The Cyprus University of Technology (CUT) acknowledges the need for an Intellectual Property Rights policy, which will promote the reputation of CUT as a socially relevant, leading research and teaching organisation and will directly contribute to the financial position of the CUT, if its commercial value is realised.
The policy will be based on the principles that will govern the ownership rights emanating from research of and/or materials produced by the staff members of CUT and/or sponsored students, and to establish objectively fair and equitable criteria for the transfer of knowledge. The CUT thus aims to provide support services to promote the creation of Intellectual Property (IP) whilst seeking to maximise the commercial exploitation of the resulting Intellectual Property Rights (IPR).
CUT acknowledges that registration and commercial exploitation of IP is often a long and costly process that is justified once it is ascertained that there exists a business case for such registration and exploitation. In practice, only a small number of works can be commercially exploited in a viable manner, depending on the nature and marketability of the work in question.
All ideas, which can potentially be developed as IP or have commercial potential, and have been initially invented wholly or partly by members of the University Community, in the framework of their responsibilities, through CUT resources being used or through more than incidental use of CUT resources, should be reported promptly to CUT. Title deeds to such inventions should be disclosed to CUT, regardless of the source of funding.