Rose-Hulman Ventures is an educational, research and development wing of Rose-Hulman Institute of Technology, giving companies access to top student minds and skilled managers. Our R&D agreements are clear anf flexible, and make no claims on a client’s intellectual property.
- Rose-Hulman Ventures is not a separate legal entity from Rose-Hulman Institute of Technology. Agreements are with Rose-Hulman Institute of Technology and not Rose-Hulman Ventures. Rose-Hulman Ventures is merely a branded program of Rose-Hulman Institute of Technology. The institute is a nonprofit institution of higher education.
- We will respect confidential information and the client will own all outcomes of project engagement. Rose-Hulman Ventures is different from its competitors in the areas of confidentiality and intellectual property. There is no pressure from the institute to seek publication or licensing opportunities associated with Rose-Hulman Ventures’ projects. We can, and will, keep confidential information confidential. Clients own any and all outcomes of project engagement; however, it is of critical importance to us that we retain an “educational right” to intellectual property. The “educational right” is a formal assertion for tax purposes that our interest is purely educational and in line with our nonprofit mission. It is not an attempt to try to derive any kind of royalty stream from developments.
- Our R&D agreement is a framework to execute projects but does not commit either party to a project. When project opportunities arise, we will consider them together and generate a scope and budget for them. If the scope and budget are acceptable, then we will execute the project under the terms of the agreement. The agreement does not commit either party to any one project or level of activity. It is just a framework that can be put in place to do any number of projects in the future.
- Proposals will outline a scope and budget of estimated time and materials for the project. Proposals from Rose-Hulman Ventures will briefly and clearly outline objectives, our planned approach, key milestones and specs, team size, and anticipated timeline. They also will include a spreadsheet of estimated hours dedicated to each of the labor categories for each month. The scope and budget pieces will refer to the agreement to formally acknowledge that the project will be executed under the terms of the agreement.
- Monthly invoices reflect a blended rate of $50-$75/hour depending on the mix of interns, project managers, technicians, and faculty. We work on a time-and-materials basis. We are flexible with our partners and can put a monthly cap on labor costs to help clients plan their budgets. Clients can expect to see invoices from Rose-Hulman Ventures monthly when there is project activity. We track resources carefully and we base the invoices on actual logged hours.