For companies interested in licensing Ohio University technology, the next step is a discussion and/or meeting with the Ohio University Technology Transfer Office (TTO) to determine the objectives and needs of each party. After submission of an appropriate business plan for the commercialization of the technology the Commercialization Manager works with the company to develop the terms of the license agreement [Word] . A successfully negotiated license agreement ensures that the technology will be diligently developed, marketed and sold.
Sometimes a company desires a period time to assess the technology and its potential commercial value. In this case, an option agreement [Word] is appropriate.
A license is an agreement in which OHIO grants the company the right to use an intellectual property asset owned by OHIO under defined conditions.