technology in cooperation with private entities. The Oklahoma State Regents for Higher Education shall: 1. Establish, pursuant to the requirements of this paragraph, a model policy, which to the extent not inconsistent with this section may be adapted by the governing board of regents for each institution within The Oklahoma State System of Higher Education, regarding: a. the use of facilities, whether consisting of real property, personal property, intangible personal property, or any combination of such properties, within The Oklahoma State System of Higher Education, for the purpose of conducting research, the principal purpose of which is to develop or refine a product, process or idea in cooperation with a private business entity in order to market the product, process or idea for pro
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technology in cooperation with private entities. The Oklahoma State Regents for Higher Education shall: 1. Establish, pursuant to the requirements of this paragraph, a model policy, which to the extent not inconsistent with this section may be adapted by the governing board of regents for each institution within The Oklahoma State System of Higher Education, regarding: a. the use of facilities, whether consisting of real property, personal property, intangible personal property, or any combination of such properties, within The Oklahoma State System of Higher Education, for the purpose of conducting research, the principal purpose of which is to develop or refine a product, process or idea in cooperation with a private business entity in order to market the product, process or idea for profit, b. the investment of value available to institutions within The Oklahoma State System of Higher Education, in private business entities or the receipt of royalty income from a private business entity, or both, in conjunction with research and development conducted on the premises of or with the assistance of institutions within The Oklahoma State System of Higher Education, its faculty, staff or students, c. a method to inform the faculty, staff, students and third parties conducting research on the premises of or with the assistance of the faculty, staff or students of an institution within The Oklahoma State System of Higher Education of the policies developed pursuant to this paragraph, and d. the extent to which professors and other faculty and students at institutions within The Oklahoma State System of Higher Education may acquire property interests in technology developed on the premises of or with the assistance of an institution within The Oklahoma State System of Higher Education or a property interest in the revenues derived by the sale, marketing, licensing or other disposition of technology by an institution within The Oklahoma State System of Higher Education or by a private business entity conducting research or engaged in the development of technology on the premises of or with the assistance of an institution within The Oklahoma State System of Higher Education; and 2. Establish policies for institutions within The Oklahoma State System of Higher Education to: a. encourage development of a product, process or idea, whether or not the product, process or idea is protectable under the intellectual property laws of the United States or of this state, and to encourage the institutions to take such actions as may be appropriate in order to promote the development of products, processes or ideas having a potential for the improvement or advancement of: (1) medical technology, (2) biotechnology, (3) energy technology, (4) telecommunications technology, (5) chemical technology, (6) industrial technology, and (7) such other technologies as are deserving of the resources and assistance available through institutions and the faculty and students of institutions within The Oklahoma State System of Higher Education, b. develop appropriate methods to maintain a system for recording the nature of research being conducted at institutions within The Oklahoma State System of Higher Education and the results of research having potential for protection pursuant to the intellectual property laws of the United States or of this state, and c. develop a system to account for: (1) expenses associated with research and development conducted on the premises of or with the assistance of an institution within The Oklahoma State System of Higher Education, (2) the financial relationships, if any, established between those institutions and private business entities, (3) the acquisition of equity interests in private business entities, (4) the receipt of royalty income or other income related to the sale or other disposition of products, processes or ideas by institutions or private business entities with which the institution has established a financial arrangement, (5) the gains or losses upon the sale or other disposition of equity interests in private business entities, and (6) such other matters relating to the income and expenses associated with the research, development, intellectual property protection, marketing, distribution or other matters as the State Regents determine to be appropriate.