The University of Georgia Research Foundation announced this week that its licensing revenues increased to $23.75 million in fiscal year 2008, an increase of 47 percent from the last year. This is the seventh straight year that revenues have increased.
UGARF’s success in technology commercialization placed it among the top 10 public universities in the nation in 2006. UGA is expected to rise further in national ranking based on FY08 licensing revenues. In addition to the substantial increase in licensing revenues, 22 new products developed under license from UGA came to market last year, bringing the total since 2001 to 99.
“Our ranking is a reflection of the diversity and high quality of research at the University of Georgia, and increasingly, our efforts to deliver the benefits of our technologies not just for the benefit of Georgians, but to people around the world,” said Sohail Malik, UGARF technology commercialization director.
UGARF technologies ranging from new therapeutics and food safety to new peanut varieties and turf grasses are licensed in countries on all continents except Antarctica.
The 1980 Bayh-Dole Act created a framework and a set of incentives through which university research could significantly contribute to the public benefit by working with business and industry. From the vast research output of universities, companies were able to license the rights to new, commercially viable technologies quicker and easier than ever possible before. At the same time, universities and their faculty members were able to directly benefit from those licenses.
“We serve the UGA community by connecting industry with university expertise and inventions for the public good, promoting economic development and increasing research visibility,” Malik said. “The vast majority of university research is distributed freely to the public via publications and presentations and always will be. The revenues obtained from licensing are reinvested to support basic research programs, and in times of tight budgets we are grateful to have them.”