It depends entirely on your contract. Which, if it's a template, will usually have a clause or annex saying the University wholly owns it, which you signed ages ago before this became a consideration. This is particularly the case with student contracts, which is somewhat understandable given the University (likely indirectly) funded the research and stipended the student, and is in-part to guard against students that might enter a lab and seek to steal IP rather than generate it, because it avoids a who-invented-what argument.
Universities, though, are typically happy to (re-)negotiate a split with staff, or have a stated policy of revenue split (which usually increases in the university's favor the larger the venture, to around 50/50) if you seek to spin-out a company, because they're not oblivious to the fact that unless you're incentivised to push the commercial aspect forwards, they'll own 100% of (commercially) nothing.
You'll probably have an IP office at your Uni that can help, though I'd read your contract carefully in advance and devise a plan for exactly what you intend to do in financial/corporate terms, particularly if some form of up-front investment will be required. They will probably be somewhat used to rolling their eyes at another PhD that thinks they have a great idea but are incredibly naive with respect to what it will take to get it to market, particularly in terms of indirect cost. If you have a brilliant idea and a balance of $0, you've unfortunately only done the easy bit so far.
Typically, if you created the IP while you are employed at a university, your IP is owned by the university.
If there is royalty from commercial activity, some cost of commercialisation will be taken out and the remaining will be distributed in a apportioned rate between all the IP inventors and contributors. Generally, the IP inventors will be those named in a patent to protect the IP.
There will be a policy on the uni website will details all matters on IP. Have a read.
Regarding student IP, that may be different in different uni or even countries. The policy of the uni that I was part of stated that the IP generated during a PhD project generally is owned by the student unless the defining concept/idea and enabling data came was jointed created by the student and others.
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