Each institution will have its own formal procedure for approving spin-out deals, typically involving a governance body such as an executive committee. This substantive approval is usually required 1–2 months before the anticipated deal completion and is timed to align with the institution’s regular meeting cycle.

To avoid delays, TTO staff must ensure that:

• the deal presented for approval does not materially change during ongoing negotiations

• if changes do occur, they are promptly raised with the appropriate governance body, and guidance is sought on whether the case must be resubmitted

When all deal documentation is in final form and a completion date is set, the TTO lead should:

1. circulate a final deal summary to all relevant parties

2. clearly outline who is required to sign each document

3. copy in the relevant executive assistant, who can play a crucial role in coordinating availability and ensuring timely sign-off.

Careful management of this process helps avoid last-minute obstacles and ensures the spin-out is approved and completed smoothly.

The company’s advisers will notify of the details of the completion board meeting. The TTO lead will have been responsible for progressing matters to this point and may become a director of the spin-out (if the ability to appoint is granted and is exercised by the university). The TTO lead is responsible for supporting the board’s completion meeting, especially ensuring agreements are signed by authorised senior management, which in some cases can include university finance staff (for consultancy or facilities agreements for example).

Once deal completion has taken place, then some key steps or tasks may still be required to ensure all arrangements are meticulously finalised, such as: