Inventionup provides standard contracts that all parties can agree to in a quick and easy manner. This removes the unfair power dynamic between well capitalized academic institutions as well as entrepreneurs, allowing for greater transference of technology into the market. These contracts are created to be as standard as possible with key modifiers. These modifiers include:
The Duty for commercialization clause creates a key limit to the transfer: that this is a negotiation in good faith between the inventor and the entrepreneur. The item should be sold properly and make it to market within a reasonable time, and there is an attempt at commercialization.
We understand that not all inventions have commercial potential. If there is a question of the entrepreneurs ability, we often suggest taking the non exclusive route. This is to protect both the academic and the entrepreneur, to ensure there is minimal risk on both sides to fail to monetize.
As they say in the Valley–>”fail fast”. That is great. We aren’t in the business of encouraging patent trolls. That hurts humanity and prevents the inventions from making a difference in the world.
We specify standard terms in our contracts in regards to monetization and payment.
1) NET30–entrepreneurs will pay the licensing institution at Net30 when they receive payment. Institutions will provide a clear channel of communication and easy to use channel to deliver payment.
2) Entrepreneurs will keep their own books clean and allow a periodic audit by the licensing university if there are issues.
3) Entrepreneurs and Institution will use the local currency, if there are others than this shall be discussed beforehand
4) Taxes will be paid appropriately by the entrepreneur
5) No escrow for payments, they will be direct from entrepreneur to institution
These terms are standard and are meant to create simplicity and speed in the negotiation.
Entrepreneurs have many channels they can license their work out to, and the contracts allow entrepreneurs to do just that. They can sub-license it, create subcontracts, affiliate marketing licenses, and such. It’s the responsibility, ultimately, for the entrepreneur to pay the original inventor the agreed upon percentage revenue.
Inventionup seeks to create transactions that benefit both the academic institution and the entrepreneur, and arms lengths deals ensures that the entrepreneur is truly selling into the market. A key clause is that the entrepreneur will seek to truly sell the invention to a marketplace that they have “arms length” away from.