Technologies disclosed by university researchers are offered to licensees at an early stage of development. Because early-stage technologies require considerable additional research to prove their value or to support good patent protection, universities look for licensees that are adequately financed (or can obtain financing) and willing to focus resources on the research necessary to advance the technology. Early-stage technologies are typically launched by small or start-up companies that find it difficult to lay out significant cash for development expenses. Universities usually accept equity as partial consideration for technology licensed to start-ups.