Latest Report Shows Steady Strong Growth in New Companies Developed From USM Campus Technology Research
Md. (March 27, 2014) -- A presentation before the University System of
Maryland (USM) Board of Regents Committee on Economic Development and
Technology Commercialization today documented that USM institutions played a
role in the formation of 115 new companies during the first half of fiscal
2014, which concluded on Dec. 31, 2013.
These companies include 58 start-ups classified as "Tier I and "Tier
II" ventures. Tier I and Tier II companies are defined as being founded,
respectively, on a technology license from a university or by receiving considerable
support from university resources.
The USM remains committed to the priority outlined in the USM
Strategic Plan 2020 goal of creating 325 companies from the Tier I and Tier II
sectors in 10 years since tracking of these companies launched in July 2011.
Since that date, 176 companies Tier I and Tier II companies have
been started. The 58 new Tier I and Tier II companies in the first half of
fiscal 2014 substantially exceed the strategic planning goal of 16.25 new
companies to be formed during each six-month monitoring period.
"We are very gratified by the
recent success in the formation of new companies from the intellectual muscle
at USM institutions," said Regent Gary L. Attman, who serves as chair of the
Board of Regents Committee on Economic Development and Technology Transfer.
"Technology transfer and commercialization is such an important
endeavor for the entire system," Attman said. "Our recent success in this area
reflects a true turning point. The USM is moving beyond its traditional
strength in research to make previously unrealized strides in converting
research breakthroughs and entrepreneurial activity into an economic driver for
the state's economy. This is already leading to new jobs for Marylanders."
Recent changes in the academic review and tenure process reward
faculty for research innovations with potential for commercial development. As
part of a series of initiatives to accelerate entrepreneurship and innovation,
the USM has also combined the technological resources of the University of
Maryland, College Park flagship campus with the University of Maryland School
of Medicine, hired several new technology transfer professionals, and put a
process in place to regularly monitor new company formation.
The full report from today's meeting can be accessed here (item 5).
Contact: Mike Lurie