Creation of technology-based companies

When launching a technology-based company, there are a number of indispensable requirements that need to be defined and encouraged in the Creation of the Spin off or Start up , as they will determine the success or failure of a business project of this kind. These are: mastering technology , forming a strong promoter team , having a good product To adequately protect the competitive advantage, to enter the market with a strong commercial strategy and to be part of an innovative environment and networking .

Strategy is articulated throughout the process of creating a technology-based company. This is a series of key stages :

The process of creating a technology-based company begins when the professionals or researchers detect that they have a research result, a technology or an innovative knowledge with high potential for business growth and have a business idea to exploit it commercially in the market.

This invention with commercial potential has to be associated with a process, product or service offered to the market by the future company, and fulfill the following characteristics:

Have market potential.

Be a sufficiently mature technology based on research results.

Have an appropriate intellectual property strategy to create a competitive advantage as a company.

With this in favor, professionals and researchers should detail the business idea, describing the business opportunity that exists and how the future company intends to take advantage of it.

The human team that promotes the creation of a technology-based company is the most important part of the business project. It is the people who know the technology, conceive the business idea, elaborate the business plan and participate in the social and financial capital of the future company.

The ideal is to bring together a multidisciplinary team composed of highly qualified staff and different academic and professional profiles that combine scientific knowledge with business management and evaluate the business project with its professional trajectories. Everyone must have a high commitment to the business project, share a series of common goals and objectives with the company, and take on specific and complementary roles.

In the case of university Spin-offs there are a number of legal considerations that define the modalities of participation in the Technological-based Companies of the members of the university community, specifically of university professors and researchers. These can participate from a full bond, matching functions or as scientific advisors. The specific modalities of participation differ according to the Ibero-American country, being determined by national laws and regulations specific to each university or research center.

In the promoter team one or more people should take the lead in the entrepreneurial project. In most cases, this is a fact highly valued by investors when awarding financing.

The business plan, also called business plan or business plan, is an essential tool to define the peculiarities of the business project that is intended to be launched to the market and, throughout the process, will become the guide of action of the entrepreneurial team.

The business plan is a document in which the business opportunity has to be identified, described and analyzed; Analyze the economic, technical, market and financial feasibility of the same, and detail the first steps that will be necessary to start the business. Its time horizon is usually between 3 and 5 years.

There are several proposals to develop a business plan, we present a series of useful recommendations for the development of a business plan.

Technology-based financing, spin-off and star-up, requires a combination of different sources of economic input at different stages of the company's life cycle. These sources of financing may be owned by entrepreneurs or come from outside funds, and be both public and private. Among the most relevant financing formulas are Venture Capital and Business Angels.

A business plan should plan several rounds of funding, depending on the company's estimated development, to consolidate project growth. However, it should be flexible planning since it must be able to adapt the financing strategy to the final evolution of the company in the market.

Next, we propose a classification of funding sources for technology-based companies.

Once the commercial viability and the economic profitability of the business project have been verified, the specific agreement of transfer of technology that will be adopted by the parties involved to commercially exploit the technology has to be decided. It is, therefore, a negotiating process between the parties, especially in case of Spin off university.

This process also determines the remuneration modalities to be used. The most commonly used is the payment of royalties or royalties as a compensation mechanism, followed by other modalities such as an upfront fee and royalties; A participation in companies set up to exploit the technology; Or lump sums according to milestones.

The step prior to the start-up of the company is the management of the legal and administrative procedures necessary to officially establish the company. These are specific to each Latin American country.

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