Page 52 - Mass General Brigham - Innovators Guide 1.2

52 INNO V AT O RS GUIDE | M ASS GENERAL BRIGH AM

8
Company creation

8 and investing

Company creation Scientific founder role

For an asset to merit investment it must have some level of competitive Mass General Brigham inventors participate in new company formation
advantage. This typically includes intellectual property in the form of and operations as a scientific founder. In doing so they add their expertise,
patents and know-how and some protection from competition. If this know how, judgment, name and reputation to the new enterprise. The
derives from biology, the recognition of its commercial potential may come importance these roles create potential conflicts of interest due to the
from the pending patents and or the inventor’s knowledge in the field. simultaneous responsibilities of an employee of Mass General Brigham
and those related to the operation of the company.
This is generally established by articulating a specific unmet need and
value creation occurring if the need is met. Meeting the need requires a Mass General Brigham and Harvard Medical School adhere to a
development plan, almost always prepared by the inventor, with a realistic comprehensive set of conflict management policies. As described in detail
budget that can lead to a substantial return that is favorable to the level of later in this guide, such policies restrict scientific founders from holding
risk presented by the investment of money and other resources. management positions in the company, but permit them to hold equity,
accept consulting contracts and participate as scientific advisory board
Freedom to operate is an additional consideration. It is established by members. All which require prior, written approval. There are additional
analysis of the patent landscape to ensure that prior filings do not impinge considerations that must be addressed when patient data or tissue are any
on the inventor’s IP in a way that diminishes its market viability. For way involved.
example, it is possible to have the rights to a valid patent, but to market a
product would require licensing additional patents held by other parties.
Mass General Brigham Ventures website
Company leadership Contact Information for Venture:

Roger Kitterman, VP Venture, rkitterman@partners.org
From an investor perspective, securing the right leadership for the newco
is almost always their highest priority. They seek seasoned entrepreneurs Contact Information for AIDIF:
with a depth of experience in the field the newco will be operating in. Gaye Bok, Partner, gbok@partners.org
Investors are wary of proposed company leaders who have a family
relationship with the scientific founder and no direct experience in the
specific field. Investors will typically avoid participating on that basis.