legal, intellectual-propertyMy PI recently told me that all the work that I do as a graduate student ultimately belongs to the university. As such, is it even worth thinking about launching a startup while still a graduate student (or will that startup just become a spinoff of the PI and the university)? I am afraid that launching a startup as a graduate student will only benefit the PI (and the university), as graduate students are usually on the lower rung of the academic social ladder and frequently get sleighted in a variety of ways.
They say that it never hurts to plan for the future (i.e., what to do after graduation), but there’s a fine line between casually thinking about it and actively pursuing it. In other words, I don’t see the point in actively putting in my regular work hours pursuing my startup idea if all of that work will not belong to me anyway once I graduate and pursue the startup full-time.
Does anyone have a different opinion on the matter?
The only relevant post I found was: https://startups.stackexchange.com/questions/5741/creating-startup-company-as-a-student but this is a substantially different question.
Many Universities have a policy of your work product is the property of school. Same policy with professors. Pretty much any company is going to have policy of your work product on company time and or company facilities belongs to the company.
That policy / contract does not expire the day you graduate. If this startup is related to you graduate work then using that work product (especially intellectual property) after you graduate is no relief.
If this idea is not related to graduate studies then simple don’t work on it on school time or use school facilities. If this product is an extension to your studies then you need consult and IP lawyer.
Say your studies are X and you think Y is commercial extension.
Update based on comment:
Sorry to be so direct but a startup is not instant access to funds / investors. You are going be at least $1000 to even create the legal entity and from there you have to attract investors. If the startup is not viable enough for even you to work for the start up then you don’t have a start up. A start up has a business plan that produces income. All you are tying to do is protect some IP and you are ready to file for a patent? The patent alone has no value unless you are using it produce something or someone wants to buy the patent. Are you worried that someone else will come up with the idea and patent it? You can file for provisional patent yourself for just couple hundred dollars and give you (some) protection for a year. You can then sell your patent without having a formal company. You can spend $20,000 to lock up a patent but don’t do that unless you are pretty sure you can sell it for $60,000 as the investor will want 1/2 and it not going to be interested in anything less than a return of 100%. Say you think the patent is worth $20,000. Someone is more likely to buy fair than to try and steal it. It cost money to steal it it puts them at risk.
You might be able to work out a deal with the University principals who have a claim to your work. Make a proposal to them that involves you working on the startup and they license or trade intellectual property rights in exchange for stock. The IP can even revert back to the University if the startup folds at some point. Be creative and but your thoughts on paper in the form of a terms sheet. Float it to the person in power you trust the most and go from there.
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