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34 Possible Outcomes Various issues and opportunities may arise when you undertake consultancy work over an extended period. These are part of the benefits that accrue to you and to your institution because of consultancy. Here are some of the key ones. Research Contracts One of the outcomes of consultancy is a growing familiarisation with a particular industry sector and with particular companies in that sector. Where you have completed significant amounts of work for one company, one possible outcome of that company's growing appreciation of the abilities of your institution may be the placing of a research contract. Even though it may be your efforts in consultancy work that have impressed the client, this is a relationship that belongs, by its nature, with the institution, although it is highly likely to involve your research group. You will need to discuss internally any continuing consultancy relationship with the client because there may be conflicts of interest to address. Even where relations with an individual client do not develop in this way, your increased knowledge and expertise may assist your institution in winning research contracts in 'your' sector. Accordingly, you should maintain close relations with your institution's research contracts team. Intellectual Property ("IP") You can generate valuable IP during consultancy assignments, but this is not routinely the case and it can create problems of ownership. If you anticipate that the consultancy will generate new knowledge, then you should consider whether it would be more appropriate to carry out such work as research collaboration or as a development contract. As a general guideline, a consultancy assignment will use existing IP or expertise to solve a problem, design a system or process or to provide an expert opinion on a situation but not create new IP except for copyright in the report. Such assignments carried out by employees of research institutions will usually be short term and non- intensive; probably a number of days over a few months. It is important to maintain contact with your institution's commercialisation arm and to ensure that any IP being created is properly registered and protected. This IP can form the basis of future income. Operating Section 5