The University of Bristol in the U.K. recently announced the availability of intellectual property developed by colleges and universities. The goal of the initiative is to expedite the process of development after scientists and other researchers complete projects at universities.

Some companies are skeptical to develop items created by universities, as they are often "too early-stage for a company to risk investment," Alison Campbell, director of innovation at King’s College, said in a release. With the new IP project, companies can look into new methods or products developed at colleges before directing funds toward future development.

"We welcome new mechanisms that open up the opportunities for engagement between industry and academia, and transfer new technology into the marketplace quicker," Malcolm Skingle, director and academic liaison at GlaxoSmithKline, said in a release.

“While sharing IP through traditional methods and licensing will still be appropriate in some instances, this new approach presents another way for universities to drive the development of new technology," he continued.

According to a release from the university, the project, dubbed Easy Access IP, is the result of an initiative started by Bristol, the University of Glasgow and London's Kings College. The U.K.'s Intellectual Property office awarded the universities 80,000 pounds in March to become open innovation universities.