University of Alaska Fairbanks Research Foundation
Post on 31-Dec-2015
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University of Alaska Fairbanks Research
Foundation
A tool for translating university intellectual property to economic development and managing risk
Dan White, Associate Vice Chancellor for Research, UAFAdam Krynicki, IP Specialist, UAF
Why• Take and isolate risk
• Hold equity
• Make decisions at the speed of business
• Support UAF in ways that are difficult for state entities
• Increase start-up activity
What• Not-for-profit corporation
• Often referred to by the IRS designation 501(c)(3)
• Run by an independent board of directors
• Staffed by UAF employees
• The time is now – deal flow is growing and will support the organization
• Peer institutions formed research foundations in mid 1900’s
• WSU, Virginia Tech, Iowa State, Wisconsin and many others
When
• Arms length - legally separate entity
• But UAF has board membership and significant but not complete control
Relationship to UAF
• Articles of incorporation
• Bylaws of the corporation
• Agreement between UAF-RF and UAF
Documentation needed
• Clear conflict of interest management approval process
• System to allow “rental” of university space and resources
Other arrangements
• To have the capacity to build startups, we need:
• Means to take and isolate risk;
• Methods to hold equity in startups;
• Flexibility to make decisions at the speed of business;
• Methods to manage conflict of interest for innovators and for industry.
Summary
• Board of Regents and President’s Approval
• Establishment of Board of Directors
• Articles of Incorporation and bylaws
• Maintain a lean startup approach
• Equity, risk management
• Scale programs as they become sustainable
Future actions
If you have any comments or questions, please contact:
Dan White at dmwhite@alaska.edu
Adam Krynicki at akrynicki@alaska.edu
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