Babcock University (BU) has developed an intellectual property policy that spells out a reward system for inventors.
Babcock University would own the intellectual property created by any person hired or commissioned for that purpose, the ownership of intellectual property rights that is derived from collaborative research between Babcock University and any other organization would be governed by the agreement between Babcock and such organization or organisations.
“Where there is no written agreement between BU and a grantor or funding agency or where the agreement fails to address the issue of who owns the attendant IP rights, the rights in the result of such research would be vested in the university,” she said.
On other hand, Babcock University would provide financial and moral support that enhances effective administration of intellectual property, while taking steps legally to protect university generated intellectual property against unauthorized use and for the benefit of the institution and creator of IP.
The university would also promote commercialization of intellectual property generated in the University as well as provide necessary linkage of researchers with sponsors and/or external partners among other obligations.
On the distribution of Income derived from commercialization of IP, she said 100% of the revenue generated would go to Babcock University until all out of pocket expenses associated with the legal protection, exploitation of the patent or copyright had been reimbursed, thereafter the net income is shared as follows: 30% to the inventor/author; 35% shall be allocated to Babcock University; 10% to the School of the inventor/author; 10% to RIIC for use in research work and 15% to the department of the inventor/author.
Director, Research, Innovation and International Cooperation, Professor Grace Tayo disclosed this while speaking on “RIIC: The Journey So Far” at the just concluded 2017 colloquium
She explained that the objective of the policy, among others, would encourage innovation as well as provide a framework within which the intellectual property generated by the university would be managed and utilized for the benefit of the creator, the university and the society at large.
Intellectual property (IP) refers to creations of the mind that include inventions, literary and artistic works, and symbols, names, images, and designs used in commerce. The innovations and creative expressions of indigenous and local communities are also IP.