In line with our mission, we want to give researchers and other stakeholders the opportunities to experience fulfillment, earn rewards for their efforts and make their positive contributions to the world. Thus, Covenant has a platform, process and policy for dispensing such opportunities. One of such means is Technology Transfer.
Technology (for commercialisation) is transferred via an agreement such that Covenant grants a third party a license to use Covenant’s Intellectual Property Rights (IPR). The first two parties here are Covenant and the researcher/inventor/developer.
The third party, referred to as the licensee, can be any of the following;
- An existing organisation; or
- A new Startup organisation (Spinoff Company).
The licenses encapsulate terms that demand that the licensee meets certain result prerequisites, besides making financial payments to Covenant. This is as agreed by the parties. Financial payments made by licensees to Covenant are shared among the inventors, departments, research centres and Covenant’s Innovation Fund to fuel further research, education and participation in the technology transfer process.