UF Among Universities Growing Startup Companies and Royalty Revenue
DEERFIELD, IL: According to survey results from the Association of University Technology Managers, universities and their inventors earned more than $1.5 billion from royalties (earned on the sales of products) generated from academic research in the 2011 fiscal year. According to the survey highlights, 186 universities responded to the survey, reporting 671 startup companies formed in fiscal 2011 with 487 located in the licensing institution’s home state. The summary also reported that 4,899 licenses were executed, 591 new commercial products created and 13,271 new patent applications were filed.
A related article in The Chronicle of Higher Education by Goldie Blumenstyk noted that the University of Florida started 12 companies in fiscal 2011, as reported by David Day, Director of the Office of Technology Licensing. Day noted that UF is investing in facilities and programs to help incubate new companies and foster innovation. These include the recently opened Innovation Hub and plans for a residence hall for students interested in entrepreneurship. The article noted that Northwestern led all schools in terms of earnings, with the 10-campus University of California system, Columbia University, New York University, and Princeton University accounting for over half of the earnings of all institutions.
The College of Engineering at Florida has embraced innovation and entrepreneurship under the leadership of Dean Cammy Abernathy. This includes forming the Engineering Innovation Institute, under the leadership of Mr. Erik Sander, with related coursework and activities.