The University of Utah Technology Transfer Office has collected more than $1.1 million in revenues during its first two years of operation, a 600 percent increase in invention-related receipts for the U. over the previous two years.
The revenues have resulted from the licensing by private companies of inventions and new technologies U. researchers have developed, said Norman A. Brown, director of the office.In addition to higher revenues from technology transfer, the number of inventions disclosed by U. faculty members nearly tripled in the same period, he said, climbing from 25 in fiscal 1986 to 72 in fiscal 1988.
Of the $1.1 million in new revenues, nearly half has been used to repay the deficit accrued under the former Patent and Product Development Office, said Brown.
Inventors received $225,000, in keeping with the university's policy of sharing revenues with individuals who create new technology.
Another $138,000 has been awarded to academic departments where the new technologies were created, and $236,000 has been used to cover the expenses for filing patent applications on the new inventions.
Brown said the amount of money submitted for filing patent applications is about 250 percent greater than the amount previously allocated to patents, and greatly improves the attractiveness of the university's inventions to private industry.