Technology Incubator Policy
Effective Date: 8/3/2005
Responsible Office: Vice President for Research and Development
A goal of Louisiana Tech University is to facilitate the practical application of knowledge for public use. The University wishes to facilitate the creation of ideas and inventions that benefit society from public and private investment in funded research at Louisiana Tech. To this end, the University has adopted the Technology Incubator Policy to facilitate the development of new commercial enterprises growing out of the University’s research and educational activities. The general objective of this Policy is to provide guidance and structure for the management and governance of a University-based Technology Incubator.
This Policy pertains to the incubation of business entities that seek entrance to the University’s Incubator program and are eligible to participate according to criteria outlined below.
|1.1||Selected business entities will be startup businesses with AT LEAST ONE of the following relationships with the University.|
|1.1.1||At least one of the principals (Owner, Director, etc.) in the business is a current or former Louisiana Tech faculty, staff, student, or alumnus.
|1.1.2|| The technology or business was developed or conceived through the activities of Louisiana Tech faculty, staff, or students.
|1.1.3||The business has intellectual property rights that were or will be licensed or transferred from Louisiana Tech.
|1.1.4||The business is contracting with Louisiana Tech for substantial technical or business services provided or supervised by a current Louisiana Tech faculty member.|
|1.2||Activities NOT eligible for the Incubator nor subject to this Policy include (but are not limited to)|
|1.2.1||Technology development activities of academic units that do not involve business entities.
|1.2.2||Outside activities of University employees in businesses whose business activities are entirely outside the University (e.g., consulting, investment, hobbies).|
|1.3|| The Incubator will provide facilities and services ONLY to businesses that exist as formally defined organizations (e.g., partnership, corporation, LLC).
|1.4||The primary place of the business is to be physically located in the Incubator facility and the business shall be in the start up phase of development.|
2.0 Incubator Administration
2.1 Management and Governance
The operation of the Louisiana Tech University Technology Incubator will be the responsibility of the Vice President for Research and Development.
Executive Director: The Incubator Executive Director is the primary decision maker who is charged with overall management and strategy development and will report to the Vice President for Research and Development.
Board of Advisors: Composed of senior faculty and officials at Louisiana Tech and of representatives of the business and technology community, the Board is charged with review of policies and periodic review of the Incubator Company performance. Additionally, the Board, both as a group or individually, will serve as mentors and provide advice and support to the Incubator Companies.
Operating Policies – The governing policies and procedures for the Incubator are to be compatible with and supported by University policies.
3.0 Incubator Facility
|3.1||The Incubator facility and each Incubator Company shall have a landlord-tenant relationship governing access to and use of the space in the Incubator facility that will constitute the principal place of business or regional location of the Incubator Company. The University will provide the physical facilities in which the Incubator will operate and will also provide maintenance and other general services required for the Incubator’s operations. Incubator employees (non-tenant) will be employees of the University.
|3.2||The Incubator will offer, at a minimum, the following general services on terms to be negotiated with each Incubator Company: office space; telecommunication services; computer LAN; printing and Internet access, receptionist and secretarial support; meeting and presentation rooms; and coordinated access to venture capitalists, business consultants, lawyers, and accountants.
|3.3||Contracting with the University – An Incubator Company in need of laboratory facilities for continuing research and development may contract with the University to perform research in University buildings and laboratories. In order to ensure compliance with Louisiana Tech policies on safety, conflicts of interest, and fiduciary obligations, contracts with the University shall be in accordance with the usual procedures for externally funded activities.|
4.0 Incubatee Application and Selection
Applicants to the Incubator must provide information on (1) the history of the project, key personnel and relevant intellectual property; (2) ties to Louisiana Tech (historical, ongoing, and anticipated); (3) proposed or actual ownership of and governance plan for the business; (4) facilities and services desired from the Incubator; and (5) a complete business plan for the applicant (including a current financial statement and financial plan). The Executive Director will decide on the acceptance of a prospective Incubator Company and will negotiate the terms of admission, drawing on the advice of the Board of Advisors as needed.
5.0 Approval and Execution of Documents
The University has the sole right to negotiate and enter into agreements regarding the use, commercial development, distribution, publication, transfer, and other exploitation of intellectual property which is owned by the University or to which the University otherwise has rights under this Policy or the University’s Intellectual Property Policy.