Virginia Tech College of Engineering features CPES innovative IP process
"Virginia Tech engineers speed up technology transfer with innovative IP process," reads the headline of the latest feature story on Virginia Tech's College of Engineering website.
"The National Science Foundation has cited Virginia Tech's CPES as a model Engineering Research Center for technology transfer and industry collaboration," it notes.
Citing the featured article... (Full Story)
Identifying barrier
The interests of protecting IP while publishing research results in a timely manner often conflict. IP issues sometimes frustrate both academic researchers and interested industrial firms, according to [CPES Director, Fred C.] Lee. Furthermore, Universities typically claim ownership of all IP developed in their research labs, but do not always have the resources or market knowledge to select which inventions to pursue.
Expediting technology transfer
In 2003, CPES instituted a new IP process that taps expertise from industry partners and helps university technology move quickly into commercialization. Funding for patents is contributed by a group of industrial partners called "Principal Members, and Principal Member Plus" who each contribute $5,000 a year above and beyond their respective membership contribution. The additional funds are then pooled to establish the "Intellectual Property Protection Fund (IPPF)".
IPPF - an effective process
"Working with Virginia Tech Intellectual Properties (VTIP), we have established a very effective process," Lee said. When a CPES researcher develops technology that may have IP value, we send the information to the IPPF members, organize a teleconference, and ask for a vote. If the IPPF members determine it is worthwhile and has market value, VTIP sends the patent information to a patent lawyer. The legal expenses are paid off from the IPPF. "Now, there is no delay; we are almost as fast as industry," Lee noted. "The system has worked well for CPES. We have been able to recruit quite a few members."
Currently, the Center's industrial consortium includes 27 Principal Plus Members, 7 Principal Members, and 21 Associate Members. For more information on CPES and the Industry Partnership Program, please visit www.cpes.vt.edu.