Aurenav New Ventures works with the Aurenav Research Institute to support economic development initiatives and new venture technology start-ups.

Helping Society

Working in conjunction with university and government economic development partners, Aurenav provides support for developing technology-based social service solutions. Examples include:

• eHealth Platform - a telemedicine platform designed to allow remote monitoring and support of medical devices in real-time, near real-time, and batch operation modes. The platform is based on a domain neutral architecture and has been deployed as on Open Source Java, WebSphere, Oracle, and .Net platforms (including hybrid mixes of these four platforms). The platform is designed to integrate medical devices via a common information integration platform so that patient data, patient monitoring, patient treatment, and medical research can all be supported through a common open environment based around the HL7 standard. The platform is designed to support alphanumeric and binary data sets including analog to digital waveform representations. Any type of data file can be supported over the platform. Current implementations include integration of medical devices inside and remote to a hospital while maintaining a highly secure environment.
• eHealth Sentinel Platform - a monitoring system that is designed to gather patent symptom and diagnostic information which is then analyzed for trends. The system is designed to provide an early warning to emerging diseases and environmental contamination events.
• eLearning English for IT - a free service designed to help people learn IT terms in English. The service offers a vocabulary builder that combines text and accompanying speech to help students learn how to properly pronounce words used in IT.

Helping New Ventures Get Started

Aurenav works with university, government, and private venture incubators to help technology-based companies through technical, material, and domain expert assistance. Aurenav also helps new technology start-ups develop a business plan, find funding, and provides technical support to help a new venture get started.

Aurenav also provides a new venture business evaluation service for both entrepreneurs and potential investors to assess the potential of a new venture proposal with regard to technology and business viability concerns.

FAQ

Q: What does it cost to hire the services of Aurenav Economic Development and New Ventures (AEDNV)?

A: AEDNV and the Aurenav Research Institute (ARI) both contain operational units that are not-for-profit. For services that are obtained through a university or government incubator, our services are free since we are either being funded by an economic development grant or funding the services through our foundation. For services offered through commercial venture or investment partners, it depends on the commercial agreement that is in place. Currently, 75% of the AEDNV and ARI activities are funded through our not-for-profit operations and 80% of the revenues generated through our ARI commercial activities are reinvested in not-for-profit activities (including scholarships, research grants, and incubator infrastructure).

Q: Am I required to go through a university or government incubator to participate in the AEDNV program?

A: No, any individual or new venture start up can contact us directly; however, we may direct you to a qualified university or government sponsored program. In all cases, there is never a fee for an initial consultation so that we can help you find the right resources to help you start your new venture.

Q: Are their any restrictions on how grant money is used in a new venture?

A: Yes, grant money cannot be used to provide a salary, benefit, or expense reimbursement for any owner, partner, or other principal of the new venture start-up.

Q: If I use AEDNV venture capital, how much of the ownership in the company and intellectual property must I give up and what are the terms?

A: AEDNV requires an 80% ownership in the commercial entity and in all Intellectual Property when we supply venture capital. We also require a binding contract that states 1) that all current and future Intellectual Property created by the new venture principals is ceded to us as long as AEDNV has an ownership interest, and 2) that the principals are required to dedicate all of their efforts towards the new venture as long as AEDNV retains an ownership interest. At any time, the principals may acquire 80% of the ownership in the commercial entity and 80% of the Intellectual Property (including any Intellectual Property Rights developed by the principals) by buying out the interests held by AEDNV based on the terms agreed to in the New Venture Partnership Agreement (These are worked out on a case-by-case basis that takes into account a rate of return based on weighted risk factors). This agreement will also specify the terms required for the principals to obtain full ownership (100% ownership) of the remaining interest in the commercial entity and all associated Intellectual Property Rights, which usually requires a buy out based on the fair market value of the remaining 20% interest in the commercial entity and associated Intellectual Property Rights.

Q: Does this mean that we will always have the ability to acquire 100% ownership in our business and 100% ownership of all of our Intellectual Property Rights that we invented?

A: Yes, AEDNV always provides an avenue for an entrepreneur to obtain 100% of the ownership in their business entity and in the associated Intellectual Property Rights that they invent. The reason for the up front requirement of 80% ownership by AEDNV is to help ensure that the entrepreneur stays focused on developing the business. AEDNV relies on profits from ongoing ventures to fund other new venture projects. This self-funding aspect is a critical part of our operational business plan and provides us greater flexibility to help smaller new ventures that may not otherwise be able to attract investment.