IIT Kanpur has come out with the simplest document (I have come across) on matters related to IP. It allows Faculty to begin their entrepreneurial journey with incubation in SIDBI funded incubtor, take pre-seed grant amount from TePP to cover technology risk , prepare business plan with suport from Prof BV Phani and become VC eligible big player. They can take this as full time (sabbatical) or work part time on their project. For use of institutes IP , developed by the promotors as students/ faculty and for continued use of lab, library and other facilities, the faculty company has to give the institute a liability free equity of 10%.
An example of `unleashing innovation'?