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Start-Up Company One approach to commercializing the OFC technology would be the creation of a start- up company. To pursue this route, Dr. Ho would have to initially purchase the IP related to the OFC from LBNL and then secure funding from government grants and/or venture capitalists to establish the start-up company. However, we are wary of pursuing this approach in light of our discussions with several VC professionals.95 The recurring message communicated to us by our VC interviewees has been that since our technology is in a conceptual state with no prototype that can be tested in the market place, it is unlikely to attract the sufficient funds required from private investors. As such, the appropriate path to commercialization is unlikely to be the creation of a start-up company at this point in time. Licensing of Intellectual Property The most viable option for commercialization of our technology is the licensing of the intellectual property. In this arrangement, the licensee would most likely be an incumbent in the ORC space looking to benefit from the unique configuration of the OFC that yields increased efficiency at a lower overall system cost. The licensing partner would be carefully selected by Lawrence Berkeley National Lab who would assess the candidacy of the licensee across two main parameters. Foremost, the licensing partner would need to demonstrate an achievable and realistic development plan for the technology with achievable milestones over the course of the duration of the contract. Moreover, LBNL would perform a financial and business due diligence of the licensing partner to ensure that minimum annual payments could be made by the licensee. Other key terms in a licensing arrangement that need to be further discussed are as follows: • Exclusivity: Will the licensing agreement be structured with a single party or multiple benefactors of the technology? • Market: Should there be any limitations to with respect to what end-use or geographic markets the technology can be used in? • Modification: Does the license allow the licensee to change, improve, sublicense, or share the license? • Term: How long does the license last? • Renewal and cancelation: Under what circumstances may the license be renewed or cancelled by either party? • Payments: Payments for licenses usually come in the form of up-front lump sums, installment payments, royalties, or some combination of these. • Royalties: Royalties are generally based on unit sales, percentage of gross revenues, percentage of profits, or some combination of these measures. 30PDF Image | ElectraTherm Commissions 10 Green Machines
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