Thanks for this. I did not know such a waiver existed. I searched the "Office of Research" website of my school, but I did not find any information regarding such a waiver. I will talk to a professor to see if my school has such a thing.

Also one of my professors said that schools don't usually go after students making companies with university related research. Unless the company gets really big. But if the company gets big, then they could easily settle with some cash.