Planning
A New Business?
View Steps to Starting a New Business
Request an Auxiliary Packet
Request for New Auxiliary Activity Number
There are different steps to starting your business depending on the risk the business poses to the University.
Below are steps to guide you through creating a new business at FIU.
Thinking of a simple
Venture?
1. Request a New Auxiliary Packet
2. Create a Budget
3. Create a Business Case (If directed to by AED)
A Business Case template is part of the New Auxiliary Packet that is e-mailed to you upon request. Click the Request a New Auxiliary Packet step to receive the Business Case template and other tools.
4. Submit the New Auxiliary Packet to AED
AED must receive a completed New Auxiliary Packet prior to your request for a New Activity Number. All completed tools from the New Auxiliary Packet are required in your submission to AED.
5. Request a new Auxiliary Activity Number
This is the last step in creating any new FIU business. Steps 1, 2 and 4 must be completed before you request a New Activity Number. Step 3 is applicable only if specifically requested by AED.
1. Notify ORED of proposed business (required for individual researchers, centers and institutes only)
This step applies to researchers or centers/institutes starting new businesses. Your notification to ORED must contain the following information:
- Unit Name (example: Center For Leadership)
- Description of proposed activity (e.g. Professional Development Course for Emerging Leaders)
- Principal Personnel (e.g. Drs. Tom Jones and Lourdes Navarro, and Post-Doctoral Students)
- Expected Start Date (e.g. September 1, 2020 or Fall 2020)
- A brief description of any Intellectual Property (existing or future) involved in the proposed business
2. Request a New Auxiliary Packet
3. Create a Budget*
4. Create a Business Case*
A Business Case template is part of the New Auxiliary Packet that is e-mailed to you upon request. Click the Request a New Auxiliary Packet step to receive the Business Case template and other tools.
5. Identify funding*
- Strategic Investments(E&G only)
- FIU Treasury
- Auxiliary Trust Fund
- F&A (from ORED)
- Tech Fee
- FIU Foundation Directed Investments
- Gifts & Donations(Advancement)
- External Foundation Grants
- Sponsorships
- Financial Markets (Bonds)
- Partner Equity
- Crowd Sourcing (e.g. Kickstarter, Peerbackers, RocketHub)
Funding amounts and timing should reflect expected cash flow of the project and the cost of capital. Take into account the duration of the process for securing approval and drawing down funds so that your venture does not run short of cash.
6. Develop contract(s)*
Note: If the venture has an international academic component, contact Mercedes Ponce in Academic Planning & Accountability for direction on the contract.
7. Negotiate with partner(s)*
8. Submit the FINAL New Auxiliary Packet to AED
AED must receive all elements of the New Auxiliary Packet fully completed prior to your request for a New Activity Number.
9. Obtain FINAL “Go/No Go” approval from Dean’s/VP/C-Level
10. Obtain signatures on Agreements
11. Obtain regulatory approval (e.g. BOD, BOT, BOG, TIITF etc.), if applicable
12. Request a new Auxiliary Activity Number
This is the last step in creating any new FIU business.
Thinking of
Starting a New
Venture?
* Unit must obtain Dean’s/VP’s [continued] approval of proposal throughout this step