Commercializing University Technology and the Role of Start-Up Companies
Commercializing University Technology and the Role of Start-Up Companies
Universities are a rich source of scientific innovations. Translating these innovations into high-impact products and services involves commercialization of the innovation. The Bayh-Dole Act of 1980 gave universities control over the commercialization process. As such, technology transfer offices (TTO) have been established at most universities. Their role is to both protect the innovation through patents and copyrights and license the innovation to an entity for commercialization. Heretofore, most of TTO’s have focused on licensing to large, established companies. Only in recent years have they turned to licensing to startups, many of which are founded by the inventor-faculty. Furthermore, many universities are going beyond licensing to develop programs supporting these faculty-founded startups, with the hope of achieving return on their investment, retaining and recruiting talented faculty, creating jobs, and fulfilling their mission by helping to solve significant problems such as un-met medical needs.
Keywords: Bayh-Dole Act, Licensing, Technology Transfer, Commercialization, Entrepreneurship, Intellectual Property, Translation
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