UMass Brings In $73M In IP Revenue | Another $47M and counting from federal stimulus
The University of Massachusetts made $73 million in licensing income from its intellectual property during the 2009 fiscal year, far exceeding the $37 million its intellectual property generated a year ago.
UMass Medical School was largely responsible for the dramatic increase in license income.
The school received a $30 million upfront payment for the licensing of a drug developed at the school’s Massachusetts Biologic Laboratories.
The university expects that the 2009 total will put UMass among the top 10 intellectual property income earning universities in the country.
Jack M. Wilson, UMass president, said the success in “intellectual property commercialization” reinforces the fact that the university’s researchers are among the “most outstanding” in the world.
He said the type of research and discovery work being done in UMass laboratories “will drive economic renewal and recovery in the state and across the nation.”
According to the Association of University Technology Managers, UMass has ranked in the top 15 in the country in intellectual property income.
Universities generate intellectual property by patenting faculty discoveries and inventions.
Companies that seek to use those discoveries and inventions in order to include them in commercial products pay universities licensing fees to do so.
Universities also generate income by taking on equity in those companies and selling stock in those companies as they become more successful.
UMass also had a successful year bringing in grant funding for researchers. University faculty submitted more than 400 research proposals for funding from the American Recovery and Reinvestment Act.
To date, 65 UMass projects have been awarded $47 million in grant funding under the act.
More awards funded by the economic stimulus package are expected over the next several months.
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