PartnerSMART

PartnerSMART streamlines the licensing process for industry-sponsored research at VCU—it removes uncertainty and financial concerns for companies in the marketplace by providing pre-paid licensing options. Below are the different options within PartnerSMART. 

Please note: Both the primary investigator (PI) and the sponsor must opt-in to the PartnerSMART program for the pre-paid options to be available.

Pre-paid non-exclusive license

  • Fully paid-up, non-exclusive, royalty free, worldwide license to all inventions arising from the research project for any purpose (without right to sublicense).
  • Cost: Pre-pay 5% percent of the total project cost or $10,000, whichever is greater. All costs related to patent filing and maintenance are shared by sponsor and any other licensees.
  • Details:
    • No diligence terms
    • No royalties, annual minimums or other technology commercialization fees
    • May not be sublicensed or cross licensed
    • Option to negotiate an exclusive royalty-bearing license (6 months)

Pre-paid exclusive license

  • Exclusive, worldwide license to all inventions arising from the research project for any purpose with the right to sublicense.
  • Cost: Pre-pay 10% percent of the total project cost or $15,000, whichever is greater. 1% royalty on net sales exceeding total of $20 million. Sponsor pays all costs related to patent filing and maintenance.
  • Details:
    • Includes the right to sublicense or cross license
    • No cap on royalties unless the invention improves on pre-existing product/processes (cap of $5 million royalties paid)
    • No annual minimums or other technology commercialization fees
    • No time limits or milestones

Traditional arrangement (default)

  • Sponsor receives the right to negotiate a commercial license to project's intellectual property on commercially reasonable terms after the final project report is completed/intellectual property has been created. Non-exclusive royalty-free for internal research purposes.
  • No pre-paid fees. Licensing terms are negotiated after the intellectual property has been created. Sponsor pays all costs related to patent filing and maintenance
  • Details:
    • Option to negotiate a license (6 months from Project final report completion/intellectual property creation)
    • Sponsor and University negotiate a license once the intellectual property is developed
    • No pre-negotiated license terms