November 10, 2004

CORRECTION By The Daily Progress

The University of Virginia Patent Foundation licenses patents to faculty startup companies, and Spinner Technologies Inc. provides business services to them. The two organizations may charge up to 10 percent equity in the startup company for these services. Spinner leases lab space to startups at a discount rate but doesn't receive equity for the lab space, as stated in a story Sunday.

The foundation has five full-time licensing associates who actively market patented inventions. Foundation Executive Director Robert MacWright said the foundation does not lose any revenue through unprotected inventions, and from June 2000 to June 2004, 30 percent of the inventions disclosed by U.Va. faculty and staff to the foundation were commercially licensed.