Regents approve OTC policy change

The 15 percent fee would be used to pay for lawyers and other costs associated with licensing a technology.

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The University Of Minnesota Board Of Regents Thursday unanimously approved a 15 percent service fee for technologies licensed through the Office of Technology Commercialization.

Originally, these costs were paid for out of the University’s slice – a third – of the spinoff’s profits. Now, the attorney fees, patent fees and other miscellaneous fees will come out of profits before they are divided among the University, the department at the college where the research originated and the researcher, said John Merritt, vice president for research for the University.

The change in policy would align the University with peer institutions across the country, said Tim Mulcahy, vice president of OTC.

âÄúI think what it will allow us to do is to maintain a robust process and office that will be able to enhance our probability of success and allow us to fund more protection for technologies,âÄù Mulcahy said. OTC has been consulting with faculty and reacting to feedback to this policy change for over a year. Last month, it was presented in its entirety to the board.