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Policy Statement

This policy sets out Prince Sultan University (“PSU”) approach to revenue diversification through endowments, innovation, entrepreneurship and commercialization of research.

Background and Justification

Prince Sultan University is the first private-not-for-profit university established to provide distinguished academic and research programs in KSA. PSU academic and financing models are strongly based on international best practices which advocate diversification of financial revenue through innovation, entrepreneurship and commercialization of research.

Scope and Purpose

The main purpose of this policy is to outline the PSU framework for revenue diversification. The policy is based on international best practices and the recommendations of PSU boards, stakeholders and accreditation agencies.

Principles of the Policy

• Entrepreneurship acceleration programs that help students and faculty members transform their bright innovative ideas into startups and companies based on a well-defined acceleration program
• Registration and commercialization of patents using a comprehensive Intellectual Property (IP) Policy
• Establishing business companies to commercialize research products and protypes. This is a quite common practice in international universities.
• Establish joint companies with recognized local or international organizations to provide services or sell products.
• To establish a company or startup, the respective entity or group prepares a detailed proposal using the format provided by PSU
• The proposal should cover all needed items and satisfy the Ministry of Commerce requirements
• In case of joint companies, the proposal should be based on a signed MOU with the partners
• All proposals are reviewed by external and internal reviewers before moving to the next step
• After review, PSU raises the matter for approval and registration with the Ministry of Commerce
• Based on the university charter, Rector of the university represents the university in all operations

Definitions

Responsibilities and Implementation Strategies

• PSU already established an entrepreneur program with well-defined processes
• PSU already prepared a comprehensive IP policy and established an IP office
• PSU already prepared an MOU policy to guide the signing of agreements with external partners
• PSU prepares a detailed guideline for establishing startups and companies, including forms and requirements
• Company establishment and related activities will be taken care of by the PSU Commercialization unit based on provided guidelines
• The Rector of the University represent PSU as “the principal owner” of startups and companies

Procedures for Handling Policy Violation

PSU Institutional Financial and Risk Management Committee will evaluate the Sustainable Financial Revenue Diversification Policy regularly. If any non-compliance of the Sustainable Financial Revenue Diversification Policy, PSU Institutional Financial and Risk Management Committee will report to Vice-President for Administrative and Financial Affairs Office and Compliance and Legal Office.

References

1. Approved: PSU University Council