In March 2014, Penn State became the first university to hold its own IP auction without the assistance of a broker by launching its Intellectual Property Auction Website — to much muttering among bloggers, business analysts and tech transfer leaders.
Historically, the university has achieved higher than average licensing figures using traditional approaches, so why would PSU take such an unusual approach? The reason is simple: leaders at the OTM sought to not only boost licensing but also determine which assets to put on the shelf — and it worked!
This auction approach not only generated a small number of license deals and leads, it also created greater awareness of PSU’s research efforts and resulted in over $300,000 in savings on patent maintenance fees. The success of the project prompted the team to launch another auction in December 2014 with similar results.
Should you adapt the auction approach for your TTO – and if so, how can you do it most effectively?
During this forward-thinking webinar Ron Huss, Director of Penn State’s Office of Technology Management, will discuss PSU’s experience and you can decide for yourself.
Mr. Huss will discuss:
- Why PSU decided to independently auction their patents
- Tips for analyzing your portfolio for “auctionable” patents and patent bundles
- How the auctions ultimately saved PSU over $700,000!
- Analysis of March and December auction results
- Challenges and opportunities related to:
- Overhead costs
- Return on investment concerns
- Finding the right person to lead the charge
- Developing the auction platform
- Understanding how licensees perceive auctions
- Gaining faculty and university leadership input and buy-in
- And more…
PLUS: Get your questions answered in the live Q&A portion of the program
Meet your faculty:
Ronald J. Huss
Dr. Huss received his B.A. in biochemistry from the University of Wisconsin-Madison and his Ph.D. in biochemistry from the University of Illinois, Urbana-Champaign. He worked in the biotechnology industry for over 12 years as a research scientist, group leader, project manager, director of research and director of business development. He joined Penn State as Associate Director of the Intellectual Property Office (now the Office of Technology Management “OTM”) in 1996. He currently serves as Associate Vice President for Research and Technology Transfer and Director of the Office of Technology Management. The OTM is responsible for the management, patenting, marketing and licensing of intellectual property for all campuses of The Pennsylvania State University.