University-based technology licensing in the knowledge based economy

The role of intellectual property protection in strengthening the preservation of the institutional integrity of universities is discussed. The analytical context is provided in terms of a technology transfer model that represents the interactions between universities and the market. The analysis is presented with the background of New Growth Theories, which explore the impact of knowledge in wealth creation. As a consequence, the various elements that are to be considered in the decision to protect intellectual property in universities are discussed, and policy implications for universities are derived. The key idea relates to the rationale for undertaking technology transfer initiatives at universities, which we regard as a complement to traditional types of research, and as an effort to clarify the role of the university.