I want to turn my college project into a business venture, but there are some complications : startups

I am engaged on a software program challenge for one in every of my lessons and I need to take it and switch it right into a enterprise enterprise. The issue is, per their institutional insurance policies, all individuals concerned are “Lined Individuals,” and thus our work is owned by the establishment (supply: https://www.vanderbilt.edu/faculty-manual/part-iii-university-principles-and-policies/ch4-policy-on-technology-and-literary-and-artistic-works/).

My professor has hinted that we are able to apply some kind of licensing/patent/and many others on the challenge earlier than posting it, which might then permit us to virtually copy it, make some small (if any) modifications to it, after which have the ability to use this copy for financial acquire.

I am a pc man, very a lot not a authorized man, and I do know nothing of those types of issues. Does this all sound correct? If that’s the case, what licensing/patent/and many others do you all recommend? I perceive that authorized issues can at all times be disputed, however I assume my objective is to provide myself the most important benefit if it ever went to court docket.

tldr; engaged on a software program challenge in school class, i need to begin a enterprise with it, and that i need to personal it fully with my companions and push out my school.