You may be able to license your technology to an existing company for commercialization, but sometimes, the technology may be too novel, at too early a stage of development, or otherwise too risky to attract interest from industry. Or you may want more input in the further development of your discovery.
In these cases, starting a company may make sense, and the university has resources to help get your company off the ground. IU has helped launch a number of successful startups, including Angel Learning, Assembly Biosciences, Anagin, and Marcadia.
Startup companies can explore and evaluate the commercial potential of a technology and can compete for funding set aside for small business research and development. Getting involved in a startup company is a significant commitment, though, and you need to consider whether starting a company is right for your technology and for you.