VTIP (www.vtip.org) is the not-for-profit organization that pursues patents and markets Virginia Tech discoveries. "The patents awarded to Virginia Tech faculty members, students, and staff represent a significant resource for economic development," said Mike Martin, VTIP executive vice president.
Patents were awarded in 2004 for technologies to increase the efficiency of the next generation of microprocessors, speed and protect the nation's power grid, protect and enhance human and animals health, and improve communication and education.
Intellectual Property Development
Out of 20 patents, seven went to faculty members and students in the Center for Power Electronic Systems (CPES, www.cpes.vt.edu). Another seven were for discoveries that will protect us from disease or enhance treatments.
"CPES' success is not because we are more creative than others at Virginia Tech," said CPES Director Fred Lee, professor of electrical and computer engineering. "In cooperation with VTIP, we established a new mechanism to capture intellectual properties," Lee said. Four of the CPES patents were licensed to the Intellectual Property Protection Fund (IPPF), created by members of the CPES industry consortium who paid fees to cover the cost of the patenting process. In return, they are given royalty-free access for two years to the intellectual property.
The arrangement is unorthodox on many fronts, Lee said. "The industries had to be convinced that sharing access to i
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Contact: Susan Trulove
STrulove@vt.edu
540-231-5646
Virginia Tech
25-Feb-2005