Phase 1 (12-month Patent Option)
The requirements for Phase 1 are as follows:
- Product/Service Concept – Identify the initial products and services the startup intends to develop and offer. This is extremely important so that intellectual property strategy can be focused to protect the specific rights the startup intends to use to generate income.
- Website and Logo – Create a simple website landing page and logo/branding for the startup’s online content, documents, and other materials. The first thing a potential business partner, investor, or SBIR reviewer will do is research the startup’s online presence.
- Pitch Deck and Reading Deck – Develop a pitch deck, which should include at a minimum the following slides: Problem, Solution, Value Proposition, Market Size, Business Model, Competition, Regulatory, Intellectual Property, Team, Milestones and Plan, and Ask. Develop a reading deck, which should include all pitch deck slides adjusted to a style that is meant to be read. Both decks should be non-confidential.
- Executive Summary – Create a simple, one-page description of the startup and business opportunity including relevant logos, current plans, and contact information. This is essential to send prior to meetings with partners or potential investors early in relationship development.
- Business Management Plan – Write a detailed description of the startup’s corporate structure and the associated management and R&D personnel. It is especially important to give a clear description of how faculty members will engage once full-time employees are hired.
- List of Business Advisors/Board of Directors – List at least 3 people external to the founding team who serve as advisors or directors. Ideally, the advisors/directors are key opinion leaders or individuals with domain experience for the startup’s proposed products and services.
When the action plan is approved and finalized by the Office of Intellectual Property Development and the Vice President for Research, then the startup gains access to the express patent option. The company may execute the option at any time on the following non-negotiable terms.
- Express Patent Option – Grants the startup the exclusive right to negotiate an exclusive license to the identified patent rights (e.g. provisional or non-provisional applications, issued patents) in the agreed upon field and territory with a 12-month option period at no fee and without patent expense reimbursement requirements.