COMMERCIAL READINESS

Describe the technology for someone unfamiliar with your field so they can understand what it does, why it is different, and where it stands in development.

1. 1.1 What does the technology do, and how does it work? Describe it in plain terms.
2. 1.2 What makes it novel or different from existing alternatives?
3. 1.3 What is the current development stage, and what evidence exists that it performs as claimed?
   Examples: concept, lab prototype, bench-validated, pilot-scale, pre-commercial. Include key data points, test results, or publications.
4. 1.4 What are the most significant remaining technical risks or unknowns?

IP ownership is complex: university policies vary, multiple contributors can complicate inventorship, and sponsored research agreements sometimes carry claims on the technology. The goal is to understand where the IP stands and what needs to be resolved before a company can be built on it.

1. 2.1 Who created the technology, and has it been disclosed to your university's technology transfer office? What is the current status?
2. 2.2 What IP protections exist or are pending? Describe the type, status, and any geographic limitations.
   Examples: issued patent, provisional application, trade secret, copyright. Note any jurisdictions not yet covered.
3. 2.3 Were any external grants, contracts, or sponsored research agreements involved in development? If so, what IP obligations or government rights may apply?
4. 2.4 Are there any ownership ambiguities, third-party IP dependencies, or publication timing issues that could complicate commercialization?

This section asks you to think honestly about who is doing the work, on what terms, and where gaps in capability or alignment exist.

1. 3.1 Who is on the founding team? For each person, describe their background, expected role, and current level of commitment.
   Note: full-time, part-time, or advisory. Be specific about what each person is actually doing today versus what they expect to do at launch.
2. 3.2 What are the most important capabilities the venture needs? Which are covered by the current team, and which are gaps?
3. 3.3 Have co-founders discussed equity, decision-making authority, and governance? Where are those conversations complete, and where do they remain unresolved?

Answers should be grounded in specific people or organizations with a specific problem who would pay for a solution. General market size and broad customer categories are not substitutes for that.

1. 4.1 Who is the primary customer? Ideally, describe a specific person or organization. What is their role, their problem, and what does it cost them today?
2. 4.2 What evidence do you have that this customer experiences the problem and is motivated to seek a better solution?
   Examples: customer interviews, letters of intent, observed purchasing behavior, industry reports, your own experience in this market.
3. 4.3 Who will pay, what is the likely pricing model, and what is the most realistic path to a first transaction?
4. 4.4 What are the most significant barriers to adoption or market entry?
   Examples: entrenched incumbents, regulatory requirements, long sales cycles, customer switching costs.