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VCU launches program featuring generous terms for participating start-ups


By Jesse Schwartz
Published: August 1st, 2018

Virginia Commonwealth University (VCU) has launched a new start-up support program, VCU Ventures, which includes a pre-accelerator called Venture Lab that pairs start-up teams with promising faculty technologies.

“We’re looking to select five to seven teams for the Venture Lab, but we’ll be working with a number of technologies outside of that as well,” says Nicky Monk, director of VCU’s Innovation Economy. “VCU has over 100 invention disclosures each year, so there is a lot of opportunity.”

To give the start-ups a kick start, the university will receive five percent ownership in each company launched through VCU Ventures while allowing for sublicenses and skipping all royalties, sublicensing fees and milestone payments. According to Monk, these are among the most favorable terms in the country, and they are designed to be quickly executed and non-negotiable.

“We can benefit the local economy by being a funnel of innovation,” she says. “Only when we have a robust ecosystem to retain talent and innovation will we recognize the economic impact.”

Qualifying start-ups must be based on VCU intellectual property, show high growth potential, have plans to pursue venture capital investment, and be able to pitch a promising business model.

Source: Richmond BizSense

Posted under: Tech Transfer e-News

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