In May 2019, the Lieutenant Governor challenged the Inter-University Council of Ohio (IUC) to establish a best in class process for how universities cultivate the licensing of intellectual property (IP) developed by Ohio public universities in order to strengthen Ohio’s economy, attract innovative researchers and serve as a magnet for investors and entrepreneurs. The approach included:
With this knowledge, the state’s universities aligned on the following principles that serve as a foundation for the Ohio IP Promise.
The Ohio IP Promise has unified Ohio’s public universities to provide a clear path for faculty and entrepreneurs interested in pursuing entrepreneurial and commercial ventures including:
The Ohio IP Promise helps ensure that Ohio’s public universities are competitive when it comes to the transfer of university discoveries to the commercial sector and benefits all stakeholders in the entrepreneurial ecosystem.
Ohio public universities commit to further streamlining their processes, driving transparency and speed to support commercialization of Ohio innovations. With a focus on continuous improvement, universities will develop aligned metrics, annual measurement processes and establish common reporting mechanisms.
This initiative fosters a climate where innovation thrives through partnerships among universities, researchers, entrepreneurs, investors and industry. With improved collaboration, high-impact discoveries made at Ohio universities will go to market more quickly, boosting Ohio’s economy and improving its residents’ lives with new products and services.