One of the many reasons Innovocracy.org partners with Universities is the complex nature of dealing with money in a campus environment. Inventive academic Innovators who need funding to develop a product (often not covered by conventional research grant programs) don’t have all the same options as an inventor working in the private sector. Why is this? Because many of the resources you use were paid for and targeted for research use by grants and other programs unique to university research. They are likely to contain restrictions on how they may be used. Even a student project is often made possible by the environment and resources you can uniquely access on your campus.
In addition to concerns about your legal rights to use university resources, there are intellectual property issues, usually covered by research agreements with the university. (See Innovocracy Director Alex Zapsochny’s recent blog post in intellectual property and Innovocracy) So if you privately go out to an outside funding source, even an innovative one like Kickstarter or Petridish, you may run into issues with your rights regarding the usage of those funds.
A Platform for Collaboration Between the University and the Innovator
Innovocracy has agreements with member universities to help Innovators deal with these restrictions, stay within the rules and stay focused on inventing world-changing innovations. These agreements provide an infrastructure that protects all parties while ensuring that the majority of the funds donated by supporters actually get used for innovation. It’s a groundbreaking process made possible by the unique nature of the Innovocracy platform and the cooperation of the member universities that make up our growing network of innovation in higher education.