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32 Returns earned on the commercialisation of University IP belong to the University. However, the University's policy is to share such returns with those of its employees and students who have invented/created the relevant IP. The University takes the decision (through UMIP) as to how it wishes to commercialise its IP. It does not always go for the best financial return (and can never guarantee the best financial return). A financial return may not necessarily be compatible with the University's main objectives. UMIP decides on a case by case basis. The University has links with venture capital firms to support spin-out companies which it creates. It also is also able to make proof of principle (PoP) awards to fund the further development of IP. It is a real benefit to the University, and to those who have created the IP, to have access to PoP funding which can be of invaluable help in getting new IP to market. In return for its investments the University retains a greater share of the returns earned on commercialisation. It can take several years before any returns are received, depending on things like market conditions and how developed the IP is. University Retained Share - The University allocates the retained portion of its revenue share to UMIP and to the relevant Faculties where the inventors/creators of the IP were based (which reflects the wider contribution made by those Faculties and their Schools). If the involvement of the University is very limited, 85% of the returns from commercialisation go to the originators of the IP and the University only retains a small 15% share. If UMIP declines to commercialise particular IP and it is transferred back to you (and any co inventors/creators) the University's share will only be 7.5%. University Involvement - With the typical Protect and Develop commercialisation channel, the University's limited involvement covers an initial review of the ownership of the IP and the IP's commercial potential, investigations as to its proof of ownership and advice on the next steps to be taken. If greater involvement by UMIP or the University Contracts Team is required then the University retains a further 15% share for UMIP marketing, management and negotiation services (or an agreed fee instead) where these are used. PoP Funding - The University retains an additional 15%-30% for PoP Funding made by it. The PoP Funding is repayable as a loan from the licensing returns or on the success of the spin-out company. Substantial Sum - If the gross return to you and your co-inventors/creators from any IP which is commercialised is very substantial (£4 million or more) the University has to take account of its position as a charitable organisation. In such a case the basic 15%/85% formula share with the University is adjusted to 50%/50% for gross returns to you equal to or more than the substantial sum. The Substantial Sum ignores any money reinvested by REVENUE-SHARING

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