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'''''<u>=Background</u>'''''=
'''''<u>=Overview – A Focus on Industry and Collaboration[[#_ftn1|'''<u>[1]</u>''']]</u>'''''=
'''''<u>=Student Entrepreneurship</u>'''''=
'''''<u>=Faculty Entrepreneurship</u>'''''=
'''''<u>=University Technology Transfer Functions</u>'''''=
'''''<u>=University-Industry Collaboration</u>'''''=
'''''<u>=Regional and Local Economic Development</u>'''''=
'''''<u>=Deep-Dive Questions</u>'''''=
'''''<u>=Conclusion</u>'''''=
[[#_ftnref1|[1]]]Comments By '''JILDA D. GARTON''', Vice Provost for Research, General Manager, GTRC and GTARC
[[#_ednref1|[i]]] New Entrepreneurship & Innovations Programs: [[www.gatech.edu/newsroom/release.html?nid=66014]]
[[#_ednref2|[ii]]] New Entrepreneurship & Innovations Programs: [[www.gatech.edu/newsroom/release.html?nid=66014]]
[[#_ednref3|[iii]]] The Office of Industry Collaborations and Affiliated Licenses (ICAL): [[www.industry.gatech.edu/about/about-ical/]]
[[#_ednref4|[iv]]] Economic Impact of University System Reaches $13.2 Billion: www.usg.edu/news/release/economic_impact_of_university_system_reaches_13.2_billion
[[#_ednref5|[v]]] Tech's Economic Impact on Georgia: [[www.gatech.edu/budgetupdate/economics.html]]
no edit summary
In April 2010, more than 140 leaders from higher education endorsed and submitted a letter to then Commerce Secretary Gary Locke through his National Advisory Council on Innovation and Entrepreneurship (NACIE). These leaders, including Georgia Tech’s president, G.P. “Bud” Peterson, committed to work more closely with industry, private foundations, investors, and local, state, and federal governments to promote innovation, entrepreneurship, and the commercialization of research results. Underlying their commitment was a willingness to employ strategies, enhance existing activities, and expand efforts in several areas, including:
For a select few institutions, including some who did not sign the NACIE letter, OIE has conducted a more thorough exploration of their strategies and initiatives. The goals of these “deep dives” are to discuss the historical and cultural context for the relevant work being done at leading institutions, highlight innovative practices, and uncover future trends. Through this exploration, OIE will be better equipped to advise on policies and develop future programs.
The Georgia Institute of Technology (Georgia Tech), a public research university in Atlanta, Georgia, is part of the University System of Georgia. Established in the 1880s on the heels of the Industrial Revolution, Georgia Tech’s mission has always focused on assisting industry. For example, the university’s basic and applied research efforts have been instrumental for the global aerospace industry, with Georgia Tech scientists playing key roles in the development of radar and other flight technologies. Georgia Tech focuses intently on the basic-to-applied research continuum throughout its comprehensive research programs in engineering, physical and life sciences, computing, and policy. Georgia Tech’s Strategic Vision and Plan ([http://www.gatech.edu/vision www.gatech.edu/vision]) infuses a focus on innovation and entrepreneurism across the spectrum of basic and applied research as well as in its educational programs. Viewed in broad themes, research at Georgia Tech includes work in:
*Big Data;*Biotechnology and Biomedicine;*Electronics and Nanotechnology;*Manufacturing, Trade, and Logistics;*Materials;*National Security;*Paper and Science Technology;*People and Technology;*Public Service, Leadership, and Policy;*Robotics;*Sustainable Infrastructure and Energy; and*Systems.<br />Georgia Tech’s culture embodies a collaborative approach. It enlists outside partners and contributors including academic, governmental, industry, and nonprofit institutions in an effort to better understand and ensure the benefit of research to the nation. In 1937, Georgia Tech established what is now the Georgia Tech Research Corporation (GTRC), an internal outpost for engineering experimentation and entrepreneurial applications of engineering, science, and technology. Georgia Tech also operates the oldest and largest university-based business incubator in the United States, the Advanced Technology Development Center, which was established in the 1980s to provide a range of services and facilities for entrepreneurs to launch and build new companies. Recognized by Forbes in 2010 ([http://www.forbes.com/2010/04/16/technology-incubators-changing-the-world-entrepreneurs-technology-incubator_slide_9.html www.forbes.com/2010/04/16/technology-incubators-changing-the-world-entrepreneurs-technology-incubator_slide_9.html]), the Advanced Technology Development Center has graduated 143 new companies, which have helped create millions of dollars in revenues and which together have attracted nearly $2.5 billion in capital activity. Capital activity includes venture capital funding, other investment, and the value of mergers and acquisitions.
Georgia Tech incorporates several strategies to ensure that it continually improves and expands its services to industry. To ensure it meets its fiduciary responsibilities and maintains public trust and confidence, the university continually strives to reduce bureaucratic barriers and modify underperforming initiatives. For example, the university has launched the Georgia Tech Integrated Program for Startups, GT:IPS™, which combines a streamlined licensing program with organized support for faculty and student inventor-entrepreneurs. The program provides information and education for entrepreneurs to help them form stronger, more successful companies, and the streamlined GT:IPS license agreement helps simplify negotiations and “take the drama off the table.”
Below is an enumeration of several Georgia Tech programs and initiatives that support the five buckets in the NACIE sponsored university commitment letter.
Students at Georgia Tech are an active part of research and discovery. In fact, over 70 percent of invention disclosures name one or more students among the inventors. As part of a broader effort to foster innovation and entrepreneurship within its student community, Georgia Tech has several initiatives, including:
*'''InVenture™ Prize[[#_edn1|'''[i]''']] —''' An annual competition that inspires undergraduate teams to create inventions that will be judged by experts for more than $30,000 in cash prizes from Georgia Tech and sponsoring corporations. First and second place winners receive patent filings funded by GTRC, and in March 2011, a “People’s Choice” award was sponsored by NCR Corporation.
*'''Ideas to SERVE (I2S)''' — An annual competition of ideas where creativity, imagination, and the use of technology are applied innovatively to solve community and social issues and sustain the environment. Started as a specialty track of the Business Plan Competition in 2009, I2S has quickly grown into a separate event, contributing to Georgia Tech’s portfolio of programs that foster entrepreneurship. I2S is open to Georgia Tech students and recent alumni.
Georgia Tech has several awards and programs to incentivize faculty to mentor graduate students, or themselves, to pursue innovative research and entrepreneurial ideas. These include:
*'''Bio-impact Commercialization Team (BCT)[[#_edn2|'''[ii]''']] —''' An initiative focusing on research in biomedicine whereby faculty members and the venture capital community work closely with experts in the biomedical device space to facilitate translational research and commercialization. The Wallace H. Coulter Foundation will fund the BCT’s translational research and development projects.
*'''The Georgia Tech Fund for Innovation in Research and Education (GT FIRE)''' — A program that facilitates planning for large extramural proposals — those of strategic value to the Institute that have more than $500,000 in direct costs per year—and provides support for feasibility studies of transformative ideas in research and/or education. This past spring, faculty submitted 42 transformative proposals, from which three research-related ideas and four education-related ideas were selected for funding.
*'''The Georgia Tech Research Corporation (GTRC)''' — The contracting entity responsible for several of the university’s tech transfer and licensing processes. GTRC also aims to accelerate the formation of robust Georgia Tech spinout companies and broaden participation in entrepreneurship among faculty and students. In addition, GTRC has revised master agreement terms and developed new template agreements to meet the needs of industry sponsors as technologies progress in development ([http://www.industry.gatech.edu www.industry.gatech.edu]).
*'''University-Industry Demonstration Partnership (UIDP)''' — An activity of the National Academies that works to demonstrate innovative approaches to research engagement and improve relationships with private industry for research and commercialization of inventions. Georgia Tech has been a member and active participant since the UIDP was founded in 2005. The recently published ''Researcher Guide'', a collaborative effort of UIDP university and industry members, provides information for university and company scientists and engineers who wish to engage in sponsored or collaborative research.
*'''The Office of Industry Collaborations and Affiliated Licenses(ICAL)''' (ICAL)[[#_edn3|[iii]]] — An organization that works in close coordination with faculty, academic units, and university offices, including the Office of Sponsored Programs, Office of Innovation Commercialization and Translational Research, Enterprise Innovation Institute (EI²), and Advanced Technology Development Center, in their partnerships with private industry to help promote industry-sponsored research and further technology commercialization. Types of agreements facilitated by ICAL include nondisclosure, industry collaboration, consortium, memorandum of understanding, center bylaws, testing, and SBIR.
An economic impact study by the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business[[#_edn4|[iv]]] indicates that Georgia Tech made a $2.3 billion economic impact during the fiscal year 2011, the highest of any institution in the University System of Georgia (USG). The study also found that Georgia Tech generated 18,640 full- and part-time jobs. Most of the economic impact in the study consists of initial spending by USG institutions for salaries and benefits, supplies and expenses, and other budgeted expenditures, as well as spending by students who attend the institutions.
Georgia Tech also impacts the local and regional economy in several others ways, including:
*Research partnerships with business and industry in the state of Georgia and throughout the Southeast[[#_edn5|[v]]];*Economic development services to help make Georgia’s small and medium-sized businesses and communities more innovative and efficient;*The more than 48,000 Georgia Tech alumni who live and work in the state;*Research labs that produce more than 300 invention disclosures annually;*A strong patent portfolio, ranked eighth among the top 124 universities according to the 2009 Universities Patent Scorecard;*Spinning off an average of ten new companies a year;*The Economic Development Authority i6 grant, which we received in 2010 to support innovation and entrepreneurship and boost the quality of high-growth startups in the region. EDA funding has helped advance economic development activities through Georgia Tech’s University Center of Excellence and also through a recent Jobs Accelerator award, where Georgia Tech partners with Gwinnett Tech to prepare students for work in health information technology.; and
*EI<sup>2,</sup> which serves Georgia through a network of industry specialists located in nine regions throughout the state. These specialists provide local businesses with direct technical and engineering assistance, professional education courses, networking opportunities, and connections to Georgia Tech resources.
During fiscal year 2011 alone, Georgia Tech’s Enterprise Innovation Institute (EI<sup>2</sup>):
*Evaluated 219 Georgia Tech innovations and helped form 17 new companies based on this intellectual property, which attracted nearly $100 million in investment;*Helped manufacturing companies reduce operating costs by $35 million, increase sales by $191 million, and create or save 950 jobs through the Georgia Manufacturing Extension Partnership program, a program funded by the National Institute of Standards and Technology Manufacturing Extension Partnership, the state of Georgia, and industry clients.;*Assisted 493 start-up technology companies through the Advanced Technology Development Center. These companies attracted nearly $100 million in venture capital investment and mergers/acquisitions.; and
*Helped Georgia companies win $492 million in government contracts, creating an estimated 9,843 jobs through the Georgia Tech Procurement Assistance Center.
*Is innovation an integral part of Georgia Tech’s institutional culture?
*How does your institution leverage (or intend to leverage) geographic endowment?
*Are your innovation, entrepreneurship, and tech transfer programs integrated?
<ul style="list-style-type:circle;">
<li>Why, or why not?</li>
</ul>
The Georgia Institute of Technology is a top-10 public research university and an Association of American Universities (AAU) member school. Jilda Garton’s comments have been instructive in better understanding Georgia Tech’s many entrepreneurship, research, and technology transfer programs, in addition to the impact of the NACIE commitment letter in framing Georgia Tech’s strategic plans and institutional culture.
The Office of Innovation and Entrepreneurship welcomes thanks Georgia Tech’s assistance with this case study and looks forward to a continued close and collaborative relationship in building America’s innovation infrastructure.
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<br/>Source: "The Innovative and Entrepreneurial University: Higher Education, Innovation & Entrepreneurship in Focus", Department of Commerce, October 2013.
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[[Category: Deep Dives]]
