Extract

The concept of finding commercial viability in the research conducted at universities has been rapidly growing over the past three decades. An increasing number of universities are submitting patents and seeking to license many of their research discoveries. Much of this growth in the patenting and licensing activity of universities is a result of the Bayh–Dole Act, which was enacted by the US Congress and became effective on 1 July 1981. This act transferred the rights to intellectual property generated under federal grants from the funding agencies to the universities, thus enhancing the ability of universities to commercialize their research results. The dissemination of technology and research has occurred for many years in the form of publication of research results in academic journals and books. However, the practice of transferring the research into the commercial sector offers significant benefit to everyone involved. Such transfers could occur only if the intellectual property were protected and then commercialized.