The vision of IIT Bombay is 'to be the fountainhead of new ideas and of innovators in technology and science' and its mission 'is to create an ambience in which new ideas, research and scholarship flourish and from which the leaders and innovators of tomorrow emerge'. In fulfillment of its vision and mission, IITB has taken the initiative to promote innovations and to facilitate protection of Intellectual Property (IP) thus generated at IITB. Consequently, the protection of inventions and other creative works of its faculty, other employees and students as IP has been growing.

Processes to support these efforts have been evolving over time and now have attained a level of maturity. A formal Framework to guide the implementation of these processes is now a clearly-felt need. Towards this goal an Intellectual Property Policy for IIT Bombay has been formulated. This policy aims to lay down, the processes for promotion and support available to innovators at IIT Bombay for translating their creative works into IP. Parties engaged in creations of original and innovative work at IITB include faculty, staff and other employees of IITB, including staff working on various projects, registered students of IITB, students from other institutions, personnel from other organisations or any other individuals working in IITB. This policy also aims to set forth guidelines for ownership of IP developed at IIT Bombay by IITB personnel and non-IITB personnel and its commercialization.

The aim of the IP Policy is to sustain and grow creativity in an ethical environment in IIT Bombay that recognizes the importance of innovations and assists in translating them into products, processes and services for commercial exploitation and to achieve the widest public good.

The Role of IRCC in IP Protection:
The Industrial Research and Consultancy Centre (IRCC) at IIT Bombay provides guidance, support and resources to all IITB personnel and facilitates protection and deployment of intellectual property. In achieving this goal, IRCC creates awareness of the importance and role of IP Rights, implements the IP policy, ensures transparency and fairness of the IP policy to encourage compliance, solicits feedback regarding the fulfillment of the IP policy and periodically reviews the Policy to improve upon any shortcomings, strengthens the infrastructure and resources for protection and exploitation of IP and makes available expert inputs.

Issues of ownership, confidentiality, disclosure, patentability, technology transfer, revenue sharing, and conflict of interest among others play a very important role in any IP management. IRCC conducts workshops to enhance awareness on related issues. IRCC also provides templates and guidelines for the contracts, agreements and MOUs governing the effective exploitation of the IP produced by IITB. All such agreements and matters relating to confidentiality, infringements, damages, liabilities and compliance are administered by IRCC.