A spin-off is a new company created to either commercialize IP developed within IST Austria, or a new company created by one or more alumni of IST Austria. It is based on the education and inspiration received at the institute, but not necessarily building on inventions developed at/IP that belongs to IST Austria.
Why we aim to foster spin-offs
Besides highly qualified alumni, papers and patents, also spin-offs are a testimony of IST Austria’s success. Spinoffs are important to IST and will be supported by TWIST for various reasons:
- Spinoffs create economic value for the communities
- Commercialization of IP leads to income to the institute and will support further research activities
- Commercialization of IP creates additional income for the academic inventors and provide incentives to the researchers
- Spinoffs are a great career opportunity for driven researchers who turn entrepreneurs
Things to consider before starting a spin-off
Becoming an entrepreneur is a significant role change for a researcher. To switch from science to business is exciting and entails major changes to the work style and skills required to succeed.
If you contemplate such a step you should consider a number of aspects concerning the business idea as such, but also the implications of such a career change on you personally.
- Does the project represent a balanced risk-reward ratio?
- Is the market potential sufficiently large?
- What problem am I trying to solve and who is willing to pay for the solution?
- How high are the barriers of entry?
- How can I defend my business from competition?
- How much money is required for the execution and how do I find the required funding?
- What is it that drives and motivates me?
- How do I deal with ambiguity?
- Does the risk-reward ratio fit my very own situation?
How we can help
The TWIST team consists of professionals with expertise in innovation and entrepreneurship that you can draw from. TWIST will support you through discussions, problem solving sessions, and strategic advisory. In addition, TWIST will provide access to its network of external experts, and industry insiders. Last but not least TWIST can help in questions related to funding, general business and IP strategy.