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== Research ==
University scientists often share their data and materials with business partners and other researchers via material transfer and un-funded research agreements. Even more engaging our the school's industry-sponsored research. Administered by the Office for Technology Commercialization (see below), the program is called the Minnesota Innovation Partnership (MN-IP). This new, unique approach to handling intellectual property has been commended nation-wide, including in a blog post by the White House.
For existing patents, there is the ''Try & Buy'' program. This allows companies to take available technologies for a “test run” or use them fee-free (if qualified) to test the viability of the innovation for their company. Should the technology prove viable, the company pays the typical fees. The University was one of the first to prelist these royalty rates and Minnesota companies get a 1% discount.
Companies can also do ''Sponsored Research''. Firms highlight what they want studied and can then utilize University resources to conduct their research. Upfront costs are 15k or 15% of research expenditure. A 1% royalty rate is paid out for all resulting revenues.
== The Office for Technology Commercialization<br/> ==
<span style="font-size: 12px;">The Office for Technology Commercialization (OTC) was founded to get the technologies that result from this research into the hands of the public. They </span>oversee all aspects of technology commercialization at the University, bridging the gap between the lab and the marketplace to connect faculty with companies to achieve results. Each stakeholder has specific needs. To best respond to those needs, the OTC is organized into industry groups, ensuring the right knowledge and experience.
In addition to overseeing research and licensing agreements, the OTC also administers the <u>Venture Center (VC)</u>''. ''The VC works with researchers, entrepreneurs, and investors to create companies based on University research. All University-owned Intellectual Property is assessed for compelling disruptive and return potential. Those deemed to have adequate potential are moved into a pipeline. The VC has the capability to help develop a business plan, recruit management, and facilitate the formation of a new, independent company with licensing agreements. Last year alone, the U of M spun-off 15 startups, on par with Stanford & MIT.