PSU news by
Penn State's student blog

Topics

About

Penn State to Auction Intellectual Property Licenses

On March 31, Penn State will be the first university in the country to directly auction off licenses to its intellectual property — specifically, the rights to certain pieces of university research conducted by College of Engineering professors.

The licenses that will be auctioned off range in starting bid prices from $5,000 to $50,000, and all currently fall under the general engineering category. Items for the first auction include work in fuel cells, acoustics, and sensors. A full list of licenses can be found at patents.psu.edu.

“Penn State and other research universities typically have IP [intellectual property] that has been marketed by their tech transfer offices but for a variety of reasons has not been picked up by a commercial entity and therefore sits on the proverbial shelf,” said Penn State Associate Vice President for Research and Technology Transfer Ron Huss. “This auction is an effort to get our IP off of the shelf and in the hands of companies that can use the technology, at very favorable terms and price points. The buyers get the rights to use the IP, and the University gets a financial return. It’s a win-win situation.”

In other words, Penn State is trying to liquidate the patents it hasn’t been able to sell to industry via this auction.

The idea for an auction didn’t come from a desire to get the most money possible out of the license sale, but from a push to increase knowledge of university patents that can be used commercially.

“As a land-grant institution, Penn State has always strived to pursue research that has real-world impact,” said Penn State Interim Vice President for Research Neil Sharkey. “Our researchers have worked to develop IP that has the potential to add significant value to companies’ products and services, but it has no value if people are not made aware of it.”

The first round of auctions will take place from March 31 to April 11 and solely cover engineering patents, but more auctions are expected later and will include patents in the fields of biotechnology, chemistry, and information services, among others.

About the Author

Mike Reisman

is a senior Supply Chain Management major with an Economics minor (Read: Business Douche) from South Jersey. He has an intense fear of graduating so please don't bring it up. He writes about stupid things nobody cares about, and student life if the site is low on content that is clearly supposed be funny but is really very unfunny. He is lovingly (?) known around the staff as Baby Mike which may or may not be because he has a child (hint: it’s not). He’s also a second generation Penn Stater who has been wearing Penn State sweatshirts since before he was two, a habit he hasn’t grown out of. If you really hate yourself, you can follow him on twitter at @mike_reisman or email him at [email protected]

Comments

Athletics

Reports: Tony Carr To Begin Professional Career In Italy

Tony Carr might have to wait a little longer than he had hoped to make his NBA debut.

Penn State Hockey’s Aarne Talvitie Showcases At Devils Development Camp

Penn State Hoops Releases 2018-19 Non-Conference Schedule

Forward Abdou Tsimbila Commits To Penn State Hoops

Penn State Volleyball Trio Representing U.S. At Pan-American Cup

Student Life

Penn State Student Dies Of Allergic Reaction To Peanuts

Max McGlinchey had just finished his freshman year studying finance.

Freshman 101: On-Campus Life

Student Farm To Commemorate Summer Solstice With Second Annual Celebration

Plans Submitted For New KFC In State College

Developers have submitted preliminary land development plans to build a new KFC restaurant at 1780 S. Atherton St. in State College.

Indigo Closes, Future Plans For Nightclub Space Await

Indigo Nightclub announced that it would be closing following Arts Fest, but it doesn’t sound like the Hotel State College bar space would be empty for long

Playa Bowls To Open State College Location

Famous on the Jersey Shore for its brightly colored bowls and smoothies, Playa Bowls’ menu includes everything from açai and pitaya bowls to fresh juices.

Be the first to know

  • Top posts and the best Penn State stories

Thank you for subscribing.

Something went wrong.

Doggie’s Rathskeller And Garden Opens With Hopes Of Returning To Its Roots

The All-American Rathskeller is no more and Doggie’s Rathskeller and Garden is officially in business — opening with its “sneak peak” at the new bar Thursday afternoon in time for Arts Fest.

Send this to a friend