The University of Rhode Island Research Foundation was created and established for the benefit of the University and shall exercise its powers and carry on its business exclusively for such purposes that include but is not limited to:
- Pursuing, obtaining and protecting intellectual property rights (including patents, trademarks, and copyrights relating to inventions) in and to all valuable intellectual property flowing from or belonging to the University or the Board of Governors and to manage and administer such intellectual property in conformity with applicable state and federal laws;
- Receiving, taking, holding, investing, managing, administering, controlling, disposing of and generally caring for any intellectual property that it may be given or which may be made available to the Research Foundation.
- Assist in providing research programs at the University that will provide for the advancement of education and educational programs and opportunities for learning and training in subjects useful to the individual and beneficial to the community;
- Promoting, encouraging and fostering education and training services, scientific investigations, technology development and technology commercialization at the University;
The URI Research Foundation will actively pursue the commercialization of intellectual property under its management and control including any intellectual property that is transferred to or made available to the Research Foundation. Such commercialization activities and efforts will include promoting, working with and fostering intellectual property development in a manner consistent with its duties.
The URI Research Foundation, at its sole discretion, will fund research projects within the University for the purpose of building, developing or enhancing intellectual property and/or furthering the commercialization potential of intellectual property. Such funding may include cash, equipment, and other materials useful in advancing intellectual property or its commercialization.
The URI Research Foundation, in its sole discretion, will enter into business contracts and agreements with third parties in support of the overall purpose of the Research Foundation.
The URI Research Foundation may receive and accept sponsored research and development grants from third parties on behalf of the University. In exchange, the Research Foundation may be assigned intellectual property rights developed by and in conjunction with the University under such sponsored research and development grants.
Neither the URI Research Foundation nor the University will disclose or use any private, confidential, proprietary, or trade secret information provided from one to the other except as required in and by the terms of this Agreement.