How to commercialize IP – Roadmap for Universities to Generate Revenue from IP – Report
Universities are starters in the innovation ecosystem and as a starter, universities follow an ethical cycle that holds early-stage innovations to support education, research and teachings for social benefit. However, the participation in this innovation ecosystem requires patience and investment.
Many times universities face various economically challenging situations. They spend billions to provide superior education and research to the students. To support this, universities depend on student fee and funds which they receive from government/corporates. However, as the government and federal research organizations have been steadily cutting costs on the grants they provide to public universities for research processes, it becomes very important for the universities and other public research organizations to become self-sufficient and start exploring the ways to protect their research activities to further generate more revenue from their resources i.e. Patents through profitable licensing fees, royalties and stock holdings.
Nowadays, universities file a patent application on an invention only if it aspires to license the invention for commercial development. Transferring the intellectual property (IP) to the marketplace through market mechanisms (i.e., licensing) is rapidly emerging involving an equilibrium of risk and reward which includes following financial components:
- Reimbursement of Cost of university’s Patent for exclusive licenses.
- Allowing annual License maintenance fees.
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How to commercialize IP – Roadmap for Universities to Generate Revenue from IP
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