After deciding to commercialize an invention, inventors and Technology Transfer Managers will work together toward getting the technology licensed to existing companies or creating a McGill spin-off.
If a technology is licensed, 60% of the licensing revenue is awarded to the inventor(s) and 40% to the University, after its third-party costs (primarily patent costs) are deducted.
The Office of Innovation can help inventors further their inventions by seeking development partners; it also has access to GAP funding through three programs: NSERC's I2I , CIHR's POP, and the MDEIE's PSVT. This gap funding will be used for valorization of the invention through additional development activities with the objective to bring the technology closer to a marketable stage. These will make the invention of significant interest to a licensee or to a start-up company but require the input and collaboration of the inventors to ensure a successful outcome.
Steps for licensing an invention
Generally, the process for successfully licensing an invention is as follows:
- Developing appropriate marketing materials.
- Identifying and targeting suitable potential recipients for the technology.
- Contacting and meeting with interested parties.
- Negotiating an option or a licensing agreement.
- Carrying an agreement through.
Please note that due to the early stage of most university inventions, the licensing process can often take several years before the invention is applied commercially, and that additional development work is often needed to validate inventions.