As part of our mission to commercialize University technology for public good, URVentures markets technologies for licensing and negotiates license agreements with corporations and startups for use of University IP.
Partnering with industry to develop University of Rochester research into valuable products and services.
University license agreements stipulate that the licensee should diligently seek to bring the intellectual property into commercial use for the public good and provide a reasonable return to the University. A licensee is chosen in part based on its ability to do so.
Standard features of a license include negotiated financial terms, such as some combination of annual fees, milestone fees, a royalty on product sales, and reimbursement of patent costs. They may also include a minority share of equity, if a startup.
The non-financial terms of the license are equally important and include:
Diligence milestones to ensure that the technology is being developed and commercialized. For pharmaceuticals, this may include clinical trial milestones. For other products, diligence milestones may include prototypes and sales; they may also include development or investment milestones.
Reporting requirements to ensure that the company has the resources to develop the technology, is continuing to do so, or is demonstrating good faith development efforts. These requirements allow for tracking the progress of the technology toward commercialization.
Degree of exclusivity: nonexclusive, exclusive, or restricted by field of use
Reservation of rights for the Federal government (if the invention is derived from Federally-funded research), and for the University and other non-profit organizations for their research and educational activities.
All license negotiations are handled directly between URVentures and a non-inventor representative of the company in order to limit potential conflicts of interest. In addition to license agreements, URVentures also manages option agreements, inter-institutional agreements, confidential disclosure agreements and release of inventor rights agreements. Click here to view sample agreements.
URVentures licensing managers employ a variety of different strategies to market University technologies. In addition to identifying potential licensees, these efforts help us to better understand the market and gain direct industry feedback.
A central part of this process is identifying and understanding the problem solved by the technology and whether it meets a valuable unmet need of customers. We seek customer, investor, and industry input on market size, pricing, competition, scalability, distribution channels, and development milestones needed for commercialization, licensing, adoption, development, and funding.