Finding an external partner who is interested in your technology is key to sourcing a potential deal. The Monash Innovation team will use multiple routes to help try and find partners interested in technologies in the portfolio.
Ultimately the most effective marketer of the technology is the inventor who understands it inside and out, and we encourage inventors to get involved in finding and sourcing potential collaborators.
In addition, we will work with the Creators of the IP to connect to their existing relationships and collaborators as potential license partners.
Finding a licensee and executing a licence can take a long time. There is always a time pressure once a provisional patent is filed as the costs and decision making of patent prosecution are best made by a commercial partner as a licensee.
You can help the Monash Innovation team in sourcing licensees by looking into the marketing and using your network to approach contacts, but also by being responsive and attending meetings with interested companies as well as assisting in drafting marketing materials
Typically the levels of development and investment needed to take a technology to market mean that licensees want exclusive access to a technology, however it may be in some cases that non-exclusive (and therefore the opportunity to have multiple licensees) is the preferred route forward.
You will have input in the terms of the licence agreement and the team is always happy to discuss and take your views on board, but the responsibility for this agreement rests with the Monash Innovation team to negotiate with external partners.
A licence is a permission that the owner or controller of intellectual property (ie. Monash University) grants to another party, usually under a Licence Agreement.
Societal benefit through impact - technologies that are commercialised raise revenues, create jobs and have positive societal impact.
Recognition and profile - through the positive impact created, successful commercialisation means that there is significant uplift in profile and recognition for inventors and innovators. This can also be tied to academic promotion at Monash University.
Financial returns - by generating impact through commercialisation there is the possibility of financial returns. These do not drive the mission of the University or Monash Innovation but do come as a benefit to the Creators, Faculty and University as a result of successful commercialisation.
Many licensees require the active assistance of the Creator to facilitate their commercialisation efforts, at least in the early stages of development. This can range from infrequent, informal contacts, to a more formal consulting or collaborative research relationship.
If the licensee is a new company (spinout or startup), it can require substantially more time, depending on your role in or with the company, and your continuing role within the University. Your participation with a spinout or startup is governed by University conflict of interest policies.
Monash Research Impact Fund (MRIF) is a proof of concept fund - it exists to help further technology towards a commercial outcome. It therefore has a different focus to traditional research grant funding. To apply for this funding a technology needs to be in the Monash Innovation portfolio, therefore you should speak with a member of the team about whether your technology might qualify.
Medical Research Future Fund (MRFF) - MRFF applications are for large scale medical research programmes - please talk to your faculty BD and Monash Innovation before starting any MRFF application