On May 27th, 2025, as part of the MONUSEN project's mission to strengthen innovation and entrepreneurship within academia, researchers and project staff at the University of Montenegro participated in an intensive and inspiring training session. Led by Dr Luke Judd, Business Development Manager, and Mr Rick McCordall, Head of Company Creation, both from Newcastle University, the session offered a deep dive into the real-world process of turning university research into viable commercial ventures.

The session provided participants with valuable insights into the process of generating spinout companies from academic research. Attendees were actively engaged throughout, with opportunities to ask questions and deepen their understanding of the subject matter. The training opened with a central strategic question that confronts many research teams: should an innovation be commercialised through licensing, or is the formation of a spinout company a better route? Dr Judd addressed this key dilemma by outlining how technical, financial, and strategic factors influence the decision.

Beyond the strategic rationale, the session was focused on the spinout development pathway, from idea validation and intellectual property (IP) protection to business model creation, team formation, early fundraising, and market entry. Dr Judd emphasised the importance of building value in a spinout without compromising scientific integrity, equipping the audience with the knowledge to create a well-structured venture that remains both research-driven and commercially attractive.

A key component of the training was the mock pitch deck exercise, during which participants assumed the role of investors evaluating a new start-up proposal. This interactive segment highlighted the key elements of a compelling pitch deck, common investor questions, and best practices for crafting confident and persuasive responses. It offered participants a strong foundation for future fundraising efforts, an essential aspect of launching and sustaining a spinout.

Another focus of the session was team building, widely recognised as one of the most crucial factors for spinout success. Participants gained a strong appreciation for the importance of assembling the right team from the outset, supported by real-world examples that demonstrated both successful and unsuccessful approaches. Having the right management team in place from the beginning of a spinout’s journey was repeatedly emphasised as a critical factor in ensuring long-term success.

The “Navigating the Path of Spinout Formation” training was more than just an academic workshop. It was a transformative experience that provided a window into what it takes to move scientific innovation beyond the laboratory and into the real world. For many, it marked the beginning of a new way of thinking about research: as a foundation not only for knowledge but for enterprise, impact, and change.

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