What is a license?
A license is permission granted by the owner of intellectual property that allows another party to act under all or some of the owners rights, usually under a written license agreement.
What is a license agreement?
License agreements are typically in writing and describe the rights and responsibilities related to the use and exploitation of intellectual property. ís license agreements usually stipulate that the licensee must diligently seek to bring the intellectual property into commercial use for the public good. The agreement also seeks to provide a reasonable return to the University.
How is a business chosen to be a licensee?
A licensee is chosen based on its ability to commercialize the technology for the benefit of the general public. Sometimes an established business with experience in similar technologies and markets is the best choice. In other cases, the focus and intensity of a start-up company is a better option. Typically, the TTO does not have multiple potential licensees bidding on an invention.
What is the relationship between an inventor and a licensee, and how much of my time will it require?
Most licensees need some active assistance by the inventor to facilitate their commercialization efforts. This can range from infrequent, informal contacts to a more formal consulting relationship. Working with a new business start-up can require substantially more time, depending on your role in or with the company and your continuing role within the university.