Tech Transfer eNews Blog

FastTrack program helps Cornell start-ups rapidly complete license agreements

By Jesse Schwartz
Published: October 17th, 2018

The Center for Technology Licensing (CTL) at Cornell University has launched a program that helps faculty start-ups quickly and easily execute a license agreement and get their start-ups off the ground.

The FastTrack Startup License program focuses on innovations in physical sciences and engineering, offering a rapid and transparent licensing process that reduces the need for negotiation between the university and its spinout companies.

“What we heard from faculty and potential business partners and others is that there was a rather lengthy process for someone who wanted to commercialize our technologies,” says Emmanuel Giannelis, vice provost for research and vice president for technology transfer at Cornell.

“The aim of FastTrack is to basically make this process more efficient,” he adds. “With any new company, time is of the essence.”

The FastTrack platform includes a pre-set agreement with mutually favorable terms, a menu of options designed to accommodate a range of business types, and minimized early-stage cost to help start-ups reserve cash for product development.

If a technology is not yet at the licensing stage, companies can sign up for a six-month term, with the possibility of extension, during which they will be expected to work with regional incubators to further develop their product and business concept.

“It’s becoming more and more of a priority for us to do technology commercialization through venture creation and support economic development locally, regionally and nationally,” says Alice Li, executive director of CTL. “Reducing the time and expense of the licensing process for our entrepreneurs allows them to focus more of their precious early-stage resources on developing the technology and company.”

Serial entrepreneur and Cornell alumnus Greg Galvin helped CTL design the FastTrack program, having licensed a technology from the university more than 25 years ago.

“Historically, negotiating licenses with Cornell has not been a quick process,” says Galvin. “For a young company just starting, time is usually their enemy, because you’re burning through your money while you’re not producing something. So the sooner you can get license deals and other things of that nature done, the better for the company.”

Source: Cornell News

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