1. 1© 2011 Jeff Skinner Commercialising Technologies (licensing, spin-outs etc). Jeff Skinner

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3. 3© 2011 Jeff Skinner

4. 4 Photon Counting Detector You are the one they’re looking to: –What strategy would you advise… –Assume £100k seed finance: how to spend why

5. 5© 2011 Jeff Skinner

6. 6 Product-focused development Development spend £££ Risk Value of ‘business’

7. 7© 2011 Jeff Skinner Value-focused Development Milestones Risk Value of ‘business £££ Development spend £

8. 8© 2011 Jeff Skinner What’s a milestone? Product (corporate spending other people’s cash??) focused: –Something else has worked –One more brick in the wall (tick on PERT chart) Value (entrepreneur spending own cash) focused: –Something fundamental hasn’t gone wrong –… or perhaps it did – good we found out early

9. 9© 2011 Jeff Skinner What’s the ‘something’? It depends. We might second guess However, best defined by who invests next. What do they perceive as the: –Biggest risk –Biggest barrier to preventing them from investing in next stage.

10. 10© 2011 Jeff Skinner Wasted seed fund... We chose the wrong risk We didn’t prove anything Development funding Risk Value

11. Why not do the deal now? Value too low: –They don’t ‘get it’: Unfamiliar, perceive development risks too high Can’t visualise how this ‘fits’ in own business –Organisational barriers, disincentives, rules Vested interests (threatened by new products) Below the ‘noise level’ –Too fragile - bolster intellectual property. But remember, they may be right (listen) 11© 2011 Jeff Skinner

12. 12© 2011 Jeff Skinner Understanding/belief Interest/ incentive High Low License, give up (or invest cautiously) Add value – intent: aid understanding create comfort aid familiarisation Add value – intent: Start ‘hurting’ them ‘Sell’ to their customers Leapfrog ‘blockers’ Be careful (‘missionary’ sell?) De-risking - scenarios

13. Test the hypothesis Don’t ‘sell’ Instead, pose the question, ‘why wouldn’t you (or people like you) license this IP now? Test the hypothesis 2-4-6 game… 13© 2011 Jeff Skinner

14. What happened? Autoradiography the best initial application. Concluded that favourite potential licensees just didn’t ‘get it’. Need a prototype to ‘prove’. Found angel investment Built prototype – uses Sarah Burns to find opinion-leader in imaging. Installed – researchers loved it. Spotted by imaging manufacturer … 14© 2011 Jeff Skinner

15. 15© 2011 Jeff Skinner Poppleton NethertecMedlab Inventors Consult License R&D. Royalty, Studentship. Royalty Development, supply Revenue share Deal structure Upstate IP

16. 16© 2011 Jeff Skinner Major issues for deal (as any IP lawyer will tell you…) Performance & rights on termination. R&D, consultancy terms. Warranties, indemnities. Rights to future inventions (pipeline). Rights given – exclusive, all fields? Royalty, milestones, reimbursement of costs. Basis of royalties etc – patent vs. know-how.