Academic CentreAn auction is a procedure established by regulations for the transfer of intellectual property to natural or legal person for its practical use, with compensation determined by the University of Latvia (UL). Compensation can take tangible forms, such as immediate payment and/or a percentage of the income generated by the use of the intelectual property object, or intangible forms like providing a dataset that the UL needs to continue research or services required by the UL.
To ensure the economically advantageous utilization of UL's intellectual property for both the state and the university, a modernized procedure for holding auctions was developed in 2023. The auction preparation process includes several phases:
Phase 1: Dissemination of basic information to identify potential stakeholders.
Phase 2: Consultation with these stakeholders to analyze the real market.
Phase 3: Conducting an ascending auction in an electronic environment.
Phase 4: The right to use the auctioned object is obtained by the highest compensation bidder with whom a license agreement is concluded.