Startup leaders will negotiate the licensing rights and related financial terms with the Ohio State Innovation Foundation – the Ohio State affiliate formed in 2013 to hold, manage and facilitate commercialization of the university’s intellectual property. If the startup company is expected to receive money from the university – for example, if the university might become a customer of the company – the company must register as a University Technology Commercialization Company (UTCC) to help manage any potential conflicts of interest.
Startup leaders negotiate separately with the inventor(s) for any services provided to the startup company (outside of the scope of the inventors’ employment with Ohio State). The university does not provide legal counsel to inventors outside of their role with the university. During this process, startup leaders and inventors should engage in discussions around inventor equity considerations, advisory board seats and consulting agreements.
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