UC-inspired approach to intellectual property rolled out statewide
The Ohio IP Promise, announced Thursday by Lt. Gov. Husted, comes months after talks with UC, startup owners
Lt. Gov. Jon Husted announced Friday the launch of the Ohio IP Promise, establishing a statewide, best-in-class process for how universities cultivate the licensing of intellectual property developed by Ohio’s public universities. The initiative aims to strengthen the state’s economy, attract innovative researchers and serve as a magnet for investors and entrepreneurs.
"Since we changed our approach to intellectual property rights for internal and external partners the past two years, we've seen a 400% increase in the number of startups spun out of university-created IP and an increase in partnerships with companies like Kroger and WorldPay," says David J. Adams, UC's chief innovation officer. "When Lt. Gov. Husted visited us and learned about it, he understood this would be beneficial to all of the state's universities. We commend his leadership for taking action to make that a reality."
In May, shortly after his 1819 Innovation Hub visit, Lt. Gov Husted challenged the Inter-University Council of Ohio (IUC-Ohio) to identify and codify best practices relating to intellectual property developed by the state’s universities. UC and the Ohio State University led the collaborative effort between Ohio’s 14 public universities, engaging faculty, research officers, entrepreneurs, investors and attorneys to gain insights into their needs and ideas.
The steps taken by Lt. Gov. Husted today make true for Ohio what our approach toward intellectual property has done for Cincinnati — make the state a place where industry and academia work together for the benefit of all
Neville G. Pinto UC President
All 14 of Ohio’s public universities will adopt and implement the Ohio IP Promise, which requires universities to:
Provide industry choices for accessing intellectual property developed through sponsored research;
Publish template sponsored research and license agreements;
Deliver fair and streamlined guidelines and frameworks for faculty creator startups;
Communicate licensing processes on websites in a clear, prominent way;
Provide well-defined university entry points for industry, investors, and entrepreneurs;
Reduce impediments that hinder the pace of transactions.
UC is already compliant with the Ohio IP Promise, as many of its requirements were inspired by UC’s approach to IP.
“The steps taken by Lt. Gov. Husted today make true for Ohio what our approach toward intellectual property has done for Cincinnati — make the state a place where industry and academia work together for the benefit of all," said UC President Neville G. Pinto. "Talent has choices, and what we've done has signaled to current and future faculty, investors, and the broader business community that our city — and now our state — is the place to be to gain access to opportunities, talent and resources."
Featured image: A graduation day for UC Venture Lab, the Office of Innovation's pre-accelerator program for UC faculty, staff, students and alumni. Photo/Joseph Fuqua II/UC Creative Services
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