April 6, 2021

Navigating the Fundraising Landscape

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Term Sheet Battle, Venture Deals Closing, Venture Finance Offers


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April 6, 2021
By Aery Advisors
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Ever wonder how entrepreneurs and high-tech ventures "spin-out" technology from top research-intensive universities and other institutions, including how such spin-outs organize and negotiate their first round of seed capital from outside investors?  Wonder no more.  Term Sheet Battle - DTU (2021) is a live (and on-demand recording) between a real institutional investor and real "spin-off" entrepreneur, represented by a lawyer with real experience structuring and closing transactions of this nature.  This program demystifies what is mostly a closed and poorly understood process:  the first negotiation of a "term sheet" to launch finance and grow the spin-out startup. 

Downloadable Resources

Two page promotion flyer, which introduces the Cast:  (Jacob L. Philipsen as "The Research Spin-Off Entrepreneur", Soren Holmark as "The Advokat/Lawyer", Ole Kring as "The Lead Investor"; and Crew:  Brad Furber as "The Referee" and "Creator", and Jes Breong as "The Master of Ceremonies.  The flyer also recognizes this program's Title Sponsor, Host and Organizer:  Technical University of Denmark, or DTU; and Co-Sponsors: Advalight, Vaekstfonden, Pactum and Aery Advisors.

One page overview to set the stage and provide background information to understand the relevant background and context.

Four page Business Case presenting a 7 Year Master Plan, Technology - Market Match, Financial Projections, Production Issues and Related Background Information.

One page glossary of certain technical terms likely to be used by the Cast and Crew to help audience better understand the relevant jargon.

Six page Term Sheet originally presented by The Lead Investor to The Research Spin-Off Entrepreneur, which has already been thoroughly reviewed by The Advokat/Lawyer.  This document is designed to flesh out all of the key terms and conditions of the proposed spin-out and financing, and forms the basis for the negotiations (and resulting discussions, teaching and learning) during this Term Sheet Battle - DTU (2021).

Twenty-five page powerpoint presentation created and presented by The Referee to visually guide the audience through the approximately two hour program, including acknowledgements and contact information for the Cast and Crew.

In addition, if you are affiliated with a leading university or other organization (e.g., innovation + entrepreneurship centers, learning and teaching organizations, incubators, accelerators, law firms, banks, accounting firms and the like) that would be interested in becoming the title sponsor or co-sponsor of a future Term Sheet Battle (TM) program (each of which are individually created and customized), then please send an email directly to our business development team with the following in the subject line (“I Want to Sponsor a Term Sheet Battle!“): bizdev@aeryadvisors.com

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Additional Readings

Should Universities Try to Capture More Value from Their Research?

University Value Capture and Success Variabilities: Wharton Professor publishes two recent research papers revealing, among other things, that universities capture 16% of the value (in the form of licensing revenues and equity stakes) they help create through ground-breaking discoveries, and (not surprisingly) that some researchers and universities are much better able to commercialize their discoveries compared to others.

The Evolution of University Technology Transfer: By the Numbers

Which US Universities Get Most Bang for the Buck?: More than $100 billion is spent by USA on federally sponsored research at universities and other research-intensive institutions. University administrations and other stakeholders evaluate technology transfer offices (TTO) via 1) revenue generated, 2) licenses executed, 3) startups created, 4) invention disclosure forms (IDF) received, and 5) patents issued. How do US universities compare, based on data from 2008–2018.

The commercialization of university-based research: Balancing risks and benefits

Not Everyone Is Jumping on the Bandwagon: Two Canadian academics question whether the increasing push to commercialize university research ignores several potential risks, including adverse impacts on research environment, science hype, premature implementation and use of services, public trust, skewed health policy and damage to long-term economic contributions of university research.

The World’s Most Innovative Universities

Reuters’ identifies and ranks the educational institutions doing the most to advance science, invent new technologies and power new markets and industries. In its most recent list, overall, USA continues to dominate the list, with 46 universities in the top 100. Germany is the second-best performing country with nine universities. France climbs to third, with eight universities on the list; Japan, South Korea and the United Kingdom each have 6; China has 4; the Netherlands and Switzerland have 3; Belgium, Canada, Israel and Singapore have 2, and Denmark has 1. Considered on a regional basis, North America has 48 universities in the top 100, Europe has 32 (up five from last year), Asia has 18 (down five), and the Middle East has 2. There are no universities in the top 100 located in Africa, South America or Oceania.

Advice From Silicon Valley Non-Academic Experts

Solid advice from well-known Silicon Valley based accelerator, Y Combinator, for people who have done scientific research at a university and are considering starting a company to commercialize it.

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2021, DTU

Aery Advisors

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Aery Advisors helps founders, funders and teams turn big ideas into reality by helping them become investors-ready.

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