Atlanta, Georgia – The Georgia Tech Research Corporation (GTRC) has developed the GT:IPS license to help encourage entrepreneurship among Georgia Tech faculty, staff and students. The GT:IPS license offers the same terms to all Georgia Tech startups in the same field and provides the startup with transparency into GTRC’s processes.
From the outset, GTRC was committed to developing a license that would be accepted by the Georgia Tech community, be used without reservation by attorneys representing Georgia Tech startups, and be accepted by a large spectrum of investors and future business partners of our licensees. With that goal in mind, the Office of Technology Licensing engaged multiple law firms specializing in new venture formation and financing. Through an iterative process, the GTRC GT:IPS license was finalized.
The GT:IPS license is only available to Georgia Tech faculty, staff and students and is completely optional. For those electing GT:IPS, founders must complete GT:IPS Facilitation within six months – a collaborative effort among (IC)3, the Enterprise Innovation Institute, the Conflict of Interest Management Office, and others on campus. During GT:IPS facilitation, Georgia Tech entrepreneurs will not only be immersed in curriculum normally offered by the Advanced Technology Development Center, but will also have an opportunity to work one-on-one with internal and external experts on matters specific to entrepreneurs within an academic environment.
For those companies completing GT:IPS Facilitation, they will benefit from a GT:IPS license that represent the best commercially reasonable terms GTRC can provide.
The idea for the linkage between a streamlined licensing process and a formalized facilitation program grew out of a committee formed by Dr. Stephen Cross, Executive Vice President for Research and is consistent with several of the recommendations made recently by the National Research Council of the National Academies in its publication Managing University Intellectual Property in the Public Interest.
The emphasis of this program is on creating impactful companies in the state of Georgia and to help position Georgia Tech as the “innovation institute.”