U of M Honored as One the World’s Best at Spinning Off Companies from Research
A recent Twin Cities Business story highlights the success and growth of the U of M's technology commercialization enterprise, which helps bring research-based innovations beyond the laboratory and into the market.
The Office for Technology Commercialization, which leads tech transfer efforts across the U, was recently named a finalist nominee for the 2018 "Tech Transfer Unit of the Year" award from London-based Global University Venturing.
Before the University of Minnesota established its Office for Technology Commercialization in 2006, there wasn’t much emphasis on entrepreneurism or spinning off new companies from the U’s vast range of research activities.
Known as “technology transfer,” it’s a process by which academic researchers partner with in-house business experts on how to license patented ideas, launch new companies, raise capital, enter markets and do all the entrepreneurial things that scientists may not otherwise be prepared for.
But since then — encouraged by state funding from various governors, lawmakers and others over the years who see U of M research as a unique engine for economic growth — things have changed drastically. And now, after helping launch scores of new tech companies over 12 years, the U operation has been named a finalist for an international award recognizing the best academic technology transfer units in the world.
... "We are thrilled to see the University of Minnesota receive global recognition as a finalist nominee for this award,” U of M vice president for research Allen Levine said in a statement issued to TCB. “It is a testament to our efforts, in our Office for Technology Commercialization and across our institution, to foster entrepreneurship, connect with the private sector and accelerate the transfer of knowledge to benefit the public good.”
Read the full story in Twin Cities Business.