USTP to accelerate global innovation distribution, IP monetization with the Factor-Y and German Varsity
By Kindle Mae B. Arcaya, USTP Office of the University System President
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The University of Science and Technology of Southern Philippines (USTP) entered into a Memorandum of Understanding (MOU) with the Factor-Y and the German Varsity for Advanced Studies during the Building Philippines European Ecosystem for Innovation and IP Monetization on May 9, 2024 at the Acacia Hotel Davao, Lanang, Davao City.
Through the MOU with Factor-Y, USTP innovators gain a unique opportunity to monetize and disseminate their innovations, ideas, and Intellectual Property (IP) on a global scale. This partnership provides a secure platform for engaging with investors, advancing and distributing their innovations, and potentially selling the Insurance Special Purpose Vehicles (ISPV). Notably, upon the sale of the ISPV, the innovator stands to earn 25% of the sales price. Furthermore, there is a guarantee that if the ISPV remains unsold within 36 months following the complete transfer of the innovation, the innovator will regain all IP and receive a compensation payment of 100,000 USD.
Meanwhile, the MOU with the German Varsity for Advanced Studies opens doors for USTP students and faculty to expand their horizons in the international arena of innovative initiatives. This partnership serves as a gateway, connecting the USTP academe with German Varsity partner institutes. Together, they can collaborate on global career enhancement programs, offering a wealth of new opportunities for professional growth and development.
USTP, represented by the University System President Dr. Ambrosio B. Cultura II, is one of the 25 institutions in the Philippines selected for the event. This marks a significant step in advancing the Innovation, Digitalization, and Internationalization (IDI) for Sustainability program at the University. The program is designed to integrate technology, collaboration, and global engagement to address the most critical sustainability challenges, with the ultimate goal of fostering a more resilient, inclusive, and sustainable future for the region.
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