New Intellectual Property Policy announced
DIT launches radical initiative for students and staff
15th April 2008: Dublin Institute of Technology (DIT) has announced a radical new initiative aimed at encouraging innovation and entrepreneurship. DIT has introduced a new policy on Intellectual Property which gives students and staff ownership of their own creative work and research findings. Currently most academic institutions in Ireland and internationally retain ownership of intellectual property developed by their staff or students.
Speaking at the launch of the new policy, President of DIT, Professor Brian Norton told colleagues, “At DIT we are leading the way with our new IP policy. It is unique in Ireland and most of Europe. We believe that by guaranteeing the creator ownership of his or her own IP we will encourage innovation among staff and students. This adds to the attraction of DIT as a place for leading researchers, authors and inventors to work and enhances our reputation for excellence and industry relevance”.
Hothouse is the Innovation and Technology Transfer Centre at DIT which helps inventors and authors protect and commercialise their own IP. According to Tom Flanagan, Head of Hothouse, “This new IP policy is a great incentive to innovators in DIT. Last year Hothouse processed 22 invention disclosures, selected 12 for patent filing and won 4 commercial licences. This level of commercialisation is comparable with other major universities that would have significantly larger research budgets and this initiative is likely to further increase the number of successful projects in DIT.” Hothouse has previously negotiated licences for DIT technologies with SONY, Sherman Williams, General Paints and ABB, and many more are in the pipeline.
Fast Facts of the new IP policy in DIT:
At DIT, everything you create or invent is yours whether you are a student or member of staff, as long as three conditions are met;
You were not required by a sponsor to assign the Intellectual Property
Substantial DIT resources were not required to create it
It was not something requested by your manager in carrying out your duties on behalf of DIT
Where the IP is assigned to DIT to commercialise, the DIT inventors can receive up to 75% of net revenue from a licence or equity sale.
And DIT will assign the IP to the inventor to start a company for just 15% of equity and give them the support of Hothouse including facilities, mentoring, and access to networks of funders, investors and entrepreneurs to help them launch and grow their business.
Where inventors outside DIT assigns their IP to DIT to commercialise, DIT will return 65% of net licence revenues to the inventor. Typically IP firms return just 10-20%.
Hothouse – Innovation and Technology Transfer at DIT:
Hothouse is the award winning Innovation and Technology Transfer Centre at DIT. Its services include:
assisting entrepreneurs to start and grow their businesses;
helping business leaders to find research partners and funding;
matching investors with opportunities
commercialising the intellectual property of DIT staff and students.
Since 2001 Hothouse has helped launch over 200 knowledge intensive companies. In 2007 it was awarded the Shell Livewire Award for Services to Enterprise.
For full details of the new IP policy visit our Hothouse webpage.