Minor-seeming policies can have massive ripple effects.
In Rochester, Minn., a Mayo Clinic policy that disallowed researchers and physicians from holding leadership positions at startups stifled the city's innovation economy for years. When the ban was lifted in 2013, startup activity in Rochester began to flourish. And in Boston, some legislators argue that the city's broad noncompetes – a local ruling that allows companies to block employees from working for even indirect competitors – has hurt the ecosystem by blocking the cross-pollination of ideas.
While the above terms can be easy to overlook, they're representative of how certain policies can significantly impact innovation.
VCU Ventures, the university's new office designed to help turn faculty and campus intellectual property into startups, is hoping that one of its core, foundational policies will have a lasting effect on both the school and Richmond's ecosystem.
The new brand, which operates within VCU's Office of Research and Innovation, is rolling out with some of the most startup-friendly licensing terms for any university tech transfer in the country.
While the university's licensing terms include a small ownership stake in the company, which is standard for most tech transfers, it does forgo all royalties and milestone payments and allows the startup to sublicense out its technology. These terms are structured to remove as many contractual obligations as possible, ensuring that the university isn't placing unnecessary burdens on their founders.
“These terms are bold and send a clear signal to entrepreneurs and investors that VCU is open for business," VCU Ventures director Nicole Monk said in a statement.
Paul Nolde, director of business development with local VC firm NRV, echoed these sentiments. “With some of these constraints now lifted for VCU-incubated technologies, the university is demonstrating a clear commitment to, and appreciation of, advancing Richmond's entrepreneurial community on a local, regional and national scale."
But VCU Ventures will not just be a collection of startup-friendly policies. The organization will also develop programs and work with city and regional partners to launch early-stage businesses that are built around and anchored by VCU IP. In addition, the team will work to influence city, state and university policies that will make it easier for entrepreneurs to scale.
VCU Ventures will also serve as a compliment to the da Vinci Center, VCU's interdisciplinary center focused on fostering innovation and entrepreneurship, helping further cement the university as a leading pipeline for industry- and city-changing innovation.
