Intellectual Property (IP)
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This includes all intellectual creations that (could) create value and are legally protectable in some way. Examples are inventions, software, graphics/art (images, music, etc.), know-how, etc.
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Intellectual Property Rights (IPR)
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This includes all rights with which intellectual property can be protected - in particular: Patents (for inventions), utility models, copyrights (e.g. for software), but also designs or trade marks.
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Property Rights (Schutzrechte)
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= Intellectual Property Rights; in the context of IP transfer in the form of patents, it is important to note that this can involve both patent applications and granted patents (it often takes 3 to 5 years for a patent to be granted).
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IP transfer / IP granting
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Abbreviated collective term: This refers to various legal transactions in which intellectual property rights or rights of use to intellectual property rights are transferred from an entity with legal capacity (e.g. university or higher educational institution) to another entity with legal capacity (e.g. company).
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(Partial) exclusivity
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IPR can be transferred in the following ways: (a) exclusive (no one else can use the IP), partially exclusive (exclusivity exists only in certain fields of application, for the other fields the IPR can be granted to third parties) or non-exclusive (third parties can also be granted all rights). The more exclusive, the more expensive an IP transfer is for the buyer / startup or company. However, startups will always have an interest in maximising exclusivity in order to keep competitors at bay.
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Rights of use / licence
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Authorisation to commercially exploit the intellectual property rights. This means that someone can be the owner of the intellectual property rights, but grant the rights of use to a third party (e.g. a startup) (= licence). If she/he grants the rights of use exclusively, she/he can no longer commercially exploit the IPR himself.
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IP licensing vs. IP sale
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An IP transfer can be carried out by licensing (i.e. granting the rights of use) or by selling the property rights - with the exception of copyrights: here only rights of use can be transferred.
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Exit / also "trigger event" for virtual shares
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These definitions apply to utilisation models that include participation of the scientific institution (a) by means of so-called "virtual shares" or (b) as a shareholder in the company: The following events are summarised under these terms: Sale of the startup company to another company (usually a large corporation), IPO of the former startup company, sale of significant assets of the startup company to another company. - In all these cases, proceeds are generated from the sale/IPO (initial public offering), which are distributed among all shareholders (plus the holders of virtual shares, if applicable) in proportion to their shares (without going into too much detail, e.g. liquidation preferences).
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