venture formationVenture Development Process

 

 

Market Assessment Business Model Venture Formation Technology Rights External Visibility Mentor Network Leadership Team Technology Development Business Development Facilities & Equipment Resources & Capital Disclosure

 

During this phase the university innovator will:

Form a company.  Deciding to move forward and create a startup company is a turning point. It has ramifications, consequences and responsibilities. In fact, you are now bringing a new legal entity into the world and it is important to understand and respect the differences between the company and you as an individual. You must be able to understand and draw the line between the company from yourself as an individual in that company.  As an entrepreneur, it is your responsibility to ensure that your company follow all applicable laws and operate as a responsible corporate citizen.The venture formation phase involves:

During this phase the startup will meet with the NC State Office of Technology Commercialization and New Ventures (OTCNV) and begin to complete a business model canvas and review the Venture Development process to develop other aspects of the startup to better position them as the potential licensee for attaining the technology license from OTCNV.  Keep in mind that there is no guarantee that the startup will get the license they want.  If OTCNV decides that the startup company is the best possible licensee, negotiations with OTCNV for a license could take several weeks to many months. However, some negotiations may only take a few days if both parties can agree to terms easily.

Important Considerations

Online formation tools are not a recommended strategy. While expedient and potentially cost-effective in the short-term they can lead to mistakes that will prove to be very costly  in the long-term.  However, (against our advice) there are several sites available:

Venture Innovation Partner (VIP) Services

NC State startups have the ability to work with one or more of our Venture Innovation Partners (VIPs) that have expressed interest in working with our startup companies.

NC State University Resources

Additional Resources – Videos

Triangle Innovation and Entrepreneurial Ecosystem Resources

Additional Resources – Books