Inventors: Start Your Companies!
Welcome to the Office of Community Technology Transfer. We love innovation, we admire creative people, and we are here to assist inventors like you.
The Office of Community Technology Transfer helps commercialize technologies arising out of the Northeast Ohio greater community. It is part of Lorain County Community College’s broader commitment to job growth and economic development in our region. If you live in Northeast Ohio, have an invention or idea that could benefit people, and want to start a business to commercialize that technology, the Office of Community Technology Transfer (OCTT) can help.
If your innovation has significant commercial potential in the healthcare, environmental, transportation, communication, or energy industries, the OCTT, with your express agreement, will file and pay for your provisional patent application through the Lorain County Community College Innovation Foundation (the “Innovation Foundation”). Then we will help with your commercialization efforts and, when appropriate, assist you in starting a company to develop that innovation.
The unique OCTT approach is comprehensive and fast. Working with you, we assess your invention or idea for its commercial potential. We gain an understanding of the competing intellectual property environment, the extent of your technology’s potential, its sustainable competitive advantage, the market size, the cost and time to commercialize, and its unit manufacturing cost. Based on this assessment, and with your agreement, the OCTT will file and cover the cost of a provisional patent application.
We may agree to help you license your technology to a corporation in the relevant industry, or we might find it better to grant your own startup company a worldwide exclusive license to the technology. With those formalities easily in place, we begin our Proactive Launch Program (PLP) to help you start and grow your business.
The PLP includes a range of essential, startup incubation resources and supporting services; the OCTT maintains close relationships in the entrepreneurial community, including angel and venture funds, attorneys, accountants and other key business professionals.
Our Business Arrangement with You
Our agreement with you is simple and straight forward. And it’s very similar to how research universities work with faculty inventors. As an inventor, your patent rights would be assigned to the Innovation Foundation. If you are forming a company, it will be granted a simultaneous worldwide, exclusive license to commercialize your technology. The Innovation Foundation can become a small, minority shareholder in the company and request a nominal royalty from future sales. The OCTT then initiates the PLP, a suite of proactive business incubation activities that may include:
- Ongoing, executive-level guidance from the Director, a 25 year veteran of technology commercialization and entrepreneurship
- Continued monitoring for related existing patents in the US, European, Japanese and World Intellectual Property Organization data bases
- Filing and paying for a provisional patent application
- Establishing a mutually agreeable, but firm, meeting schedule (weekly, monthly) to support the new business and technology development
- Task/timeline project management to assist in looking at all areas of the business
- Helping source student intern assistance
- If a medical device, providing FDA-related advice
- Suggesting a capitalization plan, ownership structure, and structure for investor presentations
- Guidance from additional advisors and mentors as needed
- Introducing you to the Innovation Fund and local seed fund groups
- Help with proforma profit & loss spreadsheets
- Introducing you to, and helping you with, prototyping /Fablab facilities
It is easy to get started. Click here to submit your innovation and begin the review process, read our agreement of confidentiality, and begin filling out the invention disclosure form (Note: the Policy incudes our duty of confidentiality, so trust that, right from the start, your innovation will not be shared or disclosed to others outside the terms set forth in the Policy). It may take you some time to complete the disclosure form and that is perfectly fine; you can save and return to it as many times as needed.
Once you click on the “submit” button you will receive an automatic response that your disclosure has securely received. The OCTT will make an initial review of your disclosed information and advise you of its determination, usually within 10 days from receipt. That determination can be one of three things:
- The OCTT believes your innovation’s commercial potential merits a more thorough review;
- Your confidential disclosure needs to include more detailed information; or
- We will explain why your innovation, as disclosed does not have the kind of commercial potential the OCTT is seeking
In the event of (1) above, the OCTT will suggest a form of business relationship with you, and proceed with a more detailed review of your innovation. At an appropriate point during this portion of review the OCTT, working with you, will make a decision about whether or not to file, and pay for, a U.S. provisional patent application. Simultaneous with the decision to file the provisional patent application, the Proactive Launch Program will commence.
If you have any questions about the OCTT program or want more information, we welcome your emails to OCTTdirector@glideit.org.
The Office of Community Technology Transfer – We love innovation. And we admire creative people.