Applying the 4 P’s to get to “The Science of the Deal:” Tips on Process
Editor’s note: This is the fourth post in a five-part series examining Fuentek’s Deal-Making 4 P’s.)
As I noted in a previous post, Fuentek’s proven Deal-Making 4 P’s can position your Technology Transfer Office (TTO) to more consistently and predictably execute licensing agreements for your institution. The Deal-making 4 P’s are:
Let’s look at Process in more detail. Fuentek proposes institutionalizing “just enough” process discipline throughout your TTO to improve your agility and efficiency, and to deliver consistent high-quality services within stated time and resource constraints. Process institutionalization requires a focused and conscious effort to define, document, communicate, and train your staff on key processes within your organization, such as a specific set of criteria that must be met for a start-up to license a technology or the license application forms used for all negotiations. Like the majority of management and leadership responsibilities, the concepts are rather straightforward, but can be challenging to execute successfully.
While it is critical to design a well-conceived process, it is even more important to institutionalize the process to deliver actual results (i.e., licensing deals). Several questions to contemplate in this area include:
Have you developed standard templates to support your evaluation, assessment, marketing and licensing processes?
Do you provide all potential licensees with consistent instructions, application forms and base license agreement templates (with no specific business terms) when they request a license?
Have you cultivated an internal culture that promotes feedback and continuous process improvement?
Do you proactively consider the organizational impact that various changes may have across your operation?
What procedures have worked for your organization to define, develop, implement and institutionalize processes that improve the overall effectiveness of your organization? Leave a comment below, and check back next week for the last installment in this series.
–By Jack Spain