Marketing to find a licensee, commercialisation and revenue distribution

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1 KING S HOW-TO GUIDES Marketing to find a licensee, commercialisation and revenue distribution How does King s market my inventions? Licensing specialists within the IP&L team use many sources and strategies to identify potential licensees and market inventions. Market research can assist in identifying prospective licensees. We use social media, such as our website and twitter, to post inventions, leverage conferences and industry events, and make direct contacts. Faculty publications and presentations are often excellent marketing tools as well. How are most licensees found? Studies have shown that 70% of licensees were already known to the inventors. Thus existing research and consulting relationships, whether with the academic or with the IP&L team, are a valuable source for licensees. Our licensees often licence more than one technology from the College, and every attempt to grow and broaden existing relationships is made by the team. How long does it take to find a potential licensee? It can sometimes take years to locate a potential licensee, depending on the attractiveness of the invention, its stage of development, competing technologies, and the size and intensity of the market. Most College inventions tend to be in the early stage in the development cycle and thus require substantial commercialisation investment, making it difficult to attract a licensee immediately. How can I assist in marketing my invention? Your involvement can dramatically improve the chances of matching an invention to an outside company. Your research and consulting relationships are often helpful in both identifying potential licensees and technology champions within companies. Once interested companies are identified, the inventor is the best person to describe the details of the invention and its technical advantages. The most successful technology transfer results are obtained when the inventor and the technology transfer staff work together as a team to market and sell the technology. Can there be more than one licensee? Yes, an invention can be licensed to multiple licensees, either non-exclusively to several companies or exclusively to several companies, each for a unique field-of-use (application) or geography. LICENSES AND OTHER AGREEMENTS What is a licence? A licence is a permission that the owner or controller of intellectual property grants to another party, usually under a licence agreement. What is a licence agreement? Licence agreements describe the rights and responsibilities related to the use and exploitation of intellectual property developed at the College. College licence agreements usually stipulate that the licensee should diligently seek to bring the intellectual property into commercial use for the public good and provide a reasonable financial return to the College. How is a company chosen to be a licensee? A licensee is chosen based on its ability to commercialise the technology for the benefit of the College and the general public. Sometimes an established company with experience in similar technologies and markets is the best choice. In other cases, the focus and intensity of a start-up

2 company is a better option. It is rare for the College to have multiple potential licensees bidding on an invention. What can I expect to gain if my IP is licensed? As per College policy, a share of any financial return from a licence is provided to the inventor(s). For more information please view the Code of Practice for IP, Commercialisation and Financial Benefits at Most inventors enjoy the satisfaction of knowing their inventions are being deployed for the benefit of the general public. New and enhanced relationships with businesses are another outcome that can augment one s teaching, research and consulting. In some cases, additional sponsored research may result from the licensee. What is the relationship between an inventor and a licensee, and how much of my time will it require? Many licensees require the active assistance of the inventor to facilitate their commercialisation efforts, at least at the early stages of development. This can range from infrequent, informal contacts to a more formal consulting relationship. Working with a new business start-up can require substantially more time, depending on your role in or with the company and your continuing role within the College. Your participation with a start-up is governed by King s College London conflict of interest policies and the approval of your Head of School. What other types of agreements and considerations apply to technology transfer? [A] Non-Disclosure Agreements (NDAs) or Confidentiality Disclosure Agreements (CDAs). These are often used to protect the confidentiality of an invention during evaluation by potential licensees. NDAs and CDAs also protect information belonging to third parties that College researchers need to review in order to conduct research or evaluate research opportunities. Academic members of staff are not the authorised signatories for NDAs or CDAs. The College s Research Grants and Contracts office (RG&C) is responsible for NDAs and CDAs that need to be put in place between the College and other parties. RG&C will decide when they require input or assistance from the Central Innovation & Enterprise Team to ensure such agreements are transacted. For more information please contact the RG&C team via [B] Material Transfer Agreements (MTAs) These are often used to govern incoming materials the College obtains from other parties and outgoing materials the College provides to other parties. These agreements describe the terms under which College researchers and outside researchers may share materials, typically for research or evaluation purposes. Intellectual property rights can be endangered if materials are exchanged and used without a proper MTA. Academic members of staff are not the authorised signatories for MTAs. The College s Research Grants and Contracts office (RG&C) is responsible for MTAs. o If the MTA concerns the receipt of material by the College from other parties, RG&C will manage this process.

3 o If the MTA concerns the provision of material by the College to other parties, RG&C will work with the Central Innovation & Enterprise Team to ensure these agreements are transacted. For more information please see [C] Inter-institutional agreements These describe the terms under which two or more institutions (generally two universities) will collaborate to assess, protect, market, licence and share in the revenues received from licensing jointly-owned intellectual property. [D] Option agreements, or option clauses within research agreements These describe the conditions under which the College preserves the opportunity for a third party to negotiate a licence for intellectual property. Option clauses are often provided in a Sponsored Research Agreement to corporate research sponsors or Option Agreements are entered into with third parties wishing to evaluate the technology prior to entering into a full licence agreement. [E] Research Grants and Contracts These agreements describe the terms under which sponsors provide research support to the College. They are the responsibility of the College s Research Grants and Contracts office (RG&C). More information about RG&C can be found at COMMERCIALISATION What activities occur during commercialisation? Most licensees continue to develop an invention to enhance the technology, reduce risk, prove reliability, and satisfy the market requirements for adoption by customers. This can involve additional testing, prototyping for manufacturability, durability and integrity, and further development to improve performance and other characteristics. Documentation for training, installation and marketing is often created during this phase. Benchmarking tests are often required to demonstrate the product/service advantages and to position the product in the market. What is my role during commercialisation? Your role can vary depending on your interest and involvement, in the interest of the licensee in utilising your services for various assignments, and any contractual obligations related to the licence or any personal agreements. What revenues are generated for the College if commercialisation is successful? If unsuccessful? Most licenses have licensing fees that can be very modest or can reach hundreds of thousands of pounds. Royalties on the eventual sales of the licensed products can generate revenues, although this can take years to occur. Equity, if included in a licence, can yield returns, but only if a successful equity liquidation event (public equity offering or a sale of the company) occurs. A recent study of licenses at U.S. universities demonstrated that only 1% of all licenses yield more than $1 million. However, the rewards of an invention reaching the market are often more significant than financial considerations alone. What will happen to my invention if the spin-out company or licensee is unsuccessful in commercialising the technology? Can the invention be licensed to another entity?

4 Licenses typically include performance milestones that, if unmet, can result in termination of the licence. This termination allows for subsequent licensing to another business. REVENUE DISTRIBUTIONS How are licence revenues distributed? King s IP&L team are responsible for managing the expenses and revenues associated with technology agreements. Per the Code of Practice ( revenues from licence fees, royalties and equity minus any unreimbursed patenting and file expenses are shared with inventors. What are the tax implications of any revenues I receive from the University? Revenue shares paid to an inventor who is still an employee of the College shall be subject to income tax and national insurance deductions at source. If an inventor is no longer an employee of the College, then before the College makes any payment to him or her, the College will require a written confirmation from the Inventor that he or she will declare such payment on all relevant tax returns and indemnify the College against any tax, national insurance, interest and penalties that may become payable in respect of such payment. What happens to my share of licensing revenue if I waive rights to it? An inventor may waive all or part of their personal payment and request that it be used for research purposes within their academic unit. Any resulting payment to research budget within the department will not be taxable provided notification is made before payment has been made to the inventor. How are inventor revenues distributed if there are multiple inventors and/or multiple inventions in a licence? While there may be some variation in the procedure, typically when a licence agreement is developed, King s will discuss with direct contributors to an item of IP who should be included as an Inventor for the purposes of revenue share and on the proportional share based upon justification of contribution. Where more than one inventor is entitled to receive a share of the net income, the inventors share shall be divided equally between inventors unless the inventors determine and agree in writing a different division. If an inventor is entitled to a share of net income derived from more than one discrete item of IP and those items of IP are not closely related then the net income received will not be aggregated but will be treated quite separately when the division of net income is calculated. Where items of IP are directly related net income will be aggregated. Where net income is not separately apportioned but relates to two or more items of IP the College will apportion the net income on a fair and equitable basis. How is equity from a licence distributed? All inventors of an item of IP that forms the basis of the spin-out company may be considered academic founders and, as such, will be entitled to be rewarded for their contribution by taking equity in the spin-out company at the outset rather than a share of College s future income. King s staff will negotiate the initial equity distribution in spin-outs, both with investors (such as the seedcorn funds and venture capitalists), any third parties and with the academic founders. In sharing equity with academic founders the following factors will be taken into consideration: the extent of their personal contribution to the IP made available to the spin-out (number of inventions, value of know-how etc); the time commitment which (with College approval) they propose to devote to establishing the spin-out; the extent to which they are perceived as pivotal in setting up the spin-out and attracting investment; any equity which the College is obliged to give to third parties (such as research sponsors).

5 Whilst the detail of equity share will vary by case, the total combined shareholding held by academic founder[s] (in aggregate) in a spin-out company at incorporation and prior to any financial investment shall not [typically] exceed 50% of the total issued share capital of the spin-out company. The College shareholding reflects: College IP to be licensed to the company; the investment in salaries, running costs, equipment and infrastructure which allowed the work giving rise to the IP to be undertaken; the investment in protecting the IP in terms of patent costs and the time of King s Business staff; the investment and resources in establishing the spin-out including staff and legal costs; company mentoring; ongoing support; ongoing IP obligations, ongoing legal obligations; share of College equity with IP Group PLC; use of the College's name; etc.

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