Fair · Aligned · Standardized · Transparent
Description
To facilitate discussions with UW spinoffs, CoMotion created Husky FAST Start, a process and accompanying set of documents that demystify and streamline startup licensing. These specialized terms are available to spinoffs founded by UW students, professors, and employees who developed the innovation. The simplified and standardized templates for startup term sheets and license agreements have been vetted by a panel of attorneys from several local law firms. Throughout the process, our Innovation Managers provide startup teams with guidance and background information on the various aspects of the license agreement. See our Licensing FAQs.
Who is it for?
For UW spinoffs founded by the UW students, professors, and employees who developed the innovation.
Key attributes
- Rapidly moves innovations to licensing in a fair and equitable manner
- Aligns the goals of startup and university using fair, benchmarked terms rather than seeking the ‘best’ terms for one party at the expense of the other
- Fosters trust with an open, transparent, and understandable process
- Shortens the negotiation timeline
- Minimizes negotiation costs
- Well-tested — over 35 startups have benefitted
- Startups have benefitted
Financial Term Sheet Process
In keeping with the University of Washington’s Innovation Imperative, CoMotion is committed to a fair and transparent process that treats all UW startup teams equally, whether they are comprised of new students or award-winning professors, and independent of their business or legal experience and resources. CoMotion’s goal is to ensure that each team finalizes their license agreement efficiently, with minimal legal fees, and confidence that the terms they agree upon are both standard for their industry sector and investable.
Husky FAST Start Term Sheet (PDF)
This document outlines financial terms for university startup licenses that have been vetted and are comparable with those of peer universities and are based on sector-appropriate data.
Husky FAST Start Term Sheet Negotiation Process (PDF)
Because finalization of the term sheet is a data-driven process, CoMotion invites teams to bring their industry-specific data to the discussion. Learn more in our overview of the process.
License Template
Husky FAST Start License Template (PDF)
This template is tailored for spinoffs based on University of Washington intellectual property. The template was put together with generous input from an expert advisory committee comprised of top attorneys in the Seattle-area innovation ecosystem.* The pre-negotiated language aims to create an agreement that only requires technology-specific customization, simplifying, and expediting the licensing process for UW innovators and entrepreneurs.
*CoMotion would like to sincerely thank the startup template advisory committee members for their participation and support: Sonya Erickson, Cooley; David Clarke, Perkins Coie; John Steel, DLA Piper; Joe Wallin, Carney Badley Spellman; Craig Sherman, Wilson Sonsini Goodrich & Rosati; and Parag Gheewala, Wilson Sonsini Goodrich & Rosati.