university of alaska fairbanks research foundation a tool for translating university intellectual...

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

Who

Board structure could include

• Management from UAF

• Regents

• Faculty members

• Community members

• 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

Questions?

If you have any comments or questions, please contact:

Dan White at dmwhite@alaska.edu

Adam Krynicki at akrynicki@alaska.edu