IP creates an interesting tension. On one hand, universities play a pivotal role connecting industry / government trends to research and innovation. On the other hand, commercialisation incentives for researchers are often poor, and in return for developing or licensing the IP, it is common for universities to get a significant (but varying) early stake in the resultant startup. This equity position does not always come with continued value-add, and has been referred to as “dead equity” in the capitalisation (cap) table by some.