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University Equity in Start ups for IP Licensing - Lebret - nov 2013

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How much equity universities take in start-ups for a license of intellectual property? It is sometimes not to say often a hot topic and information is not easy to obtain. Howeever there are some standards or common practice.

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University Equity in Start ups for IP Licensing - Lebret - nov 2013

  1. 1. How much Equity Universities take in Start-ups from IP Licensing? Historical data Hervé Lebret November 2013
  2. 2. NB: this was not an easy exercise and I would not claim it is mistake-free. You should read it as indicative only, hopefully it is accurate! Indirectly related with Equity sharing through 200+ start-ups - October 2013 www.slideshare.net/lebret/startup-equity
  3. 3. Lessons learnt Assuming the data are accurate:       Universities own about  10% at creation or  5% post –series A (average: $5M)  Universities keep a 1-2% equity stake at exit,  Worth a few $M (Median is $1M) With an average of $70M VC investment, And market value in the $1B range (Median is $300M) Royalties are in the 1-4% range. Median values are as important as Averages. All this is consistent with information in Appendix
  4. 4. Appendix Concept & Examples http://www.startup-book.com/2010/06/15/university-licensing-to-start-ups-part-2/
  5. 5. General concept “The license issue fee typically ranges from $10,000 to $50,000, but can be as high as $250,000 for an especially promising technology that is close to market. Royalty rates are typically 2% to 5% but can go as high as 15%.” […] “Recently, licensing managers have begun to take equity in start-up companies in combination with, or in place of, license issue fees or royalties. In a typical arrangement the university takes a 5% equity position in the company in place of the license issue fee.”
  6. 6. More considerations http://www.techmonitor.net/tm/images/d/de/04may_jun_sf7.pdf
  7. 7. Stanford University http://otl.stanford.edu/about/brainstorm/1203_equity.html
  8. 8. Carnegie Mellon
  9. 9. Massachusetts Institute of Technology MIT Typical Terms • • • • • • • Exclusive Field of Use: Limited License Issue Fee: $25 - $100K Royalty: 3-5% Minimum annual royalty: escalates over time Equity: 5% after significant funding Patent expense reimbursement http://acscinf.org/docs/meetings/234nm/presentations/234nm62.ppt
  10. 10. Caltech