Typically, if a university professor, a graduate student, or a post-doctoral fellow invents something new, the university has a policy in which the university owns the intellectual property. My office is responsible for sifting the wheat from the chaff, for commercializing the good stuff, investing in it. At the end of the day, when we bring in some commercialization revenues, we share it 50-50 with the inventors.
On May 28th, 2008. See this statement in context.