LOS ANGELES, April 20, 2017 /PRNewswire-USNewswire/ -- The Milken Institute today released a new report ranking more than 200 universities across the United States for their prowess in developing basic research into new technologies, products and companies – a process known as "technology transfer."
"American economic vitality is fueled by invention," said Ross DeVol, chief research officer for the Milken Institute, who also authored the original 2006 study on the topic. "As a society, we understand our universities as the training ground for the next generation of leaders and doers, but we often overlook the benefits these institutions impart simply by bringing new ideas to life. Our study shows the impact of university research both locally and nationally is profound, and needs our support."
The report found that university research funding supports the creation of both middle- and high-skill industry jobs through innovation, commercialization and technology transfer, with varied and significant multiplier effects. As such, it makes four key policy recommendations:
Maintain basic scientific research funding. Basic research provides long-term economic benefits by allowing universities to take on research that has a low probability of quick commercial success, but potential to deliver a high reward and to create whole new industries.
Incentivize technology transfer through a new federal commercialization fund. The federal government should increase research funding under a special commercialization pool. Universities demonstrating greater commercialization success in the market should receive higher funding in this program.
Increase technology transfer capacity through federal matching grants. The federal government should commence a matching grant program with states to fund an increase in staff and resources in technology transfer offices (TTOs). Higher rates of academic entrepreneurship are essential to reviving declining start-up rates and productivity across the economy.
Increase technology transfer efficiency by adopting best practices. At the state level, policies should be implemented that incentivize the adoption of best practices in commercialization at public universities, including TTOs. Efficiency gaps between universities outside of the top 25 in our Technology Transfer and Commercialization Index should be narrowed
The top 25 institutions by ranking.
University of Utah
University of Florida
Brigham Young University
University of Pennsylvania
University of Washington
Massachusetts Institute of Technology
California Institute of Technology
Carnegie Mellon University
New York University
University of Texas System
University of Minnesota
University of California, Los Angeles
University of Michigan
University of Illinois Chicago Urbana
University of South Florida
University of California, San Diego
Arizona State University
University of Central Florida
University of Pittsburgh
North Carolina State University
DeVol, along with Milken Institute co-authors Joe Lee and Minoli Ratnatunga, ranked each university based on four standard indicators of technology transfer success: patents issued, licenses issued, licensing income, and start-ups formed, relying on data collected by the Association of University Technology Managers (AUTM) via the AUTM's Annual Licensing Activity Survey.
About The Milken Institute The Milken Institute is a nonprofit, nonpartisan think tank determined to increase global prosperity by advancing collaborative solutions that widen access to capital, create jobs, and improve health. We do this through independent, data-driven research, action-oriented meetings, and meaningful policy initiatives. milkeninstitute.org