How Does Technology Transfer Work?

Faculty, post-doctoral fellows and graduate students come up with an invention.
The inventor(s) contact the Office of Corporate Engagement and Commercialization (OCEC), and OCEC works with them to understand the invention.
The inventor(s) complete an Invention Disclosure Form and Invention Abstract.
A patent board, comprised of faculty, inventors, technology transfer experts and legal advisors, determines the inventions in which the university will invest. (It can cost $5,000-$10,000 to file a patent application, most of which are legal expenses.)
OCEC conducts research to see if any similar inventions have been patented and how the technology may potentially fit into the marketplace.
OCEC conducts market research and obtains leads from inventors about companies that may be interested in the technology. It then contacts them to discuss a collaboration.
This often results in a licensing agreement, which allows a company to use the university's intellectual property. The company, in return, pays royalties to the university. Royalties are used to cover expenses, reward inventors and invest in further research.