The Semiconductor Research Corporation, and North Carolina State University announced plans Thursday to begin the joint licensing and commercialization of some intellectual property and inventions produced by their partnership.

Rather than granting royalty-free, non-exclusive worldwide licenses to private companies that are members of the SRC and sponsor research at NCSU, SRC and NCSU said selected inventions would be licensed with both receiving revenues from any commercialization.

According to a statement from NCSU and SRC, the university, the SRC and SRC member companies will locate and agree on terms to sublicense one or more companies able to commercialize an invention. The company taking the idea to market doesn’t have to be a SRC member. Patent costs will be paid for initially by SRC and recovered later. Net licensing revenues will be divided among the participating firms.

SRC has its headquarters in Research Triangle Park and has funded some $500 million in university research at more than 70 universities.