We are thrilled to announce a significant advancement in WPI’s commitment to innovation and entrepreneurship: the implementation of a new intellectual property (IP) management system from Wellspring. As a new client of Wellspring, WPI is poised to revolutionize the way we manage and protect our intellectual property throughout its life cycle. This system is scheduled to go live at the beginning of C-Term and promises to streamline and enhance our Technology Innovation and Entrepreneurship management processes, benefiting the entire WPI community.
What is Wellspring?
Wellspring is a comprehensive, single-platform, end-to-end IP management system. When fully implemented, it will make information more accessible, streamline requests for items like invention disclosures, material transfer agreements (MTAs), license agreements, IP Plans for grant submissions, and non-disclosure agreements (NDAs), and provide defined workflows and visibility of the status of any request.
Key Features and Benefits
- Enhanced Accessibility: Inventors will be automatically granted access using their WPI credentials. They will be able to submit requests, check the status of those requests, and view all available information related to any IP matter connected with them.
- Streamlined Processes: The system will make the financial management of our licensing agreements easier and more transparent. It will also enable WPI to automatically docket communications from our outside counsel, reducing the need to copy and transfer emails from Outlook.
- Automated Reporting: Wellspring will automate reporting and information sharing, ensuring that all relevant stakeholders are kept informed and up to date.
- Financial Management: The system will electronically capture transaction-level financial information from our external patent counsels, providing a clear and organized view of all financial activities related to our IP assets. In addition, Wellspring will track technology licenses to make handling the flow of royalty payments much easier.
- Marketing Platform: Wellspring includes a built-in marketing platform that can reach over 10,000 technology scouts who may be interested in licensing our technologies. This feature will significantly enhance our ability to promote and license WPI innovations.
Project Leadership
The implementation of Wellspring will be managed by Lynda Kelly, Associate Director for Operations in the Office of Technology Innovation and Entrepreneurship. Lynda’s expertise and dedication to operational excellence will ensure a smooth and effective rollout of this powerful new system.
Looking Ahead
As we embark on this exciting journey, we invite the entire WPI community to stay informed and engaged. Wellspring represents a significant investment in our future, one that will enhance our ability to innovate, protect our intellectual property, and bring our technologies to market.
Stay tuned for more updates as we move forward with the implementation of Wellspring. We look forward to sharing more details and demonstrating how this system will benefit our community.
For any questions or additional information, please contact Lynda Kelly at lkelly@wpi.edu or visit our office.
Together, let's take WPI’s innovation to the next level!
Best Regards,
Terry L. Adams
Director
Office of Technology Innovation and Entrepreneurship
https://www.wpi.edu/offices/technology-innovation-entrepreneurship