Choosing Personal Ownership
When you choose personal ownership, you are responsible for protecting your invention and all commercialization activity. This means you make all decisions on our own, pay all patent and legal fees, develop your own commercialization and marketing plans, and use your own funding connections. You are also responsible for all deal making and license negotiations, including all follow-up to ensure that contractual obligations are met and payments are made. You are on your own.
However, you still retain certain obligations to the University, especially the need to obtain the University’s written legal consent to any license or further assignment. You will also be obligated to submit annual reports on any commercialization or patenting activities for the life of the patents and/or royalty stream to the inventors.
