Team:Lethbridge Entrepreneurs/risk assump


Synbiologica Ltd

Risk and Assumptions

Synbiologica Ltd has not yet created a functional prototype of BEAR.

Synbiologica Ltd is currently acting under the assumption that BEAR will be functional and produce expected results. The funds from early investment into the company and grants will be directed towards developing a functional prototype and initial laboratory testing.

BEAR is still in early research and development and no technical numbers have been determined. Synbiologica Ltd is currently conferring with potential research partners who are interested in testing the BEAR prototype with the hope of eventually integrating the device into their research. By utilizing university resources we will be able to develop an accurate assessment of our products technical details and capacities.

Synbiologica Ltd does not have a patent on the BEAR product.

Synbiologica Ltd is actively in talks with the University of Lethbridge Technology Transfer Office and Industry Liaison Office regarding patenting and further market assessments of BEAR. Additionally the Technology Transfer office will assist in assessing our freedom-to-operate. The University of Lethbridge has agreed to let Synbiologica Ltd have complete ownership of all generated intellectual property and offered to pay for the patent on a return of cost basis.

Members of Synbiologica Ltd have limited prior experience in the business and financial fields.

When Synbiologica Ltd acquires the financial capacity, the company plans to appoint competent business executives to handle the business administration and management. Additionally Synbiologica will actively seek to hire certified accountants to assist with financial projections and account management. For the time being, all members have attended business workshops and professional development courses. They have learned how to do basic financial projections and acquired business management skills. The company is now moving forward in a strong position.

Synbiologica Ltd is acting under the assumption that a larger biotechnology or medical device company is interested in acquiring a licence to manufacture and sell BEAR.

The University of Lethbridge Technology Transfer Office and Industry Liaison Office are willing to assist Synbiologica Ltd in actively pursuing potential licensees, once a patent is filed.

Synbiologica Ltd currently has little capital invested in the company that can be directed toward developing BEAR.

In order to acquire initial funds, Synbiologica Ltd plans to pursue entrepreneurial competitions, new venture vouchers, government grants, incentives and early investors. The student researchers have received funding from Alberta Innovates Technology Futures to pursue initial laboratory research.