A bill in the State legislature that would promote business ventures locally with ideas developed at the University of Illinois is making it way out of committee. From the News-Gazette today:
State Senate panel advances Rose's bill to let UI take researchers' work to marketFull article here.
Legislation that would allow the University of Illinois to form limited liability companies with the inventions or technologies of researchers or faculty members has been approved by an Illinois Senate committee.
The Senate Higher Education Committee voted 10-0 this week in favor of legislation (SB 3568) proposed by Sen. Chapin Rose, R-Mahomet. Rose said the measure would give more flexibility to people affiliated with the university who develop new intellectual property.
“The nice thing about this is that it gives a lot of flexibility to individual researchers at the university and professors at the university because a lot of what already exists — for example, the Illinois Ventures — maybe there are other things out there that aren’t on the scale of an Illinois Ventures but they could go ahead and license that technology,” Rose told committee members. “It’s just another tool in the toolbox for our researchers and professors to take their ideas and their creativity to market.”
The UI would have to have a majority ownership interest in any company formed under the legislation, he said.
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