Ateneo - UPO

The course unit aims to analyze the sequential phases and critical aspects of the technology transfer of scientific innovations achieved through new entrepreneurial ventures in the healthcare/biotech sector. The analysis will begin by identifying the role of the various actors that make up the science-based entrepreneurial ecosystem, with specific reference to the functions and activities of Technology Transfer Offices operating within universities and other public research institutions. The focus will then shift to the issues surrounding the management and commercialization of intellectual property rights, with a special emphasis on the creation of university spinoffs. Finally, the course will provide an in-depth examination of the main forms of financing for science-based startups across the different stages of their development.

Sets of slides, scientific articles, and other documents (reports, professional brochures) made available on the UPO DIR website during the course. For further reading, the following volume is recommended: Alemani, L. & Andreoli J. (Eds.), Entrepreneurial Finance: The Art and Science of Growing Ventures, Second Edition, Cambridge University Press, 2026.

The course unit is worth 3 credits and comprises 18 hours of teaching, delivered through lectures (70 per cent) and interactive sessions (30 per cent).
The course unit is designed to provide students with an essential understanding of the activities involved in technology commercialization processes, as well as the related challenges and opportunities.
1. Knowledge and understanding. The course primarily aims to provide the key concepts, theoretical models, and practices in the field of technology transfer. It also aims to enable students to understand the main issues (cultural, operational, and regulatory) involved in technology transfer processes carried out within an entrepreneurial university ecosystem.
2. Applying knowledge and understanding. The course aims to develop students' ability to:
- actively contribute to the formulation of an action plan to transfer a scientific discovery from the lab to the market;
- collaborate with their TTOs as competent partners in advancing the development of laboratory discoveries.
3. Making judgements. The course aims to develop students' ability to:
- assess the role of institutional and cultural factors influencing the technology transfer process; and
- critically analyze and evaluate the key issues associated with initiating and managing this process.
4. Communication skills. Students will acquire the ability to understand and use the technical terminology employed by professionals in the field of technology transfer.
5. Learning skills. Students will become familiar with the main sources of information, including relevant websites.

None.

Traditional lectures will be complemented by group discussions, videos, case study analyses, and a guest lecture by a professional involved in the university spinoff process. Lectures will be based on PowerPoint slides available on the UPO DIR website.

Further information is available on the UPO DIR website. Students with disabilities, Specific Learning Disabilities (SLD), or Special Educational Needs (SEN) may request dedicated support services and specific tools by contacting the Career Development and Student Services Staff and by consulting the dedicated page on the University website: https://uniupo.it/it/servizi/servizi-studentidisabili-e-dsa. Once they have contacted the relevant University Staff, students with disabilities, SLD, or SEN may get in touch with the tenured professor regarding the adaptation of examination modalities and instructional aspects.

The exam is held as part of the examination for the integrated course “Exploitation and Technological Transfer for cosmetics, nutraceutics, drugs, medical devices and advanced medicinal products”.
The final mark for the integrated examination is calculated as the weighted average of the marks obtained in the examinations for the two course units. In any case, in order to pass, the student must not have obtained a mark that is seriously below the pass mark in either of the two course units.
The mark awarded on this specific course unit contributes to the final mark for the integrated examination, accounting for 75 per cent of the total.
The examination for this course unit consists of a written exam with six questions equal in weight (closed books and closed notes), covering the whole course syllabus. Students have 60 minutes to complete the task. The most suitable study material for exam preparation is that specifically indicated by the lecturers on the course page in DIR, with the sole exception of materials explicitly listed as ‘suggested reading’.
In-Itinere Assessment: active class participation and performance in dedicated case study analyses and collaborative team assignments assigned during the course will contribute directly to the final grade (up to a maximum bonus/weight to be defined in class, accounting for part of the overall assessment). These applied assignments are designed to evaluate real-world problem-solving, corporate valuation capabilities, and deal-structuring skills.
Grades in the 18–20 out of 30 range correspond to sufficient knowledge with some uncertainty in application; in the 21–23 out of 30 range, to reasonable knowledge with a good grasp of the basic concepts; in the 24–26 out of 30 range, to satisfactory knowledge and good ability to apply it; in the 27–29 out of 30 range, to in-depth knowledge and good independent judgement; scores of 30 out of 30 and 30 out of 30 with distinction are reserved for students who demonstrate full mastery of all topics, are able to establish independent connections between the various modules, and argue critically and originally.

THE TECHNOLOGY TRANSFER PROCESS AND THE ROLE OF KEY ACTORS:
- The technology transfer process and the role of universities and Public Research Institutions (PRIs).
- Types of technology transfer processes between universities/PRIs and industry.
- The university entrepreneurial ecosystem.
- The challenges inherent in adapting a context optimized for exploration to exploitation activities.
- Technology transfer through university spin-offs.
SCIENCE-BASED ENTREPRENEURSHIP AND STARTUP DYNAMICS:
- The unique characteristics of entrepreneurial ventures based on scientific discoveries.
- The variety of pathways and the speed of early growth in science-based firms.
- Critical success factors for university spin-offs.
- Startups: key features and vulnerabilities.
- The spin-out process.
BUSINESS PLANNING AND THE STARTUP LIFE CYCLE:
- Business model, financial model, and business plan.
- The life cycle of a science-based startup.
- Proof of Concept (PoC).
- The Business Model Canvas.
- Building a financial model.
- Drafting a business plan.
- Presenting to investors.
FUNDING SOURCES FOR THE LAUNCH AND SCALING OF ENTREPRENEURIAL VENTURES
- Financial requirements across the startup life cycle.
- Corporate finance choices and valuation challenges across the life cycle.
- Equity vs. debt financing.
- Grants as funding sources.
- Business Incubators and Accelerators.
- Business angels.
- Crowdfunding.
- Venture Capital and Corporate Venture Capital.
- Venture Debt.
- Investor decision-making processes.
- Building a short and medium-to-long-term fundraising strategy.
- Preparing an effective pitch for investors (Assignment).

The course integrates the gender dimension into science-based venture creation and investment banking frameworks by analyzing:
• The Gender Funding Gap in venture capital and private equity allocations, examining algorithmic/bias constraints and decision-making metrics applied by institutional investors;
• The Gender Patent Gap and its economic impact on technology transfer, R&D productivity, and lost market opportunities (Gender Data Gap) in biotech and healthcare ventures;
• The Impact of Team Diversity on ESG scoring, risk-adjusted returns, valuation multiples, and governance mechanisms in university spin-offs.

INTENDED LEARNING OUTCOMES AND PERFORMANCE THRESHOLDS. 1. Knowledge and Understanding.Threshold Level (Pass / 18–21): Demonstrates basic understanding of the TT lifecycle, major actors in the science-based ecosystem, and elementary startup funding mechanisms. Advanced Level (27–30 cum laude): Demonstrates thorough, systematic mastery of TT models, valuation nuances (DCF, VC Method, APV), and hybrid corporate financing structures across startup maturity stages. 2. Applying Knowledge and Understanding. Threshold Level (Pass / 18–21): Capable of performing standard financial analysis and applying basic valuation metrics to case scenarios with guided support. Advanced Level (27–30 cum laude): Capable of autonomously designing fundraising strategies, structuring deal terms (term sheets, cap tables, valuation rounds), and critically solving complex bottlenecks in scaling lab-to-market innovations.
3. Making Judgements (Critical Thinking). Threshold Level (Pass / 18–21): Able to identify fundamental risks in commercializing technology and evaluate financing options at a basic level. Advanced Level (27–30 cum laude): Demonstrates superior critical autonomy in evaluating trade-offs between strategic alternatives (e.g., trade secrets vs. patents; debt vs. equity dilution; corporate venture capital vs. pure VC), identifying valuation biases and market failures.
4. Communication & Transversal Skills. Threshold Level (Pass / 18–21): Uses technical language appropriately to describe TT concepts in written format. Advanced Level (27–30 cum laude): Flawlessly uses professional finance terminology, delivering structured arguments, investor pitch decks, and critical peer evaluations in collaborative team environments. 5. Learning Skills. Threshold Level (Pass / 18–21): Demonstrates ability to consult textbooks, slide decks, and basic regulatory frameworks independently. Advanced Level (27–30 cum laude): Demonstrates advanced research autonomy in retrieving, analyzing, and synthesizing scientific papers, market databases, equity research reports, and industry benchmarks to solve unstructured corporate finance problems.
OUTCOMES BREAKDOWN BY DISCIPLINARY AREAS. AREA 1: Technical, Scientific & Biotech Scale-Up. Knowledge: Understanding the Technology Readiness Level (TRL) scale and clinical/regulatory milestones (Phase I-III) as key value drivers in healthcare innovations. Application: Mapping lab discoveries along the development pipeline to identify technical and regulatory bottlenecks affecting time-to-market. Evaluation: Assessing the commercial feasibility of a biotech prototype relative to existing standard-of-care competitors. AREA 2: Financial Economics (Corporate Finance & CIB, Venture Capital). Knowledge: Mastering financial modeling, early-stage valuation algorithms, cap table management, and funding instruments. Application: Building dynamic cash flow models and structuring investment rounds from Seed to Series A/B. Evaluation: Evaluating term-sheet clauses and determining optimal capital structures for high-risk science ventures.
OUTCOMES BREAKDOWN BY PROFESSIONAL PROFILES. Profile 1: Venture Capital / Private Equity Analyst.The student will be able to perform financial and strategic due diligence on biotech spin-offs, estimate pre/post-money valuations using early-stage algorithms, evaluate cap table dilution across funding rounds, and prepare investment memos for investment committees. Profile 2: Biotech Business Developer / Corporate Venturing Manager. The student will be able to assess out-licensing vs. in-house development economics, negotiate valuation benchmarks with TTOs or startups, and design corporate venture capital (CVC) co-investment deals.