Blending business and legal acumen, a group of law firms, venture capitalists and academics on Monday unveiled a model term sheet for life sciences startups looking to license intellectual property from universities.

Cooley, Goodwin Procter and Wilson Sonsini Goodrich & Rosati teamed with nearly 20 universities and venture firms to develop a template with terms and clauses that could be used in most situations. It aims to streamline licensing agreements and, ultimately, bring therapeutics and medical devices to market faster.