If your institution provides services to the business or social community, being prepared on the intellectual property issues may help you to avoid any unnecessary conflict and maximise opportunities.
Colleges and universities have traditionally focused on their core activities of teaching and research. Over the last few years, however, there has been a shift towards supplementing these activities by providing services to the business and social communities. This paper can be accessed in pdf format here - Business and Community Engagement - Prepare to Engage - BCE.