Rutgers University has entered an Agreement with Intellectual Ventures

Rutgers University has entered an agreement with Intellectual Ventures, a business development and investment firm based in Bellevue, Washington, to create the Rutgers IP Development Fund. The agreement provides funding to faculty, based on a competitive application process, and provides for a dedicated person to manage the process. It also applies for financial incentives and other initiatives designed to encourage the submission and development of new ideas. The deal makes it possible for researchers to develop and patent inventions and share in profits if that invention is commercialized. Michael Pazzani, vice president of research and graduate and professional education at Rutgers, called the deal “an additional way to get early-stage technologies to the market.” He expects the arrangement to more quickly match technologies with potential commercialization partners. “The faculty will also learn about market needs and have the opportunity to create solutions to ongoing problems through their research,” he said. The commercialization program is similar to one that has been in place at Princeton University for much of the past decade. Several area businesses, such as Universal Display Corp., a Ewing-based developer of OLED technology, and Liquid Light, which is working on the conversion of carbon dioxide to fuels, have been born from Princeton’s program. Rutgers, the State University of New Jersey, Old Queens Building, 83 Somerset Street, New Brunswick 08901; 732-932-1766. Richard L. McCormick, president. http://www.rutgers.edu.

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Author:NJ Tech Council

The New Jersey Tech Council helps companies grow and supports the tech, innovation and entrepreneurial ecosystems in the state and region.

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