The University can license inventions, i.e. give others permission to use the invention in return for royalty payments, and the net income from this is shared with the inventor. Spin-off companies can also be established based on the invention.
If you as inventor or researcher are talking to industry about commercialization prospects for your research, or even in relation to potential sponsorship of further research, confidentiality agreements may be required. These can be obtained from the Office of Research Development and Knowledge Transfer.
The ORDKT also has responsibility for commercialization of research output.
Strategically positioned to establish strong partnerships with stakeholders, while engaging with and leveraging the collective expertise of various researchers and subject matter experts, the ORDKT is able to guide, identify and match the needs of our stakeholders with the results of research of the UWI.
While a Commercialisation Policy is being addressed by the ORDKT, the commercialization process continues apace.
From the perspective of our internal stakeholders, once a Researcher believes that a commercially viable research output has materialized, the ORDKT provides guidance to either secure funding to further the commercialisation process (through grants), or to direct the outputs to an external stakeholder with whom it has already engaged and a mutually acceptable relationship is forged with clear terms and conditions.
From the perspective of an external stakeholder, the Office engages a Researcher or group of Researchers who can meet the needs of that party, again under mutually acceptable terms and conditions.
Guiding policies, such as the Policy on Research Ethics as well as the Intellectual Property Policy, guide the commercialization process.
- Is there a need for your invention?
- Is there a market for your invention?
- Are there many competitors?
- Is the demand stable?
- Does your invention provide a solution that does not currently exist?
- Is there something that makes your invention stand out among others currently available?
- Is it feasible?
- At what stage of development is your invention?
- Is further research and development required before you have a product?