What is the main function of the Bayh-Dole Act of 1980?

The Bayh-Dole Act of 1980 primarily aims to allow institutions, such as universities and nonprofit organizations, to retain control over intellectual property that arises from federally-funded research. This legislation was significant because, before the act, the government typically retained ownership of patents resulting from its funding. By transferring the ownership of patents to the institutions, the Bayh-Dole Act encourages the commercialization of research findings, facilitating the development of new technologies and products that can benefit the public.

The act fosters innovation by providing universities and other eligible entities with the incentive to invest in the development of inventions and to seek patent protections that can lead to new markets and industries. This mechanism not only enhances the potential for economic growth but also ensures that the results of government-funded research can ultimately be translated into practical applications, thereby benefiting society at large.