PartnerSMART streamlines the licensing process for industry-sponsored research at VCU—it removes uncertainty and financial concerns for companies in the marketplace by providing pre-paid licensing options. Below are the different options within PartnerSMART.
Please note: Both the primary investigator (PI) and the sponsor must opt-in to the PartnerSMART program for the pre-paid options to be available.
Pre-paid non-exclusive license
- Fully paid-up, non-exclusive, royalty free, worldwide license to all inventions arising from the research project for any purpose (without right to sublicense).
- Cost: Pre-pay 5% percent of the total project cost or $10,000, whichever is greater. All costs related to patent filing and maintenance are shared by sponsor and any other licensees.
- No diligence terms
- No royalties, annual minimums or other technology commercialization fees
- May not be sublicensed or cross licensed
- Option to negotiate an exclusive royalty-bearing license (6 months)
Pre-paid exclusive license
- Exclusive, worldwide license to all inventions arising from the research project for any purpose with the right to sublicense.
- Cost: Pre-pay 10% percent of the total project cost or $15,000, whichever is greater. 1% royalty on net sales exceeding total of $20 million. Sponsor pays all costs related to patent filing and maintenance.
- Includes the right to sublicense or cross license
- No cap on royalties unless the invention improves on pre-existing product/processes (cap of $5 million royalties paid)
- No annual minimums or other technology commercialization fees
- No time limits or milestones
Traditional arrangement (default)
- Sponsor receives the right to negotiate a commercial license to project's intellectual property on commercially reasonable terms after the final project report is completed/intellectual property has been created. Non-exclusive royalty-free for internal research purposes.
- No pre-paid fees. Licensing terms are negotiated after the intellectual property has been created. Sponsor pays all costs related to patent filing and maintenance
- Option to negotiate a license (6 months from Project final report completion/intellectual property creation)
- Sponsor and University negotiate a license once the intellectual property is developed
- No pre-negotiated license terms