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Growth of University inventions continues |
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Matt Lockwood |
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Mar 11, 2008 |
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Universities around the country, in particular The University of Toledo, continue to make great progress in transferring novel ideas and technologies from laboratories to the marketplace.
According to UT’s annual report on technology transfer, when results are adjusted for research expenditures, UT has more invention disclosures, more licenses executed for each full-time employee, and more spin-off businesses than many other big name schools, including Stanford, Michigan, Ohio State and Johns Hopkins.
“I’m not sure most people in Toledo, much less here at the University, are aware that UT continues to make noteworthy progress in building a thriving tech-transfer enterprise,” said Dr. Dan Kory, associate vice president for technology transfer.
For example, from 2002 to 2007, the number of license agreements per year grew from six to 19, total license agreements jumped from 34 to 75, and revenue skyrocketed from $235,000 to $848,000.
The Office of Research Development has hired two new staff members, Mark Fox, a technology associate who will “walk the halls” seeking new invention disclosures, and Samuel Giles, a licensing associate, to further promote the University’s licensing efforts.
The new hires have allowed the office to develop a “lab to launch” process that helps to more quickly identify opportunities and to allocate patent dollars more efficiently.
The efforts support the University’s strategic plan to provide leadership in the rejuvenation of the economy of northwest Ohio.
“One of our tech-transfer goals is to create new businesses to support the Science and Technology Corridor and impact the regional economy,” Kory said. “With two startups each of the past four years, based on research levels, the University is creating new companies at a rate four times the national average.”
And as those companies mature, they will begin to provide more equity and cash returns to the University that it can then re-invest in more startup companies.
Meanwhile, efforts continue at UT to enhance policies and procedures regarding technology transfer and commercialization.
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