $500,000 respectively. Relatedly, MIPs and the Maryland
Technology Transfer Fund provide research dollars to engage a professor to
commercialize technology developed at a Maryland college or university. This
money, which is attached to a modest royalty stream for the funding source, is
another inexpensive source of working capital.
Although these programs may seem difficult to understand, and here we have
only touched on a handful of those that exist, it is worth the investment of time to
learn the ropes. In this funding climate, all sources of capital are difficult to
navigate. Governmental sources exist for the explicit purpose of helping to develop
business opportunities. As a result, it should come as no surprise that such
money is typically far less expensive than funds from other sources.
The programs, however, should not be viewed in a vacuum. Traditional debt
sources, such as senior debt from banks, even SBA backed loans, cannot be
forgotten. Nor can subordinated debt from mezzanine funding sources. The
challenge is to orchestrate these sources of funds into a something that works for
your company, not something that only works on the blackboard.
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For an equity investment to be attractive, companies will have to
demonstrate a unique market edge in a potentially significant and lucrative
space and an ability to achieve the desired results. The ability to protect the
market edge through proprietary technology and intellectual property is
essential. Management teams with a history of success are far more likely to
receive funding. Anything that can be done to speed the path to profits and
to protect the business model along the way, will enhance the possibility of
securing funding.
This is where technology transfer opportunities provide an edge. The
ability to leverage proven technology dramatically reduces risk and therefore
increases the likelihood of funding. By working to commercialize a
technology that has already been vetted in a government or university
setting, a company can enhance the chances of success.
Even with the deck stacked in favor of funding, many challenges will
remain, including valuation, timing, the desire not to sell at too low a price,
and general hesitancy on the part of investors. That is one of the reasons that
non-equity based investments, or creative joint ventures, may provide an
attractive alternative under the right circumstances. While the structure of
such relationships is limited only by the creativity of those setting them up,
working with suppliers and customers can often provide a source of funding
with which a company can grow. Common relationships vary from
encouraging favorable payment terms from customers and vendors who
provide, in essence, the capital necessary to do a particular job; to obtaining
prototypes in exchange for some future interest. Relationships with
competitors with existing sales channels, may also provide an unexpected
opportunity to take advantage of the infrastructure created by someone else.
Again, while joint ventures are common in many settings, in the arena of
technology transfer they can be particularly helpful. The nature of the
transferred technology and its level of maturity will obviously affect the
ability to create these relationships. Nonetheless, in almost every instance,
the credibility and intellectual power behind a technology being transferred
out of a university or government lab will enhance its attractiveness to
potential partners.
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Technology transfers will continue to play an important driving force
in our region’s economy. In order for the full promise of this opportunity
to be realized; however, there must be adequate funding to permit
commercialization efforts to thrive, not just survive. Individuals who are
working with technologies should look for opportunities to creatively obtain the
funds needed to fuel the growth of their business. With discipline, hard work
and the right technology, good things are certain to come from the effort.
Biographies
Charles J. Morton, Jr. is a partner at the law firm of Venable LLP. He was
recently recognized as “one of the best lawyers in Baltimore when it comes to
advising entrepreneurial firms.” His practice focuses on representing such
firms and the men and women who own and invest in them. He has
extensive experience working with the universities and government labs and
teaches technology transfer at the Johns Hopkins University.
Vasilios Peros is an associate at the law firm of Venable LLP. He focuses his
practice on business transactions, corporate law, intellectual property law and
technology. His previous experience includes over fifteen years as an
engineer and manager at a Fortune 100 corporation. He teaches intellectual
property law at the Johns Hopkins University.
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