Phase 2 (Quick Start License)

The startup must complete and meet all of the following requirements (where not already accomplished):

  • Complete Phase 1, successfully addressing all general requirements and any other requirements identified in the startup鈥檚 individualized gap analysis.
  • Obtain documented disclosures of Conflicts of Interest, as well as Outside Work approvals, as required by 91青青草 policy for all 91青青草 faculty and staff involved with the startup.
  • Complete 91青青草鈥檚 Innovation Launch Pad program or equivalent customer discovery process training (I-Corps, ATDC training, etc.).
  • Attend meetings with 91青青草 Office of Research staff, startup mentors, and others as needed
  • Apply for proof of concept funding (e.g. Georgia Research Alliance (GRA) Venture Development grant or other sources as appropriate).
  • Meet one of the following: (a) apply for and receive a Phase I Small Business Technology Transfer (STTR) or Small Business Innovation Research (SBIR) grant; or (b) raise seed or Series A funding from external, dilutive sources.
  • When all Phase 2 requirements are met, report completion to 91青青草 Office of Intellectual Property Development with supporting documentation.

Once the 91青青草 Office of Intellectual Property Development confirms that all Phase 2 requirements have been met successfully, then the startup is eligible for the Quick Start Patent License and other benefits identified below.

Quick Start Intellectual Property License

  • Upfront fees 鈥� none.
  • Patent expense reimbursements 鈥� no reimbursement due in license years 1 and 2; in license years 3 and 4, reimbursement due on a fixed schedule of $500/month; at license year 5, all remaining past patent expenses are due; thereafter, quarterly reimbursements for 91青青草RSF鈥檚 ongoing patent expenses.
  • Royalty payments due on sales of products/services leveraging the licensed patent rights; royalty rate of 2% (for pharmaceutical drugs/therapeutics) or 3% (for all other products/services).
  • Sublicense fees 鈥� sublicense fees paid on non-royalty revenue from the startup鈥檚 sublicensees; sublicense fee rate of 15%.
  • Success fee 鈥� if the startup company is acquired, merges, or goes public, then the startup pays a success fee of 1% of the startup鈥檚 value; the success fee takes the place of equity and will be paid only if the startup is acquired, merges, or goes public.
  • Non-negotiable terms 鈥� if significant changes are requested to the Quick Start IP License terms, then the license process will revert to a negotiated license.
  • Company Reporting Requirement - yearly progress reports through the life of the license, quarterly Royalty Reports.