This is exactly what I did my summer project in. Amazing isn't it.
I was involved in market research and in the board suggesting recommendation to a University filed patent. I have few more thoughts on this side. I will write about this more when I get some time. read below from WSJ
More Universities Increasing Support For Campus Start-Ups - WSJ.com
Often, when a technology is developed on campus, a university signs a licensing agreement with the developers, which may include royalties for the university, an equity stake, or a combination of the two. Stanford, located in the heart of Silicon Valley, hit the jackpot when it licensed key technology from Google, the search engine developed on its campus by Ph.D. students Sergey Brin and Larry Page. Last year, Stanford made $336 million by selling Google stock it owned as part of that deal.