"If you have a dream, it's better to try and start a company and fail than to not try at all," said Whoola's founder Iyer, who is currently working with venture capitalists to hire a seasoned management team to help oversee his company's growth. Iyer appreciates the university's efforts to incubate start-up companies. "Some of the greatest companies got started in a garage," Iyer said. "This university is providing a five-star garage," he added, referring to the TCL, "so anybody who does not think the U of I is doing enough should maybe not be an entrepreneur."
MRM's Peck believes the timing is right for more entrepreneurs to enter the arena. "Students interested in pursuing this kind of a route are going to see tremendous resources begin to come into place over the next few years both on and off campus," predicted Peck.
Leung Fund Overview
ECE Students, individually or in teams of up to 4 students, at least one being in ECE, may apply for funds up to a maximum of $2,000 for use in accomplishing projects beyond normal classroom activities.
Advanced E-Team Grants
Grants range from $1,000 to $20,000 and may be used for further development and plans for commercialization of their ideas. Funding can be used for project expenses, legal fees, or student internships. These grants will be renewable for up to three years in declining amounts.
As the consulting arm of the Illinois MBA program, OSBI finds solutions for companies as big Procter & Gamble or as small as technology startups here at the University of Illinois. OSBI conducts 30-40 projects at one time. Clients include General Electric, Dow AgroSciences, Lucent Technologies, Mayo Medical Ventures, and many technology start-ups and commercialization efforts.
If you have an interest in developing your projects further, please use their Contact page to request further information.
In the Intellectual Property world, there are four distinct types of safeguards for your ideas: Patents, Copyrights, Trade Secrets, and Trademarks.
- PATENTS: A patent is a license by the government that permits its owner to exclude members of the public from making, using, or selling the claimed invention.
Important things to remember about patents:
- To receive a patent, the invention must be useful, novel, and unobvious.
- Disclosure: When an invention is publicly disclosed, inventors have one year to file a patent. Public disclosure means that the invention was seen in a public setting or similarly accessible to the public.
- Cost: A patent application process will cost anywhere from $2000 - $10,000, and protection lasts from 14 to 20 years.
- Laboratory notebooks are VERY important.
- A provisional patent application (PPA) is a low-cost way of delaying the filing of a full patent application for one year. The filing fee is $75 - $150.
- Priority goes to the first to invent, not the first to file.
Disclaimer: This presentation does not constitute legal advice. This presentation does not create and attorney-client relationship. This presentation was accurate as of the date it was originally given, but may become inaccurate due to changes in the underlying legal framework.
- COPYRIGHTS: A copyright covers only the expression of a work and does not do anything to stop people from approaching clever ideas that happened to be embodied in that work. A Copyright extends to software?no one can copy it. No registration is mandatory, though registration could make for stronger claims later in case of infringement. Competitors could still look at software and come close to it without actually copying it. However, with a patent on the full invention, including the software, competitors are forbidden to design something like it.
- TRADE SECRETS: A trade secret is a duty to keep an invention secret, thus protecting it until a patent is issued or an invention is publicly disclosed. It is possible that this protection can be lost if secrets are not protected.
- TRADEMARKS: A trademark is either a word, phrase, symbol, or design that identifies and distinguishes the source of the goods or services of one party from those of others.
Invention or Software Copyright Disclosures
Here are instructions for dealing with invention disclosures or software copyright disclosures, should the need arise:
- Go to the OTM (Office of Technology Management) Web site: http://www.otm.illinois.edu/
- Under FORMS, there is the (1) Invention Disclosure Form and (2) Copyright Disclosure Form for Software/Multimedia Works. Complete and submit -- through the ECE Department -- the applicable Disclosure Form.
- The Invention Disclosure Form, under Section 14, contains the following statement:
I (We) hereby agree to assign all right, title and interest to this invention to the UI and agree to execute all documents as requested, assigning to UI our rights in any patent application filed on this invention and to cooperate with the RTMO in the protection of this invention. UI will share any royalty income derived from the invention with the inventor(s) according to the General Rules, Article III, Section 8.
Cross out/strike that paragraph -- and write in something like SEE ATTACHED LETTER -- and then add a letter that explains what you want from the University and why, giving as much detail as necessary for the OTM to check out the situation fully (i.e., that is not already covered by answering the questions in the Disclosure Form).
- After completing the Form, send it to the ECE Assistant to the Department Head in the Business Office (145 Everitt Lab). The form will be forwarded to OTM with a cover letter. OTM will then assign the Disclosure to a Tech Manager who will follow up as needed and coordinate a response to the students involved.