There are many paths to commercialization of a new invention or idea. The Office of Technology Development works with Penn State faculty, staff and students to develop a strategy for company formation in order to increase the value of a technology. We are committed to providing guidance and support throughout the process of company formation and early growth of the business.
The Office of Technology Development works closely with entrepreneurial faculty to build value through close cooperation with company founders. Our office provides direction in key areas such as:
- Start-up Essentials – Guidance on the process of forming a company, consideration of risks and rewards, steps to form a legal entity and numerous other elements that go into making the decision to start a company.
- Funding Strategies – Development of strategies for seeking funding from potential sources such as angel investors, seed stage venture funds, economic development funds, grants and debt financing.
- Management Team – Introductions to experienced entrepreneurs and executives to serve on the management team.
While there are numerous other services available, you can be assured that you will work closely with individuals that have extensive entrepreneurial experience.
In order to begin the process, please complete the Start-Up Form and submit to the Office of Technology Development. As you begin to work on your new company, here are some questions that will assist you in preparing for the company formation process.
- Does the invention/idea require additional development before it is ready for the marketplace?
- What problem will your company solve?
- What are the company's product(s) or service(s)?
- What is the expected market for these products and the market size?
- Who are the company's anticipated customers and why will they buy from your company?
- Who are the company's competitors or potential competitors?
- Who will manage the company?
- How much capital is needed and for what purpose? Where do you anticipate raising this capital?
These questions are intended to help you focus on the main areas of starting a new company. If you are having trouble answering the questions above, the Office of Technology Development may be able to provide guidance.