The process of creating a technology based company or spin off is inherent in each case, but passes through different stages and common factors:

1. Detection Technology

The process begins when researchers have a technology or knowledge and innovative high growth potential associated with processes, products or services, which must meet a number of characteristics:

• Be mature enough.
• Enjoy a degree of protection.
• Have market potential.

The technology will be more attractive the greater the variety of products, services and applications that present.

2. Business Idea

A company must be clear from the outset what is and what is created, and depending on it define its objectives. The business idea is to describe the business opportunity that exists and how the company intends to use it.

3. Human Team

It is the most important business project. Those are the people who design, develop and carry out the business plan, participate in the capital of the company and support the bill with their careers. The ideal is to bring together, motivate and manage a multidisciplinary team, people with different profiles and highly qualified, combining scientific knowledge with business management.

The key question at this stage for the researcher is to decide how to participate in the spin off: full links, compatibility or as a scientific adviser. In addition, the developer team's commitment to spin off should be high and every one of the people who comprise it must share a set of common goals and objectives for the company. In group one or more people must assume leadership of the entrepreneurial project.

In most cases, the promoter or entrepreneurial team of the project is highly valued by investors at the time of grant funding. Sometimes it may be more important than the idea or the project itself.

4. Business Plan

An indispensable tool for the creation of the company, as it explains in a descriptive way its operation, collecting all the aspects related to it on a time horizon normally located between 3 and 5 years.

The business plan guides the enterprise in the implementation of the company. It is a document that identifies, describes and analyzes the business opportunity, analyze the economic viability, technical, financial and market it, and describes the first steps to start the business.

The Business Plan is useful because it serves to:

• To determine the feasibility of the project or whether it is necessary to rethink the business model.
• Structuring the large amount of information needed to start the business.
• Planning efforts and steps to follow.
• Seeking funding, partners or suppliers.
• Define a robust commercial launch strategy.

Business Plan Formats

5. Search for funding

The process includes information search public and private aid, as well as own funds directly from the entrepreneurial team and its partners, or borrowed funds from third persons or entities.

Financing

6. Technology Transfer Agreement

After demonstrating the commercial viability and profitability of the project, decide the specific agreement of technology transfer to be taken to exploit the technology. This is a negotiating process to reach an agreement where the research center, the promoters of the research group and the new company. The research center, the owner of knowledge and technology, their use gives the new company in exchange for a fee to be determined.

There are several possibilities to fix the consideration. In the case of universities and public research bodies are specific legal and policy considerations in this regard.

7. Constitution of the firm

The first step to launching the company is managing the administrative and legal procedures required to establish formally the company.