Behind the Curtain: A Glimpse into the World of Intellectual Property

Chapter 4 covers intellectual property (IP), a term often misused by academics. Academics accustomed to the free exchange of ideas and results can easily erode their ability to commercialize by failing to understand the legal environment within which protection occurs. The chapter focuses on what constitutes IP and why it is of interest, the critical criteria for obtaining IP, and the advantages and obligations IP affords in the marketplace. The patent process is outlined, with an emphasis on utility patents that dominate in academia. We describe steps in the process and associated timelines, as well as roles of the inventor, tech transfer officers, and patent attorneys. The chapter concludes with a short description of the costs associated with filing and prosecuting patent applications, as well as maintenance fees for those that issue.