Mumbai: Favouring the
mechanism for a university to leverage and sell its own
intellectual property so that it can recoup the profits, Union
Minister of Human Resource Development Kapil Sibal Saturday said
academic innovations need to be brought to the market place.
Citing the case of Bayh-Dole Act of the USA which gives ownership
rights to universities and facilitates transfer of technologies
from public to private sector, Sibal said: "We are in the process
of enacting a law on the Bayh-Dole Act of USA that facilitates
publicly funded R&D (research and development) institutions in
India to licence out their IP (intellectual property)."
Sibal was speaking after he unveiled the inaugural plaque of
Indian Institute of Technology's (IIT) new Victor Menezes
Convention Centre (VMCC) here.
"We are establishing national, regional and state level
intellectual property technological management facilities to
assist our academic institution in valorisation of their outputs,"
Sibal, who is also union communications and IT minister, said
India has steadily emerged as a major research, development and
innovation centre for the world's leading telecom and Information
Technology (IT) players.
"Despite various constraints being faced like overall poor
infrastructure availability and the shortage of high-skilled work
force, it is a matter of pride for all of us that more than 600
MNCs (Multinational Corporations) have located their technical
centres in India," he said.
"At this stage, I seek to state that a strong university structure
breeds strong innovation and research ability," he added.
The newly-inaugurated convention centre at IIT will house an
auditorium with a capacity of 380, six lecture halls with a
capacity for 150 each, 10 lecture halls with a capacity for 75
each, one VIP Lounge, a conference hall, a cafeteria and pantry.
Retired senior vice chairman of Citigroup Victor Menezes, an
alumnus of IIT Bombay (BTech '70 Electrical Engineering),
contributed $3 million (Rs.13.5 crore) towards its construction
through the IITB Heritage Fund (IITBHF).
"I received priceless education from IIT Bombay and this is a
small way to say thank you," said Menezes, who was also present at