Why would a UAMS team member choose to participate in the technology transfer process?
- All intellectual property developed at UAMS is owned by UAMS. Any UAMS employee or team member who wishes to commercialize their intellectual property is obligated to disclose their invention to BioVentures, per University mandate.
- Protecting intellectual property gives an invention the best chance to be commercialized and make an impact. Without intellectual property protection, most companies will not work to bring a product to market so if can improve lives.
- Inventors are able to benefit financially if their inventions are commercialized. If UAMS makes a profit on your intellectual property, part of the profits are given to the inventors.
- Inventors are not responsible for the costs of patents and/or copyright. Protecting intellectual property can be extremely expensive. BioVentures fully covers the costs.
- Protecting intellectual property by securing patents, trademarks, or copyrights for their inventions. This can help prevent others from copying or using the technology without permission and can provide legal recourse if infringement occurs.
- Enhancing their reputation and visibility as a researcher or innovator. Participating in technology transfer can help promote the inventor’s work and accomplishments, and can provide opportunities for recognition and career advancement.
- Fulfilling the mission of the university, research foundation, or business that supported their research. This institution has a mandate to promote the transfer of knowledge and discoveries to the public, and participating in technology transfer can help fulfill this goal.
- Broadening the reach of the inventor’s discoveries. By working hand in hand with BioVentures and actively seeking out potential licensees, inventors can maximize the opportunities for their technology to make a significant impact in the market and ultimately benefit patients and society as a whole.
What steps do I need to take to work with BioVentures?
The process of patenting a technology typically involves several steps to ensure the invention is protected and meets the necessary legal requirements. Here’s an overview of the typical steps involved:
- Invention disclosure: As an inventor, you will fill out the invention disclosure form provided by BioVentures. This form captures essential information about your technology, including its description, potential applications, and any supporting data or prototypes. The disclosure form is submitted through the BioVentures website (BioVentures.tech).
- Review and evaluation: The BioVentures team will review the invention disclosure to assess its commercial potential and intellectual property aspects. They will evaluate factors such as novelty, market need, potential competitors, and patentability considerations. If the invention demonstrates promise, it proceeds to the next steps.
- Presentation preparation: If your invention is accepted for further consideration, you may be asked to create a PowerPoint presentation. BioVentures may provide a template for consistency. The presentation typically lasts around 10 minutes and aims to highlight the key aspects and potential value of your technology.
- Patent and Copyright committee presentation: The PowerPoint presentation is delivered to the Patent and Copyright committee, which comprises a panel of experts in intellectual property and related fields. The committee listens to your presentation and evaluates the merits of the invention. Based on their assessment, they make a decision on how to proceed with the patenting process.
- Patent application process: If the Patent and Copyright committee determines that your technology is suitable for patenting, the process follows the regular patent application procedure. This usually involves working with a patent attorney or agent to draft a patent application that describes the invention in detail, including its novelty, utility, and inventive steps. The application is then submitted to the appropriate patent office, typically the United States Patent and Trademark Office (USPTO) or another relevant jurisdiction.
- Patent examination and prosecution: After the patent application is filed, it undergoes examination by a patent examiner. The examiner reviews the application and conducts a search to determine the patentability of the invention. The examiner may issue office actions requesting additional information, clarifications, or amendments to the application. Your patent attorney or agent will work with you to respond to these office actions, addressing any concerns raised by the examiner.
- Patent grant or rejection: Following successful examination and resolution of any outstanding issues, the patent office will either grant a patent for your technology or reject the application. If granted, you will receive a patent certificate, which provides legal protection for your invention within the specified jurisdiction. If rejected, you may have the option to appeal the decision or make amendments to the application to address the reasons for rejection.