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  "documentTitle": "2022 Air Street Capital The State of AI Report 2022",
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  "notes": "Includes data from Beauhurst and GOV.UK. Shows sector breakdown, university-specific spinout counts vs equity stakes, and historical trend of average equity stakes.",
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      "kind": "callout",
      "text": "But this comes at a steep price: Technology Transfer Offices (TTOs) often negotiate spinout deal terms which are unfavourable to founders, e.g. a high equity share in the company or royalties on sales.",
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      "text": "Top sectors by number of spinouts (January 2022)",
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      "text": "Number of spinouts vs Median University equity stake by university",
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      "text": "Top emerging sectors by number of spinouts (January 2022)",
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      "text": "Average equity stake taken by universities in spinouts (2012-21)",
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      "text": "University equity stake: 20.6%",
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      "text": "Universities are an important source of AI companies including Databricks, Snorkel, SambaNova, Exscientia and more. In the UK, 4.3% of UK AI companies are university spinouts, compared to 0.03% for all UK companies. AI is indeed among the most represented sectors for spinouts formation. But this comes at a steep price: Technology Transfer Offices (TTOs) often negotiate spinout deal terms which are unfavourable to founders, e.g. a high equity share in the company or royalties on sales.",
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      "text": "Universities are a hotbed for AI spinouts: the UK case study",
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