Florida State University has launched Fast Start, a simplified tech transfer program to help FSU faculty bring their discoveries and inventions to market more quickly to help more people.
The new program solidifies simple, consistent deal terms for licensing and commercialization. Fast Start will allow FSU faculty and researchers to execute license agreements more quickly, with fewer roadblocks and delays. The process will also provide increased transparency and a clear pathway for faculty to move their research from the lab to the marketplace.
“At FSU, we want to encourage faculty and others to start companies,” said FSU President Richard McCullough. “As a founder of two startups, I have found a standard agreement is a quick way to get your startup launched.”
The agreement is simple — the FSU Research Foundation will receive 5% equity stake in the company, non-dilutable until the investments in company equal $2 million. The university will provide expert guidance and support to faculty throughout the entire commercialization process, from patent application to licensing agreement.
“Fast Start is designed to remove barriers and streamline the process for our researchers to move their work into the marketplace,” said Vice President for Research Stacey Patterson. “Making research more accessible will change lives and can have a profound impact on the world.”
Recent companies started by FSU faculty have taken on major issues including stopping pre-term labor, creating a non-addictive ADHD drug, addressing the world’s food shortages, and shifting reading assessments for the next generation.
Fast Start officially launched June 9, 2023.
The university also introduced 1Clik Licensing, which allows industry to license FSU technologies more easily. The new process makes it as easy as buying something in an Amazon cart. Using standardized license agreements with fixed terms speeds up the licensing process.
Expanding the Innovation Team
The university has launched a search for a strategic new hire, Associate Vice President of Strategic Partnerships and Innovation. This person will lead commercialization efforts and Fast Startup as well as corporate partnerships. The AVP of Strategic Partnerships and Innovation will report to the Vice President for Research.
For more information on Fast Start, visit https://www.research.fsu.edu/research-offices/oc/fast-start-fsu/.