Launching university start-ups is easy – keeping them alive and moving forward is another matter, and is anything but simple. Each start-up has its unique challenges, so a cookie-cutter approach won’t work. But there is one strategy that must be handled effectively in virtually every case: setting, monitoring, and adjusting milestones for these fledgling businesses.
How do you determine appropriate financial and operational milestones for each company? How do you effectively monitor progress, and what do you do when goals are just not being met? How do you tie continuing support and staff resources to milestone achievement? What support such as mentorship should be offered to ensure start-ups stay on track and meet their goals? At what point do you pull the plug on university support, and how can that distasteful task be done without bruising important faculty and business relationship?
Those are just a few of the questions we’ll explore in this strategy-packed, practical distance learning program:
Managing Milestones for University Start-Ups:
Funding and Operational Goal Setting Best Practices
Technology Transfer Tactics has teamed up with Thomas Lipkin, PhD, from UCLA’s New Ventures Group, and Gerard Eldering of InnovateTech Ventures, who will provide their best practice advice on how to chronologically set aggressive yet attainable goals based on the nature and stage of the start-up’s technology, experience level of the entrepreneur, funding requirements for the business, and other key factors. Here’s a brief look at the agenda:
- Use your “SMARTs” to set your goals:
- Why a “kill switch” is a must-have milestone
- Setting realistic capital milestones when seeking:
- Seed funding
- Working capital
- Expansion capital
- Bridge funding
- Recruitment of executive level management
- Understand and prepare for operational milestone nuances specific to:
- R&D partnership start ups
- Faculty-led companies
- Student-led companies
- Nature and stage of technology
- Product and business development milestones
- Sales and revenue milestones
- Setting specific milestones according to licensing goals
- Adjusting milestones and setting new expectations
- Dealing with the “big miss”
- And more…
Meet Your Expert Presenters
Thomas Lipkin, PhD, Assistant Director, Entrepreneurship & New Ventures, UCLA Office of Intellectual Property, works to further the entrepreneurial environment at UCLA by building start-up companies around UCLA’s intellectual property, serving as a resource to faculty members, aiding existing UCLA start-ups in sourcing financing and talent, and helping secure additional funding for campus-wide start-up initiatives. He actively promotes UCLA’s intellectual property assets and engages with parties interested in further developing early-stage technologies in the life sciences, physical sciences, and internet technology space. Previously, Dr. Lipkin was with Osage University Partners, a venture capital fund that invests exclusively in university-based startup companies.
Gerard Eldering, Founder and President, InnovateTech Ventures is an experienced entrepreneur and speaker, and a nationally recognized authority on technology transfer venture creation. Prior to founding InnovateTech, he founded and served as Director of the Technology Transfer Office (TTO) at The MITRE Corporation. He serves on the Board of James Madison Innovations, Inc. and is a frequent speaker and moderator for organizations including the Association of University Technology Managers and Technology Transfer Tactics. Mr. Eldering is dedicated to enabling more effective commercialization of university inventions through the creation of professionally managed and funded start-up companies.