Inventors can now smile vigorously as Babcock University has developed an intellectual property policy that gives a great deal of rights to inventors.
In the policy, Babcock states that the university would promote commercialization of intellectual property generated in the University as well as provide necessary linkage of researchers with sponsors and/or external partners among other obligations.
The University also states that it would University would provide financial and moral support that enhances effective administration of intellectual property (IP), while taking steps legally to protect university generated intellectual property against unauthorized use of IP for the benefit of the institution and creator of the IP.
Babcock however reserves the rights over any person hired or commissioned for that purpose to own the intellectual property rights of any collaborative research enacted between the university and other organizations.
The Director, Research, Innovation and International Cooperation, Professor Grace Tayo while speaking at the just concluded 2017 colloquium stated that where there is no written agreement between Babcock University and a grantor or funding agency or where the agreement fails to reckon the ownership of intellectual property rights, the University shall be accorded the rights of such research result.
Tayo stated that income gotten from the commercialization shall be fully consummated by the University as the expenses such as legal protection, exploitation of the patent has been paid off. Then the net income shall be shared as follows:
30% – Inventor/Author
35% – Babcock University
10% – The school of the Inventor
10% – RIIC use in research work
15% – Department of the Author/Inventor
She concluded by saying this policy will help foster innovation and management and utilization for the inventors, university and society.