noun: intangible rights protecting the products of human intelligence and creation, such as copyrightable works, patented inventions, trademarks, and trade secrets.
The Duty to Disclose
University policy and federal law requires that intellectual property resulting from federally funded research must be disclosed to the Office of Technology Transfer (OTT). Also, faculty, staff, and students are required to disclose all inventions owned by the university and all inventions resulting from any outside activity within the field or discipline of the inventor. Research publication is encouraged. The best practice to follow is, upon the making of an invention and prior to any publication or public disclosure, inventors should promptly and fully disclose to the OTT. For more information on university intellectual property policies:
The UCF Research Foundation (UCF RF) has the authority to receive and manage revenue from intellectual property agreements generated through the Office of Technology Transfer. As specified in the University of Central Florida’s (UCF) Collective Bargaining Agreement and UCF’s Intellectual Property policy, the inventor(s)/creator(s) of intellectual property is entitled to receive a share of revenue. Revenue received from license agreements can include license fees, royalty payments and proceeds from the sale of equity in the licensee company. Revenue received as a result of a license agreement shall be distributed in such a manner as to encourage technology development within and technology transfer from UCF. The schedule for distribution of net revenues is designed to provide personal incentives to inventors. The following Guideline addresses the process licensing revenue distribution: UCF RF Revenue Distribution Guideline.