But don't tell them that someone is interested in your technology. If I were you, I would find out about the status of the IP (who owns, how old it is, etc.) an

But don't tell them that someone is interested in your technology. If I were you, I would find out about the status of the IP (who owns, how old it is, etc.) and try to find out if the university is interested in it or not. If they are not interested in it, ask them to sign over the IP to you outright. After you personally own the IP, you can do whatever you want with it, and it will be the universities tough luck that they weren't able to capitalise on the IP when they had it - they've had their chance. I know of three university spin-out companies that have had IP they developed assigned over to them because the university wasn't interested, upon which successful companies have been formed. Also, I don't know about tech transfer offices in the states, but in the UK, they are completely incompetent. I wouldn't waste my time or effort in trying to negotiate a licensing deal. You probably could have re-written it by then!