The Intellectual Property Committee operates on the basis of a statement of duties and operational rules, which were revised by the University Council and the chief executive of the Landspítali University Hospital in February 2013. The work of the Intellectual Property Committee is based on the Act on respecting employees' inventions no. 72/2004, and the main legal principles of Icelandic labour law. The University of Iceland and the Landspítali University Hospital place a great deal of emphasis on the transfer of technology in the interests of society. The role of the Intellectual Property Committee is to encourage staff and doctoral students to transfer technology from research results.
Staff and students conducting research at the University of Iceland or the Landspítali University Hospital must consider the possible applications of that research. Staff members or students who believe that research results entail a new invention/innovation which could lead to a patent, or that technology could be transferred in another way, must notify the Intellectual Property Committee of the invention/innovation. Staff/students must seek the opinion of the Intellectual Property Committee if they are in doubt over whether a project falls under the committee's purview.
Since 2008, the Intellectual Property Committee has been involved in the founding of ten companies. These are: Oxymap, Akthelia, Oculis, Lipid Pharmaceuticals, Risk, Þróunarfélagið Stika, Hugarheill, iMonIT, Marsýn and Fiix greining. Additionally, the University of Iceland owns a share in Lífeind, which was founded in 2001.