Universities have often been encouraged to focus on spin-off company creation, and UBC has created over 240 such companies.
These companies have generated significant economic and societal impacts. The majority of these companies are based in BC, and many continue to engage with UBC through sponsoring research and hiring graduates.
UBC recognizes the potential for generating further impact by supporting UBC students, faculty, staff and recent alumni in a wide range of entrepreneurial activities and interests.
Many companies are formed around the entrepreneurial zeal of people at UBC, and market pull rather than around University intellectual property. Through being an active partner in entrepreneurship@UBC, the UILO helps to provide these entrepreneurs and early-stage companies with the resources, mentoring and access to funding that they require.
The UILO helps new start-up companies from UBC research by:
- Providing assessments of the technology’s intellectual property position, market potential, and competitive environment
- Working with UBC entrepreneurs to secure non-dilutive grant funding for the technology to advance the technology to the point that it is investible by non-academic sources
- Negotiating a fair agreement to transfer commercial rights to the technology to the new company
- Working with start-up founders to identify suitable management for the new company, where appropriate
- Introducing start-up founders to potential investors
Note that founders of spin-off companies are required to waive their rights to receive a share of any revenues received by the University from the license agreement with the spin-off company. This is a requirement of UBC Policy LR11 and UBC Policy LR8.