Beyond commercial due diligence
It may well be noted that much of the above concentrates on Commercial and Technical Due diligence, and that little has been mentioned of Legal and IP due diligence. This is because, in the main, Knowledge Transfer Offices (KTOs) tend to focus on the latter to the detriment of the former. Indeed we have seen successful projects commercialised via this route in which IP fragmentation or complexities that would normally result in a stage-gate failure, have in fact been the result of real (if messy) commercial engagement. It is often easier to unlock such complications than to push a 'clean' IP proposition that is has no market pull.
Nonetheless is also the case that these external consultants might tend towards the reverse tendency - underplaying the focus on IP and legal due diligence. Consequently, any process of engagement should ensure that consultants are explicit in dealing with legal and IP matters.
Likewise, in certain domains and with specific projects, matters of regulation and domain-specific business models are crucial determinants of 'can we win?'. Though a framework such as the Schrello filter should structure any proposal and pitches for opportunities that consultants make, there will be more complex issues to address within this such as:
- Regulation
- Marketing Strategies
- IP protection strategies and Licencing strategies
- Investment
- Legal Due Diligence
- Technical Due Diligence
Not all individuals will be able to cover these, and so KTOs will be keen to understand how entrepreneur-consultants, or others that they may use for a project, will cover these angles. This need not be detailed at the start of the process, but must be appropriately covered and addressed in full at the appropriate stage. We deal with this in the section 'Building the right team at the right time'.
Finally, make sure that you ensure that the consultant community understands what the university needs by way of:
- Business Plans, and Financial Models
- Procedures
- Reporting
- IP management
