The Ohio Intellectual Property Collaborative (OIPC) has received its first donation of patents from Eaton Corporation. Valued at over $8.4 million, the 14 patents are in four major areas: electrical switches and inter-connections, fiber optic sensors, computational algorithms and programmable logic controllers.
"This is a great opportunity for smaller manufacturers to access technology that might not otherwise be available to them," says Ken Zinda, Director of the OPIC. "Not only does the collaborative eliminate the research and development costs many small companies cannot afford, it offers these companies the chance to buy or license the intellectual property at lower costs than they might pay going directly to a corporate owner. Plus by going through the OIPC, time to market, a distinct competitive advantage in many cases, can be dramatically reduced."
Corporations that donate intellectual property to the OIPC can take a Non-Cash Charitable Contribution tax deduction for its fair market value in the donation's marketplace. "The Collaborative enables the donor company to generate a return for its research and development and eliminates the costs associated with marketing, negotiating and licensing the intellectual property donated," says Zinda.
In addition to finding new homes for donated patented technology, the OPIC can assist smaller companies with locating a particular technology. "This is the proverbial other side of the coin," notes Zinda. "The manufacturer comes to OIPC with a need for a particular technology, and we have the resources to find a corporation that has already developed it."
About the OIPC:
The OIPC is comprised of CAMP, Inc. and Edison Biotechnology Center, Inc., both of which are Ohio Edison Centers, the law firm of Calfee, Halter & Griswold LLP and the Generation Foundation. Industry advisors include Eaton Corporation and The Lubrizol Corporation. Its mission is to help smaller Ohio companies find and commercialize patented technology to help them become and remain competitive. The Collaborative, located within CAMP's office in the historic Midtown Corridor near downtown Cleveland, is funded by the State of Ohio, the Generation Foundation, the Cleveland Foundation and other private and corporate donors.