The license must be executed in accordance with the universty's mission. The follow are general principles that must be followed:
Contact the OTC.
Ask you for supporting documentation and information including but not limited to the following:
o What is your plan for the technology?
o Do you have a commercialization plan with a milestone schedule?
o Are you an established company or a startup?
§ A checklist for startup companies is coming soon.
o Company background information: What is your market, expertise, stability, etc.?
o Are there any conflict of interest issues with any of our students, faculty, or staff?
After information is gathered, the IP committee will meet to discuss and vote on the next action. More information may be requested. Once all the needed information and approvals are obtained, the agreement terms will be negotiated and finalized.
Exclusive licenses require approval of the university president and may require more time.
The agreement will contain, but is not limited to the following elements:
o An upfront fee
o A reasonable royalty rate
o Reimbursement of legal costs related to patent filing
o Commercialization milestones
o Minimum annual royalties
o Field of use limitation
When the parties come to an agreement on license terms, the agreement will be finalized and necessary signatures obtained.