“The new economy places a lot of value on intellectual property and content.” Alfredo Viegas
WHAT IS INTELLECTUAL PROPERTY FOR UNIVERSITIES?
Intellectual property at universities refers most importantly to the products of faculty, staff, and student research and scholarship. IP comes under two different groups, one work covered by patent law and the other work covered by copyright law
Universities & Public research institutions play a dual role, one as large producers of IP via their research programs, the other being large consumers of IP as they provide education to their students.
WHO OWNS AN INVENTION DEVELOPED AT A UNIVERSITY?
Universities hold a unique position when it comes to patents. Professors, researchers, and students generate a great number of incentive concepts through research for which patents can be pursued. In most cases, students and researchers are bound to transfer ownership to the university for inventions that are the outcome of their research work.
Ownership issues vary very much when it comes to professors. For example, when professors move from university to university, their invention or research travels with them. In such cases, joint ownership arises. Professors can also have an agreement with the university that allows the professor to retain certain rights as well.
Funding also impacts ownership rights. For example, while professors need to obtain research grants but in most cases, the benefactor will retain rights to the intellectual property that is generated from research. This is true for government-funded research grants. Therefore, most universities will license the IP derived from research to the private sector.
Universities must maintain a balance of satisfying the licenses' commercial needs while also protecting the universities' rights in the IP.
IMPORTANCE OF IP FOR UNIVERSITIES
• University ownership of patents maintains an essential, close link between inventors and patent use and provides control.
• IP enables the capturing of value for university and inventor benefit as well.
• IP is the essential tool and is an investment while bringing new technology to fruition
• Investment in university invention by the commercial partner through the licensing mechanism makes it available to the public
• Individual IP transactions are important however it is the overall engagement in the process of IP by the university that truly accelerates its role as a source and catalyst in the economic innovation ecosystem.
• Universities should embrace and actively engage in the IP process to widely disseminate their technology for the public good and reward inventors
HOW IP FOR UNIVERSITIES WILL HELP THE ECONOMY TO GROW?
Intellectual property is an essential subject when it comes to increasing global importance. Policymakers have long recognized the need for IP rights to protect inventions and creative work. IP for universities is also growing fast as inventors and researchers want to protect their inventions and earn money.
WIPO has done outstanding work in balancing the interests of all developing and developed countries, the private sector, and civil society and creating an environment with patents.
There is also rising demand for IP for universities in India. Professors, undergraduates, and researchers all want the rights to their creations or inventions. This motivates and encourages the universities to create more and more inventions and in return, they will earn profits. It will lead to competition also.
This provides inventors exclusive rights and they can transfer these rights in exchange for money. IP for universities provides a healthy economic environment.
