Issue link: https://htpgraphics.uberflip.com/i/116731
Why License? Section 2 There are examples of spectacular money-spinners but these are exceptional, so whilst it is perfectly acceptable to aim for big success, just don't bank on it turning out that way! More details and explanations of royalties and payment terms are set out later in Section 6. Resources to support your research Once a company has agreed to take a licence, it will often decide that the preliminary development work is best carried out in your research lab/department under your supervision, rather than at its premises, for example to create a refined prototype. The licensee may also wish to test the IP in different circumstances and environments. This will mean that the licensee could purchase extra equipment for you to undertake the work (which usually becomes a permanent loan to or is eventually owned by the research institution). It may also mean that you are allowed access to state-of-the-art resources at the licensee's premises, which your research institution may not have, to continue the research and development work. The licensee could also be willing to pay for the employment costs of a research assistant to support the work and will often agree to the results of the work being published (subject to it having the opportunity to patent before publication and to withdraw any commercially sensitive information). There are a number of formal schemes and grants which will financially support knowledge transfer activities and collaborations (e.g. Knowledge Transfer Partnerships and Support For Innovation Funds) and, if needed, the licensee can qualify as the eligible commercial partner necessary to apply for such schemes. Some of the schemes are linked to academic award programmes (e.g. Masters by research) and so can be aligned with your mainstream interests and be mutually beneficial to the research institution and the licensee. More details about your local business link and the Department for Business, Innovation and Skills who can help with such support are available at www.bis.gov.uk A close relationship between your research group and the licensee's research team can evolve during the initial IP transfer and development phase. There are many examples where licensees have become interested in other aspects of a licensor's research activities and as a result have sponsored research in areas beyond the area in which it originally 12