Yorktown Technologies
Case 1 – Yorktown Technologies
Problem Statement In November 2001, a startup company, Yorktown Technologies, was founded by two gentlemen, Alan Blake and Richard Crockett, with the objective to patent the idea of producing GloFish® genetically modified tropical zebra fish which would fluorescent all the time. Zebra danio fish are native to India. These fish are clear with stripes on them. The objective of these fluorescent fish is to identify water contamination. After further analysis, patenting this idea was not possible as these fishes where already been developed for research. As a result, Crockett and Blake proceeded in modifying their business strategy to license the packaging and reselling of fluorescent fishes to large industry buyers.
Yorktown Technologies founders, met with Dr. Ivan Pruchansky who developed the fluorescent zebra fish and had expressed interest in working with the startup. Dr. Pruchansky eventually decided not to work with Yorktown Technologies for various reasons that triggered him, such as environmental community concerns, involving the university on the licensing of his discovery and jeopardizing his academic credibility. After the unsuccessful negotiations with Dr. Pruchansky, Blake and Crockett partnered with National University of Singapore (NUS) as they had developed their own fluorescent fish and expressed interested in commercializing their fish. As a result, an agreement was signed which gave Yorktown Technologies rights to NUS line of fluorescent zebra fish and patent that covered all fluorescent ornament fish in exchange for a 16% royalty fee. This agreement would set Yorktown Technologies on a competitive advantage as competitors enter the market.
Blake and Crockett implemented successful fundraising strategies which raised $5 million in preparation for the launch of GloFish® genetically modified tropical zebra fish project. Yorktown Technologies secured two distribution agreements with the largest Florida
Problem Statement In November 2001, a startup company, Yorktown Technologies, was founded by two gentlemen, Alan Blake and Richard Crockett, with the objective to patent the idea of producing GloFish® genetically modified tropical zebra fish which would fluorescent all the time. Zebra danio fish are native to India. These fish are clear with stripes on them. The objective of these fluorescent fish is to identify water contamination. After further analysis, patenting this idea was not possible as these fishes where already been developed for research. As a result, Crockett and Blake proceeded in modifying their business strategy to license the packaging and reselling of fluorescent fishes to large industry buyers.
Yorktown Technologies founders, met with Dr. Ivan Pruchansky who developed the fluorescent zebra fish and had expressed interest in working with the startup. Dr. Pruchansky eventually decided not to work with Yorktown Technologies for various reasons that triggered him, such as environmental community concerns, involving the university on the licensing of his discovery and jeopardizing his academic credibility. After the unsuccessful negotiations with Dr. Pruchansky, Blake and Crockett partnered with National University of Singapore (NUS) as they had developed their own fluorescent fish and expressed interested in commercializing their fish. As a result, an agreement was signed which gave Yorktown Technologies rights to NUS line of fluorescent zebra fish and patent that covered all fluorescent ornament fish in exchange for a 16% royalty fee. This agreement would set Yorktown Technologies on a competitive advantage as competitors enter the market.
Blake and Crockett implemented successful fundraising strategies which raised $5 million in preparation for the launch of GloFish® genetically modified tropical zebra fish project. Yorktown Technologies secured two distribution agreements with the largest Florida