Research universities are economic engines for the state
August 9, 2013
Jefferson City - Missouri universities generated 172 patent applications, 11 start-up businesses and 306 new inventions in 2012. Washington University and the four campuses of the University of Missouri together have generated almost $40 million in cumulative royalties and licensing income since 2010, according to a new report by the Association of University Technology Managers (AUTM).
The four campuses of the University of Missouri System generated $6.7 million in adjusted gross income from licenses and royalties, nine startups, 33 patents and 74 patent applications in 2012.
Washington University earned $5 million in adjusted gross income, created two start-up businesses, received 22 patents and filed 98 new patent applications during that period.
The AUTM report helps measure the economic impact research institutions have on their communities and states. Nationally, the number of new startups increased 5 percent, and the number of licenses and options executed increased strongly by 5 and 8 percent respectively, for a total of 6,372 new technologies starting development at higher education institutions.
David Russell, Missouri commissioner of higher education, said the research and development that take place on college and university campuses have an economic impact on the state.
"Colleges and universities are generating new patents, cutting edge technologies and productive intellectual properties," said Russell. "As a state, we get a huge return on our investment in higher education."