The Board of Supervisors will discuss the possibility of creating a funding system for assisting with marketing faculty inventions at today’s meeting before examining the 2014-5 Governor’s Executive Budget. 
William Richardson, College of Agriculture chancellor, said technology transfer helps technology and inventions coming from the University to become a part of the private sector.
The report and proposal will be presented by the President’s Committee on Technology Transfer. According to the University’s website, this committee was assembled by LSU President F. King Alexander after the Transition Advisory Team determined technology transfer is an important facet of the University’s research initiative. 
The new funding program called LSU Leveraging Innovation for Technology Transfer, or LSU LIFT, would establish a new investment funding plan for commercializing University-created technology. 
“Funding for this type of research is difficult to obtain from government or private sources, leaving many promising inventions languishing in a funding gap,” according to the PCCT Report. 
Another motivating factor for this funding is the protection of intellectual property and assistance with the patent process, Richardson said. 
The new proposal for the technology transfer proposes changes to the current intellectual property policies and procedures for clarity. 
Current regulations call for the University’s equity interest to be handled by an Equity Committee comprised of three members of the Board of Supervisors. However, the described committee does not currently exist. 
The new amendments would give Alexander authorization to manage equity interest.
The proposed amendments also break down how royalty payments for an invention will be distributed to the inventor or author — 40 percent — and Office of the President — 5 percent — and the LSU Innovation Investment Fund — 5 percent. The remaining 50 percent is available for allocation by the appropriate University chancellors. 
The PCCT Report states the grants will be competitive and most likely be issued twice annually in amounts of up to $50,000. 
“It is the first thing that is going to be discussed,” said Ernie Ballard, director of University public affairs. 
FOR ONLINE:
A complete list prosed amendments and a copy of the prospoed new policies may be viewed at http://www.lsusystem.edu/docs/agenda/2014/20140131TechnlogyTransferReport.pdf.
“Funding for this type of research is difficult to obtain from government or private sources, leaving many promising inventions languishing in a funding gap.”