UVA Consulting Policies

Consulting

In order for you to obtain an ownership stake--such as stock or member shares--in your start-up company, you must provide something of value to the company. It cannot be your services as an employee; faculty are full-time employees of UVA. It cannot be the technology you invented at UVA; that technology is owned by UVA and licensed to the company by the Patent Foundation. In fact, it would be a violation of the Virginia State Conflict of Interest Act for you to receive equity in the company in exchange for the technology you developed at UVA.

So what makes the company yours? There are typically two ways for you to obtain equity in your company. It could be in exchange for money that you invest in the company. Most faculty members provide the company with their expertise in exchange for equity--this could be scientific expertise, business expertise, or both. A consulting contract between you and the company outlines this relationship--your time and expertise in exchange for equity. A consulting contract is just between you and the company--UVA is not a party to the agreement, and you cannot promise the company anything that is UVA's (e.g., technology you invent as a faculty member at UVA).

School of Arts and Sciences consulting policy

Faculty in the School of Arts & Sciences may consult for up to one day a week (20% of their time). This one day of consulting may not occur more frequently than once every seven days. Your department chair must be notified of your consulting time, and your chair will inform the Associate Dean. A summary of the consulting policy may be found at www.virginia.edu/researchandpublicservice/research/researchpol/conduct.html and the full policy is at www.virginia.edu/%7Epolproc/pol/xia1.html.

School of Medicine consulting policy

The School of Medicine's policies do not permit faculty consulting. Contact Norma Miller in the Dean's Office (434-924-8426, nsm@virginia.edu ) for updates and advice on the School's policy.