IRays Teknology Ltd. is the corporate hub for academic institutions to help students to utilize their academic training through internship, research, and eventually to get employment and create opportunities for graduates to spin off their own company. Academic institutions need to interact more with industry as well as governmental and nongovernmental organizations, in terms of consultancy, research contracts and commercialization of inventions resulting from innovations and research findings. Through such center, academic institutions will create a separate hub for commercialization of inventions by students and faculty members and thus acts as a source of alternate revenue stream. Industry and other public institutions will increasingly see such collaboration as a source of new technologies as well as expert support for their tasks of product, process and policy development.
Currently most of the academic institutions do not have intellectual property policies in place with which to safeguard their interests in managing collaborative research activities. Particularly issues are related to ownership, disclosure and the distribution of income in the event of an invention being commercialized.
IRays proposes to make guidelines on how to handle various issues related to commercial exploitation of intellectual property generated by universities and R&D institutions. The issues addressed include coverage of intellectual property policy, ownership, disclosure of inventions and licensing as well as distribution of income.
1. Goal: IRays proposes to establish Equity Innovation Fund (EIF) in the academic institutions to assist faculty innovators to promote their start-up business through equity participation and incubation. The goal is expected to create and facilitate technical job opportunities, and promoting Research & Development (R&D) for engineering students. An obvious outcome of EIF is to enhance private-public-partnership (PPP) and to make the engineering graduates compatible with national and international needs and requirements.
2. Mission: Equity Innovation Fund (EIF) is a kind of venture among the private and public universities to encourage aspiring faculty innovators with start-up equity fund and incubators to promote their business. EIF, a venture capital, will offer equity support to projects in promising and prospective technical areas.