Intellectual Ventures will pay licensing fees and bear patenting costs for the innovations at IITB.
Professor Devang Khakhar, director, IITB, said, “Given our team of leading professors and students, we hope to generate some ground-breaking inventions and see them commercialized on a global scale.”
“By accessing its global network of world leading companies, universities and research institutes, Intellectual Ventures can help bring unique problems needing solutions to IITB. We take a long-term view of technology and are searching for solutions that will be useful five or 10 years in the future. Our goal is to find excellent collaborators to help us develop the best solutions for the global marketplace of the near future,” said Ashok Misra, chairman, Intellectual Ventures India and former director of IITB.
Intellectual Ventures expanded its operations in India in 2008 in order to work on the development of new inventions directly with leading Indian inventors and institutions across the country. With collaborations with over 500 inventors around the world, Intellectual Ventures files over thousands of patent applications a year in more than 30 technology areas including nanotechnology, biomedical devices, software and consumer electronics.
Krithi Ramamritham, professor, IITB said, “The collaboration is bound to ease the process of patenting and commercialization and hence encourage innovation. On an average, every week, there is one patent application in IITB. After the collaboration, the rate is likely to multiply several times.”