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Tech Transfer

18 October 2017

PCI unveils better deal for inventors

University of Pennsylvania inventors will now be paid their cut of licensing fees faster while also benefiting from a reduced initial deduction.

Author: Callum Cyrus, reporter

University of Pennsylvania’s tech transfer office, Penn Centre for Innovation (PCI), unveiled an updated licence payment policy yesterday to ensure university inventors are better incentivised.

PCI decided to slash the amount that the university initially deducts from collected licensing fees to 10% from 14.5% to reflect the increased revenues being generated from University of Pennsylvania research.

The TTO will also process the inventor’s share of licensing fees on a quarterly basis rather than an annual one, so long as the amount due is over $5,000. The portion due to the inventor’s research activity will also be calculated quarterly, though the institution’s share will still be paid year-by-year.

The changes are applicable from the first quarter of the university’s current fiscal year, which started in July 2017.

University of Pennsylvania ranked fourth in UK-based news agency Reuters’ list of the world’s most innovative institutions earlier this month, four places higher than in 2016.

Dawn Bonnell, vice provost for research at University of Pennsylvania, said: “The University periodically revises and updates its policies and procedures regarding patents and tangible research property, to help ensure that such policies and procedures keep pace with best practices and national trends in this highly significant area.”

 

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