Monash University has created a number of successful 'spin-out' companies over its history, including Monash IVF, Acrux, Polynovo, and Ofidium. These companies are formed when the University takes the intellectual property and forms a new business to commercialise that IP based on a solid business case.
The formation of a successful spin-out company requires a number of different factors to come together at once:
- Innovative technology, process or service
- Generally protected by registration of appropriate IP rights.
- Experienced management team
- Essential for success.
- Committed research team
- During the establishment of the company significant commitment from the research team is needed to help transfer the technology and associated 'know-how' into the company.
- Solid business case
- Aligning technology and company development with the requirements of the funding providers.
- Sufficient money to develop the business
- Obtained through a variety of equity funding, research and other matching grants.
Monash has established a process for forming spin-out companies and other legal structures. An outline of this process is available at the page University Framework for Legal Structures. The formation of a spin-out company requires not only effort but also resources. For this reason, a spin-out company is only formed when it is clearly the best way to commercialise the innovation.