5 Tips for Licensing University IP

Over the past decade I had the privilege to give workshops and courses to leading Technology Transfer Offices around the world. As the pace of such courses has grown over the years, with an increasing number of Universities that would like to both monetize their IP and expose their researchers to the Business world, it became clear that there are a lot of tips that would could make Technology Transfer of University IP much more effective. Following the last 4 day course in Budapest done in the beginning of November I have gathered 5 essential tips:

1. University Regulations - It all starts with University regulations that should be as clear as possible with regards to the definition of “Invention”, “Inventor”, division of income, consulting and many more issues. Without proper regulations, it would be very difficult to maintain a healthy relationship with the researchers and the industry. It is important to make sure, as much as possible, the regulations cannot be interpreted in more than one way, to avoid unnecessary conflicts.  
2. Technology Transfer Software – Most of the young technology transfer offices start working without a software which handles all contracts, patents, projects etc’. Some of the young offices, build their own software and some use existing software. While there are certainly a lot of differences between different software packages, do not make the mistake of not using any software. Remember that Technology Transfer is a very long term business and chances are that it will take 5-10 years for license deals to start generating royalties. When the time comes, only a tailored software could help follow up on such contracts. For Yissum, a special software was developed, called TTM (Technology Transfer Management. For more information on the TTM press here) which is currently the leading software solution for Technology Transfer companies in Israel. If you happen to choose an existing software make sure the software will be as flexible as possible and allow connectivity to external systems such as Finance and the Technology Transfer's Website.
3. Powerful Website – The “face” of the Technology Transfer is the website which should include all the offerings of the Technology Transfer. The focus should not be only Technologies that are available for license but rather include all the University subsidiaries (that might be looking for investment), Research centers and Research capabilities. The website is a powerful extension of the Technology Transfer, and if built correctly could make life easier and generate high quality business leads. The website should ideally be synchronized with the Internal Technology Transfer Software so that the information will be accurate at any given point in time.  
4. Social Media – In today’s world of Social Networks Technology Transfer professionals that are not utilizing the suitable Social Networks are losing out business opportunities. The focus of Technology Transfer should be mainly on B2B networks such as: LinkedIn, Twitter, XING, Facebook and others. The most powerful social network is LinkedIn and with the proper infrastructure it could make the Technology Transfer activities much more effective. The first step is the infrastructure step, which includes the creation of “powerful” LinkedIn profiles to all the outward facing professionals at the Technology Transfer Office. Another important part of the infrastructure is the creation of a company page and Groups that would help build professional channels for innovation. (For more information take a look here)
5. Focus on the “BIG Picture” – A lot of traditional Technology Transfer places the focus on the patents. While this approach might have worked in the past, for young Technology Transfer companies that have just a handful of patents this approach will not be effective. A much more effective approach would be focusing on the Centers of excellence at the University and the Research capabilities. The second approach will increase the offering dramatically and will be much more effective for the University and Technology Transfer.