Industry + Innovation > Glossary

Glossary

Proof of concept:
A proof of concept is a short and/or incomplete realization (or synopsis) of a certain method or idea(s) to demonstrate its feasibility.
The proof of concept is usually considered a milestone on the way of a fully functioning prototype.

Public Private Partnerships:
Public-private partnership (PPP) is a system in which a governmental service (academics), non-profit organizations, multilateral groups (WHO) and one or more private sector companies are linked by a partnership. These schemes are referred to as PPPs.
In most existing health care related PPPs, capital investment is made by philanthropic foundations. Government contributions to a PPP may be the transfer of existing assets.

Cross licensing:
The mutual sharing of patents between companies without an exchange of a license fee if both patent portfolios are about equal in value.

Pooled patents:
Agreement between two or more patent owners to license one or more of their patents to on another or to third parties.

Venture Capital:
Venture capital is capital provided by outside investors for financing of new, growing or struggling businesses. Venture capital investments generally are high risk investments but offer the potential for above average returns.

Business Angel or Angel Investor:
An affluent individual who provides capital for a business start-up, usually in exchange for ownership equity. Unlike venture capitalists, angels typically do not manage the pooled money of others in a professionally-managed fund. However, angel investors often organize themselves into angel networks or angel groups to share research and pool their own investment capital. Angel capital fills the gap in start-up financing between the "three F"s (friends, family and fools) and venture capital.

Exclusive license:
a single licensee has the right to use the patented technology, which cannot even be used by the patent owner.

Sole license:
a single licensee and the patent owner have the right to use the patented technology.

Non-exclusive license:
several licensees and the patent owner have the right to use the patented technology.

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