Step 1: Begin recruitment of business and scientific advisors
Business and scientific advisors can help fill gaps in knowledge, provide strategic advice, and provide feedback to that can help your company achieve your milestones. Before you begin recruiting advisors, decide what critical knowledge gaps you need to fill to meet the goals of your company.
Step 2: Seek funding
Small Business Innovation Research (SBIR), and Small Business Technology Transfer (STTR), Friends and Family, and Seed Funds are most common for early stage life sciences companies but dilutive funds are also an option.
Step 3: Negotiate a license
In order for a company to maintain rights for a longer period of time to develop and use a technology and/ or for a company to sell products based on the technology, a license agreement must be entered into. The license agreement will incorporate financial terms as well as other rights and responsibilities. The execution of a license is just the beginning of a long-term relationship between OHSU and the licensee.