Bayh-Dole Act: A Comprehensive Overview of Its Legal Definition and Significance
Definition & Meaning
The Bayh-Dole Act, officially known as the University and Small Business Patent Procedures Act, was enacted in 1980. This law allows universities and small businesses to retain ownership of inventions developed through federally funded research. The Act aims to encourage the commercialization of these inventions by enabling these entities to control their intellectual property and collaborate with commercial interests for further development.
Legal Use & context
The Bayh-Dole Act is primarily relevant in the fields of intellectual property law and technology transfer. It is significant for entities engaged in research funded by the federal government, such as universities and small businesses. This Act allows these organizations to manage patents and licenses, making it easier for them to commercialize their innovations. Users can find templates and resources through US Legal Forms to help navigate the processes involved in patenting and licensing inventions.
Real-world examples
Here are a couple of examples of abatement:
Example 1: A university develops a new medical device through federally funded research. Under the Bayh-Dole Act, the university can patent the device and license it to a small business for commercialization.
Example 2: A small business receives a federal grant to develop a technology. The business can retain ownership of the resulting invention and work with a larger corporation to bring it to market. (hypothetical example)