Note: I have absolutely 0 experience in this type of thing.
Problem summary: I am a final year student doing my final year project. I created an innovative product (a software) as part of my research. However, I was actually planning to start up a company using the idea. I wanted to protect my work and my supervisor said that the university's research management department will be able to apply for Intellectual Property... thing. However after reading through their documents, it was stated that my university will own the rights to my product (as I am a student). However, I will be paid the equity (which I will own around 90%) if my product is successfully commercialized by the university.
Therefore, my questions are:
- Does this mean that I won't have any rights to call it my product after applying for the IP rights?
- I won't be able to start a company using the product anymore, right?
- If it is successfully commercialized, who will improve on the product (updates, etc.) after I am no longer a student? What if I work with the university after graduating?
Extras: I was not paid by the university (I am the one paying for tuition fees so it doesn't seem right to me for them to 'steal' my work).