Spin-Offs

What do we call Spin-Off?

We define as a Spin-off, any legal entity in the form of a capital company established for the commercial utilization and exploitation of the results of scientific research, which came either from Professors & serving Lecturers and Researchers of the University from their involvement in its Laboratories or from research projects. funded or not, executed at the University.

 

University as a Partner

In order to facilitate the practical application of discoveries / inventions / research results made at the University, as well as for the benefit of the public interest, the University may participate as a partner in this corporate scheme. The corporate participation of the University is made through the Research Funds and can be in the form of a financial contribution or a contribution in kind (as a kind of meaning of the result of the research activity (know-how), the use of which is contributed to the corporate scheme).

In case the University participates in the share capital of the spin-off, the articles of association may recognize in the University a pre-emptive right, over the other shareholders in the spin-off, in cases of transfer of part of the share capital to it.

The participation of the University in the technoblast is also governed by the existing codes of conduct, the Research Funding Guide and the current legislation for the establishment and operation of the spin-offs and the official status of the Faculty Members.

In case the University does not wish to participate in the undergraduate spin-off, and in order to grant the use and exploitation of the intellectual product (discovery, invention, research result), a technology transfer contract or concession or exploitation or other concession is concluded between the University, the creator / s and the spin-off under establishment, which defines in detail the terms of the concession of the product and its financial consideration.

The participation of members of the Teaching and Research staff of the University in business activities exploiting the knowledge and the results of research and technological development is not contrary to their status. The participation of faculty members of the University, in the above business activities, is allowed after the completion of three years from their appointment and after a decision of the Senate. This decision determines the manner and extent of their participation in the above companies.

 

Legal Framework for Participation in Spin-Off Companies

The Presidential Decree 17/2001 (Government Gazette 14 / 31.01.2001) for the financial support of new knowledge-intensive enterprises (spin-offs) issued by authorization of article 34 paragraph b of Law 2843/2000 determines, as in force, the framework for the establishment and financing of spin-offs through the 3rd ΚΠΣ and specifically of the "ACT" Program in the framework of the Operational Program "Competitiveness".

Law 2919/2001 (Government Gazette 128 A / 25.7.2001, article 11 paragraph 2 case c '.

Law 3440/2006 Government Gazette 38 / 27.02.2006, article 4.

 

Management of Funds from the Participation in Spin-Off Companies

The following method is used to calculate the distribution of cash flows from dividends payable due to the participation of the University in the share capital of Spin-Offs or as consideration for a concession agreement:

• Out of their total cash flow, priority is given to uncovered costs of submission and maintenance of the Patent or corresponding intellectual property title.
• The remaining amount of the dividend is distributed as follows:
  • In case there are no rights of the authors in the University dividend, the University will receive the full dividend.
  • In case there are copyright rights in the University dividend
    • The creators will receive the percentage of the dividend that corresponds to them (60%), in case of revenue collection.
    • The University will receive the remaining percentage of the dividend (40%).