Jargon buster

For many researchers, the commercial world feels like a foreign country with its own new language. So we are clearing it up to help you build confidence, and make the journey from research to impact smooth.

Commercialisation & Technology Transfer

  • Commercialisation – The process of translating research into real‑world use, whether through a product, service, licence or new company. Focused on impact and application, not moving away from academic values.
  • Technology transfer – The structured support that helps move research, inventions or expertise from the university into industry, healthcare or society, typically via licensing or spinout formation.
  • Intellectual Property (IP) – Legally protected outputs such as inventions, software, data, designs or know‑how. IP protection enables ideas to be shared, invested in and developed safely.
  • Disclosure – The formal process of sharing an invention or idea with a technology transfer team like UCL Ventures, so it can be assessed and protected before public disclosure.
  • Route to market – The pathway by which research reaches users or customers, for example through licensing or forming a spinout.
  • Licensing – An agreement allowing an external organisation to use university‑owned IP under defined terms, usually in exchange for fees or royalties.
  • Licensor – The owner of the IP who grants permission for it to be used; in a university context, this is usually the university or its commercialisation partner.
  • Licensee – The organisation that receives the right to use the IP under a licence agreement, such as an established company or a spinout.
  • Spinout [company] – A new company formed to develop and scale research‑based technology.

 

Funding & Investment (Early‑Stage)

  • Proof of Concept (PoC) funding – Early funding, usually under £100,000 used to bridge the gap between the end of research funding and securing capital investment. PoC funding can be used is to test whether an idea works outside the lab, to commission market research or to develop a business plan to make a prototype product or service ‘investor-ready' 
  • Seed funding – Capital used to help a very early company develop its technology, team and proposition, before large‑scale growth.
  • Series A funding – Investment that supports a company’s first significant phase of growth, usually once feasibility and market need are demonstrated. A Series B fundraise would come next, followed by Series C, and so on. 
  • Early‑stage funding – A broad term covering PoC, seed and early venture investment, typically focused on reducing risk rather than generating immediate returns.
  • Investor – An individual or organisation that provides funding to support the development of a venture in return for equity or long‑term value.
  • Equity – Ownership in a company, expressed as a percentage. Founders, universities and investors typically all hold equity in a spinout. Find out more about the USIT equity guidelines [here]. 
  • Valuation – An estimate of what a company is worth at a particular point in time, often based on progress and potential rather than revenue at early stages.
  • De‑risking – Activities that reduce uncertainty for partners or investors, such as strengthening IP, generating validation data or clarifying use cases.
  • Venture Capital / VC - Venture Capital. 

 

Business Roles & Governance

  • Founder – Someone involved in creating the company. Academic founders can provide subject‑matter expertise and strategic insight, or run operational management of the business. 
  • Chief Executive Officer (CEO) – Responsible for overall leadership, strategy and operations of the company. Often appointed so academics can remain focused on research.
  • Chief Financial Officer (CFO) – Oversees financial planning, reporting and governance, helping ensure the company is credible and sustainable.
  • Chief Technology Officer (CTO) – Leads technical development and translation of research into scalable technology. This role may initially be held by an academic founder.
  • Chief Scientific Officer (CSO)– Responsible for leading the research and development (R&D) agenda, managing scientific teams, and ensuring that technical innovations align with the company's broader business goals.
  • Board of Directors – A group responsible for governance, oversight and strategic direction of the company.
  • Non‑Executive Director (NED) – An independent board member who provides experience and perspective without managing daily operations.

 

Planning, Markets & Readiness

  • Business plan – A structured explanation of what the venture does, who it is for and how it will develop. It's a thinking tool, not a fixed promise.
  • Market – The group of organisations or people who could realistically benefit from, adopt or pay for the technology.
  • Use case – A specific real‑world scenario in which the technology solves a clearly defined problem.
  • Commercial readiness – The extent to which a project is prepared to engage with partners, investors or customers. Readiness develops in stages and does not require perfection.