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Faculty Affairs
Emory University School of Medicine
Policy and Procedures on Start-up Companies, Founder's Equity, and Similar Activities
- The School of Medicine supports innovative and entrepreneurial activities by the faculty that will benefit the School, department, and University, as well as the individual faculty member. Such activities, however, must be conducted in compliance with University, School, and government regulations. Any faculty member who is considering participation in founding a start-up company, in which there is the intent or expectation that Emory University will license Emory-owned technology to the start-up company ("Emory start-up company"), shall first submit a description of the proposed activity to the Department Chair and Dean and receive approval to proceed before any further steps are taken. This first approval will allow the faculty member to proceed to more detailed considerations by the Vice President for Research Administration and, if appropriate, the School of Medicine Conflict of Interest Committee. The faculty member shall then work with the Vice President for Research Administration or his/her designee and the Office of Technology Transfer when structuring each arrangement to avoid foreseeable problems and to allow Emory's participation. When the details are sufficiently clarified, the faculty member shall submit a detailed and updated Conflict of Interest Disclosure Form about the faculty member's intended activities to the Conflict of Interest and Commitment Committee and receive authorization from the Dean's office before proceeding to final stages in start-up company formation.
Approved by the Council of Chairs July 1996
- When one or more faculty members in the School of Medicine wish to participate as founders in an Emory start-up company, Emory will have the right to equity in the company. The split of equity between Emory and the founders of the Emory start-up company shall be determined in advance of the organization of the Emory start-up company on a case-by-case basis by Emory's Vice President for Research Administration or his/her designee. Founders equity issued to School of Medicine faculty who are founders of an Emory start-up company shall be issued directly to the Emory founders by the company. Any Equity received by Emory shall be divided in accordance with Emory's Intellectual Property (Patent) Policy. No portion of any Equity received by Emory shall be distributed to the founders who receive founds equity in an Emory start-up company.
School of Medicine faculty who are authors (as in the case of soft-ware) and inventors in Emory-owned technology that is licensed to companies are not permitted to engage in activities (e.g., holding an officer position in an Emory start-up company; serving on the Board of Directors when the faculty member has a conflict of interest) that interfere with their ability to carry out their faculty or other responsibilities or pose unmanageable conflicts of interest or commitment under the University and School Conflict of Interest and Commitment policies. However, a faculty member may be permitted to serve as a scientific advisor to an Emory start-up company in which the faculty member owns equity or is a founder. Such inventors and authors who propose to hold equity in an Emory start-up company must fully and promptly disclose their relationships with the company to and receive approval from the Department Chair, Dean, Conflict of Interest and Commitment Committee, and Vice President for Research Administration in advance of owning any equity. In certain cases an oversight committee may be appointed or another conflict management plan may be implemented to monitor any approved research activities of the faculty inventor or author that are supported by the Emory start-up company. Any uses of Emory's resources by the company will be at Emory's sole discretion and must be approved in advance by the inventor's or author's Department Chair and the Dean and by the Vice President for Research Administration, after consultation with the General Counsel's Office.
Approved by the Council of Chairs January 3, 2000
in accordance with University policies and practices
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