U.S. Energy Secretary Steven Chu is making it easier for start-up companies to license groundbreaking technologies developed by the National Laboratories.
Chu announced Tuesday the department will reduce the total upfront cost of licensing patents in a specific technology to a $1,000 fee for portfolios of up to three patents.
The department is also reducing the paperwork requirements for start-up companies to obtain an option agreement to license some of the 15,000 patents and patent applications held by 17 National Laboratories.
Chu says the goal of the "America's Next Top Energy Innovator" challenge is to double the number of startup companies coming out of the National Laboratories. To be eligible, entrepreneurs must identify the technology of interest and submit a business plan for consideration. The program kicks off May 2.