Jointly Driven Route
Under the Jointly Driven route of Founders Choice™ you have elected to take the enhanced level of support from Imperial Innovations.
This follows the traditional process of spin-out formation at Imperial where negotiations begin with a presumption of an equal division of initial equity between the founders and the University.
For a company without any third party interests this assumes a starting position to negotiations of a 50:50 equity split between the founders and the University. This is the starting position and is subject to negotation, taking into account that an option pool will also be created to reward founders taking an active role in the company.
As detailed in the list of Enhanced services Imperial Innovations will work with you to crystallise your idea into a commercial business proposition and agree the short and medium term activities the company will undertake (and how it will find funding for them). This together with the agreed equity split and basic corporate governance structure for the spin-out will be laid out in the Memorandum of Understanding (MOU).
This MOU acts to ensure that all founders agree on the route forward the equity split. It also acts as guidance for Innovations lawyers to draft the full legal documents which will be finalised in association with the founders and any incoming investors.
The Jointly Driven route follows the process below:
Founders agree to Jointly Driven Route & to take the enhanced start-up package & sign Letter of Understanding (LoU)
- Founders & Innovations agree the Memorandum of Understanding (MoU)
- Founders select and engage a law firm from preferred supplier list
- Innovations will establish a shell company at the appropriate time
- Innovations & founders work with recruitment services to identify management team
- Innovations & Founders pitch to network of investors (‘no-obligation’ visibility of the spinout is provided to Touchstone Innovations)
- Founders & Innovations finalise licence and investment with investor
- Spinout formed with negotiated equity start position and royalty bearing licence
Download the Founders Choice Miniguide for further information, or read more detail about the services available through the Enhanced Services package
Founders Choice Mini-guide
A PDF download of our mini-guide to the Founders Choice™ pilot programme. Contains information on the Founder driven and Jointly driven routes and a summary of support receives under both options.
Enhanced Support package
Information about the enhanced support package available through the Jointly Driven route under Founders Choice™