Paper number 798

MARKETING OF ADVANCED MATERIALS INTELLECTUAL PROPERTY

Michael J. Martin

Executive Vice President, Virginia Tech Intellectual Properties
1900 Kraft Drive, Blacksburg, VA 24060

Summary

The annual licensing survey for FY 1996 released by the Association of University Technology Managers (AUTM) confirmed that the transfer of research conducted at academic research institutions to companies plays a vital role in the U.S. economy. AUTM estimates that sales of products developed from inventions made in the course of academic research and licensed to industry amounted to $20.6 billion in 1996. The volume of technology transfer activity demonstrates that industry not only needs the creativity and innovation of academic research, but also values the active participation in the process of building partnerships. The Bayh-Dole Act of 1980 (U.S. Public Law 96-517) requires US university technology transfer offices to market the inventions universities create using federal research funds. The experience at U.S. universities is that marketing ranges from mailing a list of disclosures to participating in trade shows to web pages to reacting to leads provided by faculty. The experience at Virginia Tech Intellectual Properties, Inc. (VTIP) is that valuation, identification of prospective licensees, negotiating terms, and contract language is different for advanced materials than for inventions based on life science. This paper will explore these differences and give examples of successful programs.

Keywords

technology transfer, intellectual property, licensing, valuation of Intellectual Property, Association of University Technology Managers, faculty spin-offs, venture capital, marketing, economic development.