Medical device company Boston Scientific (NYSE:BSX) was the 1st to sign up for a master research agreement with the University of Minnesota under the school’s Minnesota Innovation Partnerships initiative, which aims to streamline industry-funded research projects.

The MN-IP initiative represents the university’s new management of intellectual properly that arises from industry-university partnerships, and the master agreement aims to make concerns about liability, publication and other standards painless and consistent.

Medtech giant Boston Scientific plans to partner with U-Minn. on programs spanning everything from talent recruitment and training to research, calling the MN-IP approach "a much more efficient and innovative way to approach a university partnership," Boston Scientific cardiac rhythm management vice president Randy Schiestl told the university.

"With this master research agreement, Boston Scientific and university researchers will be able to spend more time planning and performing research and less time on red tape,” says Tim Mulcahy, university vice president for research. “This is an important milestone in the university’s efforts to work more effectively with the business community, and we look forward to expanding what is already a very productive relationship with Boston Scientific.”

The MN-IP program provides pathways for for-profit industry groups to sponsor research at the school and obtain exclusive property rights to any resulting technology. By providing a template for sponsorship, the school aims to reduce the need for lengthy negotiations over intellectual property rights.