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Fueling Spin-offs: Case Studies of University-based Technology Start-up Funding

The new technologies born from academic research can be very promising, yet they are often very early stage. University spin-off companies are uniquely positioned to tackle the risks associated with new technologies emerging from academia by developing proofs of concept, functioning
 prototypes, and new products. While these enterprises start from a solid research and development foundation, they face their own unique set of challenges—they are strongly anchored in the scientific and technological expertise that is typically backed by intellectual property but often
 lack the business experience needed to develop and market products demanded by customers. University spin-offs have access to substantial non-dilutive funding that can be utilized for advancing product development. While the relentless pursuit of these funds builds a company's credibility
 and improves its position for negotiating future private investment, university spin-offs would greatly benefit from an early focus on complementing their technology teams with their business teams. These new enterprises should consider pursuing private investment in parallel to utilizing
 sources of non-dilutive funding. Timing of private investment is extremely important to maximize the value of the opportunity, and, therefore, building relationships with investors early on and getting ready for executing an investment round can greatly increase odds for success. While there
 is no single path to formulate, pursue, and adapt successful financing strategies, lessons can be learned from real-life cases of university spin-offs that continue their journeys towards ultimate success.