UMass Intellectual Property Commercialization Revenue Jumps to $41 million for FY2007, Increasing By $13 Million Over Previous Year
BOSTON- The University of Massachusetts today announced it generated approximately $41.4 million in revenues derived from the commercialization of its intellectual property in fiscal year 2007 across its five campuses, surpassing its previous institutional record of $28.7 million in fiscal year 2005.
The UMass $41.4 million in licensing revenue stemmed from the incorporation of University technologies in novel drugs, educational software products, research tools and other important technologies in many fields. It also included one-time sales of stocks acquired through University licensing consideration. For fiscal year 2007, University of Massachusetts research resulted in 174 invention disclosures, 106 patent applications, and 78 technology licenses across the University's five campuses.
"We pursue knowledge and innovation not only for their own sake, but also to build a stronger economic future for Massachusetts, and to bring to fruition discoveries that have the potential to shape better lives for people across the globe. Surpassing $40 million in intellectual property commercialization revenue is a significant milestone. In addition to attracting and retaining faculty that are among the top-tier of researchers in their fields in the world, we think it's important to provide an environment that fosters our researchers' ability to bring cutting-edge discoveries to market," said University of Massachusetts President Jack M. Wilson.
The University of Massachusetts was a relatively late starter in this area, forming its licensing office in 1994 but it then demonstrated continued, aggressive growth over 13 years. Over the last 12 months, income from its intellectual property grew by approximately $13 million. This result stems from the efforts of the University's licensing professionals from the Office of Commercial Ventures and Intellectual Property (CVIP) who work closely with faculty members to identify technologies that have commercial potential and seek protection for these technologies through technology licenses. CVIP then helps market these technologies to interested companies and investors. The licensees typically help further develop these early-stage, innovative technologies and turn them into commercially viable products or processes. The collaborative University CVIP effort involves campus-based and University-wide staff.
The University also promotes new company formation and job creation in Massachusetts, and thereby helps maintain the Commonwealth's position as a leading developer of cutting-edge technologies. University CVIP, with the assistance of the Massachusetts Technology Transfer Center (MTTC), has worked with faculty, new management and financial investors to facilitate the creation of new University affiliated start-ups. In recent years, UMass start-ups have included ACT (Amherst), Konarka (Lowell), Polnox (Lowell), RXi (Worcester), Encapsion (Lowell) and most recently SunEthanol (Amherst).
The record earnings were reported today to the University's Board of Trustees Committee on Science, Research and Technology.
The office of Commercial Ventures and Intellectual Property (CVIP) is a UMass initiative that is responsible for establishing this link between the University and industry. More information can be found at www.cvip-umass.net.
The University of Massachusetts was established in 1863 as the Massachusetts Agricultural College and it became the University of Massachusetts in 1947. With campuses in Amherst, Boston, Dartmouth, Lowell and a Medical School in Worcester, the University's annual research expenditures exceed $400 million and more than 58,000 undergraduate and graduate students are enrolled in degree programs across all academic disciplines.
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