At IU, technology commercialization refers to the formal licensing of university-developed intellectual property to a third party—called the licensee. Licensees meet certain performance requirements and make financial payments to the university. These payments are shared with the inventors. The payments support further research and education and reward participation in the commercialization process.
There are six basic steps to the innovation commercialization process at IU. The innovation commercialization can be a long process, though, and it differs for each individual. The steps can vary in sequence and often occur simultaneously.