Commercialization of Intellectual Property Rights at Universities as an Additional Revenue Stream

Abstract

This paper investigates the commercialization of Intellectual Property (IPRs) at universities and the potential for universities in Kenya to leverage their Intellectual Property Rights (IPRs) as a vital revenue source. Even though they possess significant intellectual assets, many universities have failed to utilize IPRs and in turn, losing opportunities for income generation. The paper introduces the concept of IP commercialization and the legal IP framework in Kenya and proceeds to discuss how research conducted in institutions of higher learning can be commercialized through an analysis of best practices and case studies. The discussion outlines the relevance of Intellectual Property to universities, the strategies for universities to maximize the value of their IPRs and establish sustainable income streams. Drawing upon relevant literature and academic research, it provides insights into the commercialization process, legal considerations, and the role of technology transfer offices in facilitating successful IPR monetization. The paper concludes by establishing that by implementing proactive strategies and fostering a culture of innovation, universities in Kenya can unlock the full potential of their intellectual assets and achieve financial sustainability.