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Why is it important for faculty to consider whether their research might result in intellectual property?

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Why is it important for faculty to consider whether their research might result in intellectual property?

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Identifying, protecting, and commercializing intellectual property serves the public good by facilitating the beneficial use of University research results. Many times, additional development work is required to bring a new discovery to a stage where it can be used by the public. Medical devices, pharmaceuticals, software, sensors, new fruit and grain varieties, and machines all require additional development, testing, manufacturing, and distribution expertise that is not available at the University, and is provided by the companies that license University technology. In addition, reporting the creation of intellectual property is required by the Bayh-Dole Act and University policy.

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