Penn State Research Foundation
The Corporation was formed in 1934 "for the purpose of fostering the advancing scientific research, and, as incident to this general purpose, for the purpose of creating, purchasing, holding, and selling patent rights for inventions and designs, with the right to issue licenses for the exercise of rights relative to said inventions and designs, and to receive payment therefore, and to use and apply all moneys thus or otherwise received solely for the fostering and advancement of such scientific research."
In an agreement dated May 28, 1935, between The Pennsylvania State College and The Pennsylvania Research Corporation, the College agreed to assign patent rights to the Corporation; the Corporation agreed to pay the costs of protecting, litigating, and maintaining patents for, and exploiting staff inventions assigned to it, and any other expenses of the Corporation which it deems proper in the conduct of its business. The Corporation also shall provide from net proceeds from royalties and other revenues fair and reasonable amounts to be paid to the College (University) for the purpose of providing compensation to the staff inventors in such cases and in such amounts as the Trustees of the College (University) may determine.
A supplementary agreement dated April 10, 1954, permitted the Corporation to enter into an agreement with the Research Corporation of New York whereby the Research Corporation would evaluate inventions for patentability, commercial and scientific utility and would issue licenses for the use thereof.
In May 1985, The Pennsylvania Research Corporation entered into a Cooperative Agreement with Research Corporation (Research Corporation Technologies, Inc., now located in Arizona) under which both parties agreed to cooperate to maintain a cost effective program (the Cooperative Program) for evaluation, protection and commercialization of inventions developed by the faculty and staff of The Pennsylvania State University. This agreement was terminated on July 31, 1989.
In May 1988, the PRC became a subsidiary of The Corporation for Penn State with the subsidiary remaining as The Pennsylvania Research Corporation. The Member of this corporation is The Corporation for Penn State.
In May 1992, the Corporation was renamed The Penn State Research Foundation. The Foundation includes seven to fifteen Directors appointed by the Member (see link below). The Board meets twice per year—usually in April and October.
Penn State's patent program is under the supervision of Drs. Neil Sharkey, Interim Vice President for Research, and Harl R. Tolbert, Assistant Vice President for Research; Director of the Office of Technology Management.