QUT sues start-up VALD Performance for royalties after tech success
One of Queensland’s top universities is suing a successful tech business that it helped create, claiming it is owed royalties.
Tertiary
Don't miss out on the headlines from Tertiary. Followed categories will be added to My News.
The Queensland University of Technology is suing one of its prolific start-up success stories for alleged unpaid royalties.
QUT Bluebox, a subsidiary of QUT set up to transform research into successful commercial prospects, is seeking more than $474,000 from VALD Performance, a highly-successful sports technology company.
VALD commercialised technology developed by QUT’s sport science researcher Dr Tony Shield and former QUT PhD student Dr David Opar.
The duo invented a product called the NordBord, a hamstring testing system designed to be used by elite athletes.
Now with a suite of sports testing products, the company’s clients include more than 800 sport and health organisations including NBA teams, English Premier League teams, AFL teams, NRL teams and NFL teams.
But despite being one of the most successful companies to be born out of the university, District Court records show QUT has been engaged in a lengthy battle over alleged unpaid royalties since last year.
A university spokeswoman said “VALD is one of a number of companies that QUT bluebox has supported through a combination of start-up investment and the licensing of intellectual property”.
“The matter before the courts relates to unpaid royalties under the licence agreement, which as at 1 Jan 2021 is $474,417.
“VALD has not paid QUT Bluebox any royalties to date. All stakeholders have been kept informed of the issue.”
QUT confirmed it is still a shareholder in the company – which The Courier-Mail understands is worth as much as $10m – and also confirmed it recently sold a portion of its share.
The university is also seeking to secure future royalties, also understood to run into the millions of dollars.
“The discussion about future royalties is because VALD have been seeking to renegotiate the terms of the original license with QUT Bluebox,” the QUT spokeswoman said.
“QUT Bluebox holds shares in VALD from a combination of our original investment and the licencing of the QUT intellectual property.
“QUT Bluebox sold a portion of those shares in a commercial transaction.”
Queensland Investment Corporation – the Queensland Government’s investment arm – also has a stake in VALD.
Earlier this year Premier Annastacia Palaszczuk was spruiking VALD’s success during a visit to their factory, saying they were a rising Queensland sports tech company making waves across the globe.
“VALD is a great example of homegrown talent doing incredible things here and abroad,” the Premier said.
“VALD is selling Queensland developed diagnostic devices to many of the biggest names in world sport and giving coaches the edge in tailoring athlete specific training and recovery programs.
“VALD is a great example of the significant sport tech industry we want to build as a Brisbane 2032 legacy.”
A trial is scheduled for March 2023.
Treasury Casino to be transformed into new university campus
Exclusive new renders have revealed what Brisbane’s historic Treasury Casino will look like, as it’s new owners Griffith University reveal the next move. FIRST LOOK
Sweeping changes to QTAC following offer round debacle
Crisis management training will be brought into the state’s tertiary admissions centre as it aims to avoid a repeat of last year’s offer round chaos which left thousands of students in limbo.