Identifying and creating IP, and bringing research results to the next stage of development, have become institutional objectives for many universities and PRIs. In this context, an institutional IP policy is a prerequisite for successful collaboration between academia and commercialization partners.
An institutional IP policy is a formal document which typically deals with:
• ownership of and right to use the IP;
• procedures for identification, evaluation, protection and management of IP
• procedures for cooperation with third parties;
• guidelines on the sharing of profits from successful exploitation; and
• Mechanisms to ensure respect for third-party IP rights.
Without a formal policy regulating the ownership and use of IP rights, the different stakeholders in a university/PRI (researchers, technicians, students, visiting researchers, etc.) and commercialization partners (industrial sponsors, consultants, non-profit organizations, SMEs, governments) will have no guidance on how to make decisions concerning IP.
An effective IP policy will:
• provide legal certainty;
• nurture an environment that supports and encourages innovation and development;
• encourage researchers to consider the possible opportunities for exploiting an invention so as to increase the potential flow of benefits to society;
• facilitate the creation of public-private partnerships to support economic development;
• encourage mutually beneficial relationships with other institutions;
• balance the various conflicting interests of the university, industry and society; and
• Ensure compliance with applicable national laws and regulations.
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