At the University of Waterloo, IP is inventor owned. The intellectual property belongs to the inventor, whether it be a graduate student, an undergraduate student, or a faculty member. There is often co-ownership, where there'll be two or three people involved. Individuals are free to take that IP to a patent lawyer, protect it, and commercialize it in their own right without involvement of the university.
There is also a second pathway within the university where they can work with the university. We will protect it and effectively assist in commercialization. Under those circumstances, the individual retains 75% of the revenues and the university takes 25%.
In truth, I actually don't think it matters who owns it. It's a matter of who controls it, and that they actually do something with it, as opposed to sitting on it.