3M gives U of M Law School royalty-bearing patents
MINNEAPOLIS / ST. PAUL (02/16/2010) —The University of Minnesota Law School and the Office for Technology Commercialization (OTC) have received a significant gift of royalty-bearing patents from 3M.
The patents, with an estimated value of $760,500, are expected to generate revenue approaching $2 million over the next five years, which will be divided between the Law School and the OTC.
At the law school, the newly established 3M Fund for Law, Science and Technology will support various programs and initiatives in teaching and research.
"The Law School is deeply grateful to 3M for its gift in support of one of our most important strategic initiatives," says Law School Dean David Wippman. "The 3M Fund for Law, Science and Technology will support cutting-edge research and education in line with the company's own emphasis on innovation for a changing world."
Alumni Raymond Eby (’98), a manager in 3M’s Corporate Development Group, and Mike Geise (’05), Office of Intellectual Property counsel, were instrumental in securing this gift for the Law School.
“3M is very pleased to be able to make this gift, particularly to support the Law School’s important and innovative work on complex and fast-changing issues,” said Eby. “We believe that great legal scholarship and high-quality legal education are critical to sound policy and best practices for the future. Investing in legal excellence and technology is vital to ensure Minnesota’s role as a national leader in the years to come.”
The OTC, a unit of the university’s Office of the Vice President for Research, protects and licenses university-developed technologies and nurtures university technologies with start-up potential.
3M is a research, technology and innovative products company based in St. Paul, Minn. It has operations in 29 U.S. states and more than 60 countries. The company has been awarded more than 560 patents.