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Finally, administrative steps to starting a business well before you can crack the champagne open.

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We've already decided. You need to know your customer. I have a burning desire to succeed, know your product.

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But you have to do what I call the three way wants. You will normally have capital, your cells and the holder of the intellectual property,

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which, in the case of the university, might be icis innovation. And this is not, I call it a three day world, because if.

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Have you ever tried to rules with three people? It is remarkably difficult.

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So what actually happens is you dance in pairs. And this is precisely what this diagram shows.

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You cannot really raise capital until you know what your intellectual property and license terms are going to be.

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You can't really recruit your founding team until you know you have capital and reasonable terms.

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So you need to take these things in pairs and work your way through.

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And so this is a very personal view. You're going to have to decide.

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Royalties and equity royalties are, in my view, a retrospective,

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rewarding mechanism for things that people have done in the past, and as a result, they scale with the level of risk.

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Equity is a forward motivating mechanism.

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So you need to have enough equity in the business in order to make sure that the right people are motivated forward.

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And you need to create a clear and satisfactory mechanism for governance.

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And lastly, you will not escape using accountants and lawyers because things change and the order in which you do things really matters.

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On forming Oxon Onyx We realised that if we had taken the party line on how to form a company within the university,

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a very, very significant tax benefit would have been lost both to the founders and to the company.

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Every five months the situation changes, primarily driven by Treasury.

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So you need to get the order right and be prepared to crack the champagne open and celebrate with the people who've made it happen.

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When the time is right, I'd like to leave you with one last thought, which is to me the quote that defines entrepreneurship.

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I knew that if I failed, I wouldn't regret that. But I knew that the one thing I might regret is not trying.

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Thank you very much.