Penn State VP of Research Joe Foley announced that beginning this fall, the school will no longer mandate ownership of intellectual property associated with industry-funded research. This will make it much simpler for businesses to fund and help student research in science and technology, but it also takes away a big potential source of funding. Stanford, for example, made $65.5 million dollars from licensing its patents last year. [San Jose Mercury News]
Apparently Penn State, however, has found that negotiating and enforcing such license agreements creates more trouble and expense than it’s worth. Also, they think it’s more important to give students the opportunity to work with leading industry researchers than it is to make money from that research. This is an interesting approach and I think Penn State should be lauded for caring more about students than profits.
Read all about it at Keystone Edge here.