About the Process
Take a look at the diagram below for an overview of how the U.Va. Patent Foundation works. For more information about any step in the process, click the appropriate bubble.
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The process begins with the disclosure of a new idea via one of the Patent Foundation's disclosure forms. This form provides the Patent Foundation with the information necessary to properly evaluate, protect and market an invention.
The Patent Foundation's triage process involves an initial analysis to quickly determine which inventions are patentable and likely to have value in the marketplace — and thus which inventions to pursue.
If the Patent Foundation elects not to pursue an invention, it may offer the ownership rights to the inventors, who may themselves continue the pursuit of a patent. Learn more about the offer of rights.
If the Patent Foundation elects not to pursue an invention, it may offer the ownership rights to the inventors, who may themselves continue the pursuit of a patent. Learn more about the offer of rights.
If the Patent Foundation identifies patentable subject matter and sufficient market potential during the initial review of an invention, a Patent Foundation attorney will file a provisional patent application as an initial step to protect the technology.
The Patent Foundation licenses various works of authorship, the most common form being computer software. In recent years, copyright protection and licensing have become an increasingly important part of academic technology transfer.
Research tools are generally marketed as tangible research property without any formal patent protection. Although the market size of individual reagents may be limited, the Patent Foundation values making such materials available to the research community.
The Patent Foundation actively supports and encourages the formation of new faculty ventures. Part of this philosophy includes a willingness to provide faculty start-up companies with licensing preference over larger established companies.
Prior to contacting companies, the licensing professional assigned to the invention performs a market analysis on the technology.
Marketing is the rate-limiting step in the technology transfer process. Attention to detail and adherence to a well-planned marketing approach are the keys to success.
The Patent Foundation recognizes that many unlicensed inventions may possess commercial value in the future and works to rapidly determine which inventions should be considered as candidates for further investment.
In light of the large short-term costs associated with protecting an unlicensed invention, the Patent Foundation undergoes an objective evaluation process to select candidates for conversion to a regular patent application among its unlicensed inventions.
Term sheets define the financial structure of the deal, including the royalty rate and milestone fees. It is usually more efficient to negotiate these business terms first and then to record them in a term sheet before tackling the contract language, as is done in license negotiation.
When discussing an invention with a prospective licensee, the Patent Foundation may have the opportunity to "set the hook" with an Option Agreement, which induces the company to make a financial commitment to the invention, thereby increasing the likelihood that a license will result.
Licensing is the culmination of the licensing professional's dedicated marketing efforts. The license agreement that results is the tangible expression of the relationship forged between licensor and licensee.
The Patent Foundation takes great care when monitoring its license agreements, which can be a formidable task.