Virginia Tech Intellectual Properties

Overview

Virginia Tech Intellectual Properties, Inc. is a U.S. nonprofit organization founded in 1985. It operates as a 501(c)(3) entity and is located in Blacksburg, Virginia. The organization's primary mission is to manage and market intellectual properties developed by Virginia Polytechnic Institute and State University (Virginia Tech) faculty, staff, and students. This includes protecting inventions through patents, trademarks, copyrights, and trade secrets, thereby fostering scientific research and innovation within the university.

Mission and Activities

The mission of Virginia Tech Intellectual Properties, Inc. focuses on promoting and encouraging scientific research, bridging the gap between innovative ideas developed at Virginia Tech and their practical applications in the wider world. By doing so, the organization supports Virginia Tech's growth and development, enhancing its reputation as a leader in research and development.

Financial Profile

Virginia Tech Intellectual Properties, Inc. generates revenue primarily through royalty income, reimbursement of patent expenses, and other fees related to its intellectual property activities. In recent years, the organization has reported significant program service revenue, which includes royalty payments from licensed technologies. The organization also engages in grantmaking activities, supporting research and innovation efforts.

Legitimacy and Transparency

Virginia Tech Intellectual Properties, Inc. is considered a legitimate nonprofit organization, as it is registered as a tax-exempt entity with the Internal Revenue Service (IRS) and files the required Form 990 annually. This transparency in financial reporting ensures compliance with regulatory requirements and provides assurance to donors that their contributions are utilized effectively. Donations to the organization are tax-deductible.

Impact

By managing intellectual properties effectively, Virginia Tech Intellectual Properties, Inc. plays a crucial role in advancing scientific knowledge and contributing to the broader community's economic growth. The organization's efforts support collaboration among researchers, provide funding opportunities, and facilitate the application of academic research in real-world settings. This not only enhances the educational environment at Virginia Tech but also promotes academic excellence and innovation beyond the university.