Link: Terms and conditions for founders

Terms and Conditions for founders (As of 13.06.2017)

  1. START:IP2017 starts on 01.04.2017 and ends on 31.03.2018.
  1. All information exchanged during START:IP2017 is confidential and must not be disclosed, unless this information is already or becomes publicly available.
  1. In order to participate in START:IP, registration is required via the website or; only natural persons aged 18 or over are eligible to participate.
  1. The registration fee is EUR 60 excl. VAT and entitles the user to view detailed information on the technologies offered and to participate in the team building event and the final event.
  1. The maximum number of participants for the team building event is 150 persons.
  1. Should one or more founders decide to take up a technology offered as part of START:IP2017 in order to develop a business model for it with the support of the researcher, they shall notify INiTS and the technology provider of this, in writing, by 31.10.2017 at the latest.
  1. Furthermore, they may purchase a Founders Package for the price of EUR 300 excl. VAT. The Founders Package comprises the following benefits:
    • A fixed-term right of first refusal until 31.03.2018. This means that the technology provider will not conclude any contract (license or transfer) with a third party without offering the interested founder the opportunity to conclude a contract on the same terms offered by the third party.
    • Provision of an INiTS consultant as a mentor (fixed-term until 31.01.2018 and at a maximum of 4 hours per week)
    • Use of the INiTS coaching services, available until 31.01.2018
  1. Regardless of whether a Founders Package is purchased, all founders that decide to take up a technology commit that they are prepared to present the developed business model to invited companies, investors and representatives of research institutions (for max. 15 mins) as part of the final event, and to make the presentation given available to the technology provider until 31.01.2018 for their further use.
  1. Should the founder conclude that the chosen technology does not represent the basis for a sustainable business model, then the presentation may be omitted from the final event; the founder shall, however, provide justification, in writing, to the technology provider by 31.01.2018 (max. one side of A4) and make the document available to the provider in PDF format for their further use.
  1. If the number of teams presenting at the final event is to be fewer than three, INiTS reserves the right as event organizer to cancel the final event in its entirety.
  1. If the technology provider on the one hand and the founder or the founded company on the other hand conclude a license agreement or agree a transfer of the technology’s underlying IP by 31.12.2020, a success fee shall be due to INiTS, payable by the founder or the founded company. The fee is 0.5% of annual net revenue. The payment obligation shall expire on 31 December of the year in which the cumulative total sum of EUR 10,000 (excl. VAT) has been reached and paid. The payment due for a completed calendar year must be made by 31 March of the following calendar year, and up to this point all information relevant for calculation of the success fee must be made available in unencrypted and comprehensible form by the founder or the founded company. Financial reporting shall then be completed by INiTS.
  1. INiTS is not liable for any loss of profit, whether this is due to the inability to reach an agreement with the technology provider regarding a license or because a company cannot be founded.
  1. INiTS accepts no liability for the accuracy of the description of individual technologies.
  1. The newly developed IP created as part of START:IP2017 entitles the individual who created the IP to the inventor’s share.