Via News Release
“The University of Minnesota has announced a new, unique approach to the way it handles intellectual property arising from research projects funded by business and industry partners. The new approach eliminates the need for protracted negotiations over rights to intellectual property that may result from industry-funded research.
Dubbed “Minnesota Innovation Partnerships,” or MN-IP, the new approach is part of the university’s ongoing efforts to work more effectively with the business community. With MN-IP, a company sponsoring research at the university will be able to pre-pay a fee and receive an exclusive worldwide license with royalties taking effect only in cases of significant commercial success (details below). MN-IP offers the added advantage of removing the uncertainty and financial concerns that often surround industry-funded research projects.”