U-M researchers report record number of inventions for FY '13
University of Michigan researchers reported 421 inventions in fiscal year 2013, a record that shows the growing engagement of faculty in tech transfer activities.
U-M Tech Transfer also recorded 108 licenses and options with existing and new businesses in FY'13, which ended June 30, compared to 123 in FY '12.
Participants mingle at the 2012 Celebrate Invention reception. This year's event recognizing the accomplishments of faculty and researchers engaged in technology transfer is Oct. 23. (Photo by Leisa Thompson)
Nine new startup ventures were launched in FY '13 with the guidance and resources of Tech Transfer's Venture Center, a one-stop hub for entrepreneurs and investors looking for startup opportunities based on U-M research. The center has launched 98 new companies in the last 10 years, an average of one every five weeks.
The university also reported that 128 U.S. patents were issued in FY'13, up from 101 in FY '12. Licensing revenues increased from $13.8 million to $14.4 million, providing funds to reinvest in research and innovation.
"It was another robust year of tech transfer activity," said Ken Nisbet, associate vice president for research—technology transfer. "This is a reflection of the high quality of our research discoveries, the effectiveness of our tech transfer team and our productive relationships with our industry, venture and community partners."
The university will recognize the accomplishments of faculty and researchers engaged in the technology transfer process Oct. 23 at the 13th annual Celebrate Invention reception. As in years past, the event will feature eight technology kiosks showcasing a selection of exciting new U-M technologies and startups, with the associated researchers and business teams providing hands-on demonstrations.
"This event is a great opportunity to highlight the creativity of the U-M research community and its commitment to the economic vitality of our state and our region," said Stephen Forrest, vice president for research. "As a university, one of our key goals is draw on the ideas, insights, and expertise emerging from our research enterprise to nurture the processes of innovation and entrepreneurship that drive our nation's economy."
Celebrate Invention runs from 3-6 p.m. at the Michigan League ballroom. Admission is free, but registration is required.