Finally joining the bandwagon, IITs across the country that have 850+ patents to their name have decided to tie up with investors for their inventions, reports Business Standard.
As is well known, these institutes have over decades produced the finest individuals who have led from the front in their own fields (including our very own recent IP authority Sai 🙂 ) and often indulge in research. But as the article in BS states, “Indian universities still lack the capability to raise funds for innovation. A majority of large universities globally have a Technology Licensing Officer who works towards raising commercial investment in the development of innovation.” Recognizing the need to incentivise research, these institutes are now considering offers from companies such as UK’s Imperial Innovation and American based Intellectual Ventures to help market and license their patents.
While IIT Bombay and Delhi have already entered into such agreements, several other IITs have received and are already in talks recognizing the amazing potential such associations. Apart from the above mentioned licensing of patents and the facilitating the filing of patents, this new initiative will also encourage the IITs to undertake open inventions i.e. research and innovation in knowledge gap areas.
It is also reported that an immediate result of this new alliance is that the number of patent disclosures has radically increased. As reported by BS, the disclosures from IIT Bombay has significantly doubled with higher rates in the offing predicted.
Basic research by this blogger online has shown that similar initiatives have been encouraged and undertaken across the world in the West, and even developing countries such as
Perhaps with this beginning, there is an incentive for the finest faculty and students in the country to undertake further research and gain the much needed IP protection because of a well deserved investment.
