Research findings and inventions which may have commercial value are subjected to intellectual property ownership by the university. As these discoveries are conducted by university students/staff in university controlled facilities, therefore deemed patentable by the university.
Inventors and researchers should disclose their findings by submitting a confidential disclosure form to the UMCIC. This process addresses the technical aspect of research findings/ products such as the science behind its conception, advantages over conventional works, potential drawbacks and scope of use. By submitting the invention disclosure, inventors and researchers enables UMCIC to offer assistance and support throughout the commercialization process.
UMCIC assess the commercial value of the patented research findings and inventions. Numerous aspects that will be evaluated include novelty, marketability, amount of resources for further development and potential market growth. Based on the nature of the research product, UMCIC will assign a licensing specialist who is specialized in the field to assume responsibility in reviewing the technology.
Patent is the government granted right to an inventor in manufacturing, apply and sell an invention. This right exclude other parties from producing it as their own. Research findings and inventions should be protected under patent, trademark and copyright. This is a crucial step to ensure the university’s IP is preserved from plagiarism and exploitation by unscrupulous parties.
UMCIC collaborates with industrial entities, investors and entrepreneurs who have been identified as suitable partners with resources and expertise in bringing the product into the market.
UMCIC will assume the role as middleman in meetings between inventor/researcher and potential industrial partner to ensure all parties have an understanding on the research finding/new technology. This is followed with the signing of non disclosure agreement. The centre will then negotiate a deal that is acceptable by all parties which involves discussion on economic prospects which is the precursor to the licensing of the product.
License is a permit to use intellectual property approved by the owner to another party. License agreement states the right of the licensee to apply the research findings/new technology and bring it into the market. The university invention can be licensed by multiple parties. Revenues generated from the marketing of a licensed product can be delegated as royalty to compensate to the university. While the inventor/researcher is a party in the agreement between the university and the licensee, there remain obligated to be involved in patent negotiations and assist in the commercial development of the invention.