Universities Patenting More Student Ideas 383
theodp writes "Working as a NASA intern, grad student Erez Lieberman had a eureka moment, resulting in an algorithm that detects whether a person is standing correctly or is off balance. Unfortunately, MIT liked it so much they decided to patent it. Seeking permission to use his own idea for his iShoe startup, which develops products like insoles to address the problems of seniors, Lieberman was told no problem — as long as he promised a hefty royalty and forked over a $75,000 upfront payment. Whether or not students are aware of it, the NYTimes reports that most universities own inventions created by students that were developed using a 'significant' amount of schools resources. Colleges and universities once obtained fewer than 250 patents a year, but that was before the Bayh-Dole Act gave them ownership of inventions developed through federally financed research. Now they acquire about 3,000 a year, and in 2006 licensing fees and equity in spinoff companies totaled at least $45B — research powerhouses like Stanford and NYU pocketed $61M and $157M, respectively."
Re:Non-profit? (Score:1, Funny)
You anti-Semitic bastard.
Re:Non-profit? (Score:3, Funny)
Dude, you never go full retard.
Animal House 2009 (Score:4, Funny)
"Whaddya mean they patented our Toga Party concept?"
Re:Non-profit? (Score:3, Funny)
Re:Australian Universities (Score:5, Funny)
Holy shit! Australia isn't batshit insane for once. I guess Howard never got around to the universities.
Re:Non-profit? (Score:1, Funny)
Some might say you have too much to do?
Take a break, have a Kit Kat.
Re:Unsteady ground. Literally. (Score:2, Funny)
Re:Non-profit? (Score:5, Funny)
I misread the title as: "Universities Pirating More Student Ideas".
After reading the blurb, I believe that I didn't misread the title after all.