Universities Transform Students and Researchers Into Entrepreneurs
Universities Transform Students and Researchers Into
Entrepreneurs
In recent years, university technology
transfer offices are shifting the focus of trying to license university
inventions directly to the private sector to helping faculty and student
inventors form startups around the inventions. Technology transfer offices are
changing, in part, to fill a gap in research funding created by the recession
of 2008-2009. Another contributing factor to the shift is that prime industries
for licensing (like agricultural companies and pharmaceuticals) are more risk
averse and less willing to spend money on research and development. Various
university funding mechanisms have emerged to help facilitate the shift toward
support for the formation of startups. As one of the leaders in direct
investment in startups, the University of California systems established a $250
million venture capital fund, and also runs numerous incubators and accelerator
on its various campuses. Boston University's Office of Technology Development
offers university startups access to funding through a "gap fund,"
which helps entrepreneurs develop proof-of-concept prototypes. Additionally,
the University of Wisconsin system benefits from the efforts and $2.8 billion
endowment of the Wisconsin Alumni Research Foundation, which provided $60
million in research grants to university researchers.
From "From Ivory Tower to Incubator:
Transforming Students and Researchers Into Entrepreneurs". Reuters
(09/15/15) Fitzgerald, Michael
Link: Universities Transform Students and Researchers Into Entrepreneurs