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"The current model within which universities own the inventions made by their researchers was enshrined in the Bayh-Dole Act of 1980. This paper finds that the current system, in which universities maintain de jure ownership of inventions, is not optimal either in terms of economic efficiency or in advancing the social interest of rapidly commercializing technology and encouraging entrepreneurship. We demonstrate that this model is plagued by ineffective incentives, information asymmetries, and contradictory motivations for the university, the inventors, potential licensees, and university technology licensing offices (TLOs). We suggest that these structural uncertainties lead to delays in licensing, misaligned incentives among parties, and delays in the flow of scientific information and the materials necessary for scientific progress. The institutional arrangements within which TLOs are embedded have encouraged some of them to become revenue maximizers.
