Making money out of research
Knowledge transfer has now entered common parlance to describe the interaction between industry and universities. Knowledge transfer frequently involves exchange of money. It consists of many different activities which include teaching, consultancy, licensing patents, and spinning out companies. Many academics provide consultancy to industry and this has the attractive benefits of bringing money to the individual and bringing industry to the university. Consultancy is usually done by academics because it improves their standing in the field as well as increasing the money in their pockets. Fundamental to making serious money out of research is the requirement to protect your intellectual property. This is usually done through filing patents. Once a patent has been filed negotiating with potential partner usually follows. Universities generally either licence a patent to industry or establish a university spin-out company. In my presentation I will address the above aspects of making money out of research.