39. What is a license?
Generally speaking, a license is a legally binding written document in which one party, having definable right in a property, transfers or grants some part of those rights to another entity for some type of consideration.
40. Does ECU sell intellectual property rights to third parties?
Typically not, rights are granted to third parties on either an exclusive or non-exclusive basis to manufacture, have manufactured, and/or sell or use the technology to create products or processes. Licenses are granted such that the intellectual property must be returned to the University if the third party fails to fully develop and commercialize the rights granted. A sale of technology generally means there is no provision for return.
41. Who conducts license negotiations?
All license negotiations are handled by the OTT.
42. My technology has been exclusively licensed to a company; does that mean that it may not be licensed to any other company?
Technology that has been exclusively licensed to a company for a particular use may not be licensed to any other company for that same use. There are occasions when a technology has utility in more than one field, such that it has multiple possible uses. In that situation, it may be licensed exclusively to one company to be used for purpose X, and licensed to another company to be used for purpose Y. The field of use outlined in the license agreement determines whether or not an exclusively licensed technology may be licensed to another company.
43. I have a great relationship with the sales representative at XYZ Corp.; may I negotiate a license agreement for my technology with him?
The University is sole owner of all intellectual property that is developed at the University with University resources and only the University may its rights in its technology to commercial entities or otherwise. As such, all license agreements are to be negotiated and executed by OTT staff. But, we are always eager to work with our inventors to utilize their knowledge and contacts in order to better market their technologies. If you have a great relationship with a sales representative from XYZ Corp. and you think that your technology would complement their product line or goals, then definitely share that information with the OTT.
44. How will you contact companies regarding my technology?
After meeting with you to discuss the technology in detail, the OTT will prepare a brief, one page non-confidential summary that will give a basic description of your technology, with a focus on its unique advantages. OTT will then use that summary to stimulate interest in your technology. OTT uses a number of tools, including online information retrieval services, to locate and identify companies that present good candidates for licensing your invention. However, you may be our best source of information regarding a licensee. Your relationships with scientific colleagues in the corporate world are often a key catalyst in the effort to find a licensee.