It's any product of the human mind that has commercial value. This can include literary works or a concept for a new tool; for life scientists, this may mean a lab technique or a new small molecule. The courts protect intellectual property with patents and copyrights.
No, in most cases the inventor's institution – be it a private company, university, or government-run organization – keeps the rights, since it pays the filing and attorney fees. However, if an institution has no plans to capitalize on a patent, a researcher might be able to buy it back.
Most individual scientists don't have the time, money, or expertise to write a patent application, afford the filing fees (usually between $5,000–$7,000), and secure a licensing agreement. Institutions' tech transfer offices (TTOs) make these things happen: they split the patent's proceeds or royalties with the inventor and the academic department, usually not lots of ...
