Universities are searching for new ways to increase their sources due to economic difficulties brought on by the pandemic. Strategies for doing so have evolved since the Bayh-Dole Act was passed in 1980. University technology transfer offices have recognized the potential to monetize patent portfolios. As a result, they have accelerated their efforts to commercialize them.
Universities looking to commercialize their intellectual property might benefit from XLSCOUT’s helpful tools. This can be done using a variety of techniques. Each of which requires a thorough analysis of the industry landscapes as well as their tactical and legal implications. Technology transfer offices at major universities are now employing the following three strategies:
1. Patent Assertion and Enforcement
Patent assertion is an important, although occasionally disregarded, method of revenue generation. The process of filing a lawsuit to prove infringement of a university’s patented technology is known as patent assertion. This may take place because firms creating new technologies may be influenced by publicly available prior art information. They may be able to use patented technologies if they are careless or possibly malicious.
With access to legal, assignee, and transfer information, XLSCOUT’s powerful database search tools give users access to the most recent portfolio mapping.
Partnerships with patent assertion entities (PAEs) can be beneficial in the long run if infringement is pervasive across several industries. Some may even make an offer to acquire or buy a portion of a university’s intellectual property as an investment in upcoming legal settlements or technology transfers.
The search and data management tools from XLSCOUT are accessible if your university is not yet prepared to dedicate itself to a PAE. With our assistance, you can learn to investigate infringement on your own to get ready for the next step.
2. Establishing Industry Partners
Strategic business partnerships, such as those first proposed under the Bayh-Dole Act of 1980, are a more traditional but still underutilized method of monetizing IP. In sum, the law grants ownership to universities that obtain federal financing for the production of IP. The ability to commercialize ideas is subsequently granted to these colleges with the assurance that they have patent rights.
Creating corporate partnerships is a powerful strategy for commercializing patents. The atmosphere has never been better for colleges to profit from commercial collaboration as basic research responsibilities migrate to universities rather than the corporate organizations that frequently bring those products to market.
As the standardized model of collaboration develops, equity interest, licensing fees, royalties, and lump-sum payments on technology transfers may be advantageous to both the institution and the corporate organization. Long-standing industry-wide collaborations in technology, agriculture, and medicine have been developed by universities like Cornell University, Stanford, and Carnegie Mellon.
The fundamental conclusion is that a long-term partnership with a business is most advantageous for both parties in order to fully commercialize both currently held university patents and upcoming ones.
3. Investing in Startups
Direct investment in startups focused on bringing specific patents to market is arguably the most profitable method of monetizing patents. This approach is becoming more and more popular in the biotech and pharmaceutical industries.
This can also be a good and ethical way to reward university students who, as some have noted, occasionally don’t get paid fully for their efforts in developing intellectual property. Such a setup encourages students to create and draws in talent.
How is XLSCOUT Helping to Achieve the Feat?
Interestingly, some of the top universities in India are now adopting AI (Artificial Intelligence) technologies (XLSCOUT’s Novelty Checker) to democratize innovation and provide easy access to AI technologies to all researchers. The idea is for them to use the AI platform themselves to compare their research to whether it meets the three main criteria for getting a patent before approaching the IP department or attorney. Novelty Checker assists in conducting a novelty search to help you ensure that your innovation is unique. Additionally, it generates a novelty search report in 10 minutes with just a few clicks.
The Advantages of the AI Platform (XLSCOUT) are:
- Platform is simple to use—anyone can use it
- It gives a patentability search report in 10 minutes (top 10 matching documents)
- It compares with both global patents and literature in real-time
- Innovation triggers and dynamic industry focus reports to align research and innovate better
Connect with XLSCOUT to know how other Indian universities are democratizing innovation and fostering a patent culture in the universities.