IRays Teknology Ltd. is the corporate hub for academic institutions to help students to utilize their academic training through internship, research, and eventually to get employment and create opportunities for graduates to spin off their own company. Academic institutions need to interact more with industry as well as governmental and nongovernmental organizations, in terms of consultancy, research contracts and commercialization of inventions resulting from innovations and research findings. Through such center, academic institutions will create a separate hub for commercialization of inventions by students and faculty members and thus acts as a source of alternate revenue stream. Industry and other public institutions will increasingly see such collaboration as a source of new technologies as well as expert support for their tasks of product, process and policy development.
Currently most of the academic institutions do not have intellectual property policies in place with which to safeguard their interests in managing collaborative research activities. Particularly issues are related to ownership, disclosure and the distribution of income in the event of an invention being commercialized.
IRays proposes to make guidelines on how to handle various issues related to commercial exploitation of intellectual property generated by universities and R&D institutions. The issues addressed include coverage of intellectual property policy, ownership, disclosure of inventions and licensing as well as distribution of income.
Goal: IRays proposes to establish Equity Innovation Fund (EIF) in the academic institutions to assist faculty innovators to promote their start-up business through equity participation and incubation. The goal is expected to create and facilitate technical job opportunities, and promoting Research & Development (R&D) for engineering students. An obvious outcome of EIF is to enhance private-public-partnership (PPP) and to make the engineering graduates compatible with national and international needs and requirements.
Mission: Equity Innovation Fund (EIF) is a kind of venture among the private and public universities to encourage aspiring faculty innovators with start-up equity fund and incubators to promote their business. EIF, a venture capital, will offer equity support to projects in promising and prospective technical areas.
IRays Teknology Ltd. has been incorporated by Joint Stock Companies & Firms, Bangladesh on April 27, 2011, under the companies act (Act XVIII) of 1994. IRays Teknology Ltd. is engaged and dedicated to innovation of technologies, machineries and products to be used in jute industry in Bangladesh. Currently, IRays is focusing to manufacture CNC Autodrill machine to be used for the jute industries. One of the most essential processes for raw jute processing is called carding. Carding is a mechanical process that disentangles, cleans and intermixes fibers to produce a continuous web or sliver suitable for subsequent processing. IRays Teknology Ltd. successfully invented CNC Autodrill machines back in 2011 to make wood staves for the breaker and finisher sections of the existing carding machines used in jute industries. IRays CNC Autodrill machines are capable of drilling staves three times faster than the manual process of making the staves with higher degree of accuracy and precision. IRays Teknology Ltd. also has a state-of-the-art “4-Cutter Wood Molding Machine” imported from China. As a result IRays is fully capable of supplying high quality commercial staves to the jute industries in Bangladesh with customized cutters to manufacture various kinds of staves with specified curvature and dimensions.