University licensing of intellectual property : revisiting the impact of Bayh-Dole

The Bayh-Dole Act of 1980 was a US initiative designed to maximise returns on university-based, federally supported research and development by encouraging transfer of technology to commercial applications. Through collaborative partnerships, especially with small business concerns, for the first time inventors were permitted to reap the rewards of their discoveries or innovations through commercial licensing of their publicly-financed work product. Questions remain, however, related to the effectiveness of the Act in meeting its objectives.