NC S701

Establishes state ownership of intellectual property developed by state employees during work hours, within the scope of employment, or using state-controlled facilities.

Creates joint state and local government ownership of intellectual property developed by local government and public school employees using state or local facilities or during work hours.

Grants the State a security interest in royalties from intellectual property or information technology capabilities developed by vendors using state or local funds, facilities, or resources, with compensation terms to be specified in contracts.

Requires the Governor to set implementation policies and directs universities, community colleges, the Department of Public Instruction, and local governments to adopt intellectual property and inventor guidelines for their respective institutions.

Designates all state data, information, and records created to protect intellectual property and information technology assets as confidential and not subject to public disclosure under Chapter 132 unless the Governor directs release to serve the public interest.