Tech Transfer Central
University-Industry Engagement Advisor

Drafting Equity Terms for University-Based Start Ups

Format: On-Demand Video/Transcript, or DVD
Originally presented: Thursday, October 26, 2017

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Price: $197
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How you structure equity deals with faculty start-ups can have profound effects on both the new venture and the university’s ultimate stake in the fortunes of the company. The wrong moves in the initial license can scare off future investors and dampen the start-up’s prospects for long-term success, but terms that are too favorable for founders and investors can severely reduce the university’s returns when the business reaches a liquidity event.

Striking the right balance is a delicate challenge that requires a full understanding of the financial levers in the deal, and how each party will be impacted as the new venture gains value while taking on new partners – and a more complex cap table.

That’s why Technology Transfer Tactics’ Distance Learning Division has teamed up with two university technology licensing experts to bring you this highly informative program:

Drafting Equity Terms for University-Based Start Ups

Join Cheryl Turnbull, Senior Director, New Ventures, Technology Commercialization Office with Ohio State University and Benjamin Kern, Partner at Winston and Strawn, for this detailed program where they will discuss:

  • Universities’ various roles related to start-ups and how that affects:
    • Ownership rights
    • Assignment rights
    • Equity position
  • Role of the TCO
    • British or merchant-banking model
    • Coastal or agency model
    • Faculty-led or Business Leader?
  • Comparative Terms of the Merchant Banking and Agency Models
    • Equity
    • Anti-dilution thresholds
    • Board status
    • Shareholder rights
    • Template corporate documents
    • Transaction costs
  • Financing Sources
    • Venture capital
    • Angels
    • State-subsidized funds
    • University-subsidized funds
  • Comparative Terms of the Funding Sources
    • Securities (notes, preferred stock, warrants)
    • Valuation
    • Impact of anti-dilution thresholds
    • University participation and rights
  • When is a standard equity structure appropriate?
  • How are faculty incentivized?

PLUS! Here the recorded Q&A from the live session of the program

Meet Your Session Leaders:

Benjamin D. KernBenjamin D. Kern
Winston and Strawn

Benjamin Kern concentrates his practice on technology companies and technology transactions. He advises growth-stage technology companies on intellectual property matters, personnel matters, commercial and strategic relationships. Additionally, Benjamin represents a variety of companies with technology licensing, services, procurement, joint venture and outsourcing transactions.

Cheryl TurnbullCheryl Turnbull
Senior Director
New Ventures
Technology Commercialization Office

Ohio State University

Cheryl works with inventors, entrepreneurs and capital providers to create exciting start-up companies offering cutting-edge technology. She has 20+ years of investment experience in private equity, mezzanine financing and venture capital.

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