A New Venture – Innovation Island

In addition to everything else on my plate, I’ve been in stealth mode for the past few months with a concept called Innovation Island.

Universities patent technologies all the time arising from their research activities. Technology Transfer Offices help to spin out campus companies based on these technologies and/or license the technology out to third parties.

Inevitably, more patents come in to the system than can be spun or licensed out the other end. Many of the patents that miss the cut in their first year never make it at all because newer patents come along and continue to displace them. There’s nothing ‘wrong’ with the patents that don’t make it but there could be factors that make them more difficult to commercialise such as: an unwillingness of the inventor to become an entrepreneur in a campus company; or a lack of understanding of the applicable markets on behalf of the University. So these patents moulder in drawers until they expire and all the public money used to carry out the research and register the patent goes to waste (I’m simplifying here).

Innovation Island aims to stop this waste of public funds and to create jobs and generate economic activity by getting these technologies licensed out.

We are currently in private alpha but intend shortly to announce our first wave of patents available to license from an Irish University and hope to sign up others shortly.

We will have assessed the Commercialisation potential of the patented technologies on offer and ensured that they are ready to be licenced out.

We will then match the technologies to suitably qualified individuals or companies and will give them an exclusive, non-commercial Exploratory licence for a nominal sum so that they can determine how best to commercialise the patented technology.

The patent owner will provide information and support during the Exploratory licence and Innovation Island will provide access to other services and service providers including funding, mentoring, non-executives, consultants, lawyers and accountants.

At the end of the Exploratory licence period, a Commercial Licence can be negotiated with the patent owner.

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