I think this means inventions created using the school's equipment/resources/money/property. Not for any old thought in your head.
In theory but academia is famous for this shit, if his idea makes money they'll use dozens of tax-funded lawyers to get a piece or more likely all of it. Better off to tell the whole world for free, you still won't make any money but you'll get the recognition, you'd be in better shape than Shaw.
Well, I get 37.5% after their out-of-pocket costs are covered. So that's not too bad, but as this isn't part of my research I don't think they can lay claim to it (but I know universities have a major asshole reputation about this stuff).
If you have to use the schools equipment to develop the idea take the 37.5% and disclose everything. You will come up with many more ideas in the future. That is not a bad return if the school is fronting the costs on equipment and promoting.
Yeah, and taking all the risk of filing the patent, etc. It's not bad, and by my grad student agreement I'm prevented from having an actual job outside of school, so it's not like I could market it myself - I'd have to get the patent together, hire the patent attorney, and find a company to license it to.
They could "own" it and sit on it--prevent you from going forward, basically.