These precautions would include forbidding the Harvard Management Company (HMC) to sell that equity before a certain time. The committee would also prohibit the University from making direct investments in those firms, which are frequently cash-starved early in their history.
It would also require HMC to hold the shares in an account separate from all of its other investments.
According to Joyce Brinton, director of the Office for Technology and Trademark Licensing, offers of equity instead of cash for licenses are only made to the University about five times each year.
Brinton says that this particular recommendation of the committee has already been approved by the Corporation, the University's highest governing board.
Reaction
Most University scientists interviewed say they have yet to read the report, which was only completed about a month ago and is currently in the process of being distributed.
Even Dean of the Faculty of Arts and Sciences Jeremy R. Knowles, who is also Houghton professor of chemistry, says in a written statement that he has "read but not yet studied" the report, and declines to comment on its recommendations.
But those who have scrutinized the report say they're pleased by the results of the committee's work.
President Neil L. Rudenstine, who says he's read a draft of the report, hails it as "exactly on target."
"Unless the position is really very, very clear in terms of the integrity of the institution,...you could sign a lot of agreements, it would get you a lot more dollars for research, but it would not be the kind of fundamental research that we would feel happy training our students on," he says.
Green says the initial feedback he's received from members of the Corporation has been positive.
He says Geyser University Professor Henry Rosovsky in particular responded quite favorably to the report. Rosovsky did not return repeated phone calls seeking comment for this story over the last two weeks.
"It's a good report and I think it was important work," says committee member Patricia Tucker, director of awards management and resource information in the Office of Sponsored Research. "You do need clear guidelines in those areas, and some of the things are fairly new issues."