Rural regional economies, companies and entrepreneurs can successfully tap technology transfer services to accelerate growth and diversify their regional economy. However, these services are often lacking in rural areas. ViTAL Economy (VE) uses our extensive experience to fill the gap, helping your community learn how to transfer under-utilized technology assets from your universities to small and mid-size firms in your area.
Research shows that 90% of university-sponsored research that results in transferable intellectual property sits on the shelf and is never commercialized. This occurs because technology transfer offices are organized and rewarded for transferring technology assets that result in multi-million dollar royalties. Regional economies need to be able to leverage technology transfers that pay smaller royalties, but that nonetheless create sustainable small firms and high-value jobs in their region.
Each VE Journey offers a technology innovation-asset mapping process that matches appropriate industry sectors with research resources to facilitate technology transfer. The VE technology transfer service addresses the primary barriers that prevent university labs from transferring technology to small and mid-size firms. These barriers include:
Technology organizations’ limited understanding of the process needed to facilitate the transfer
A lack of consistent communication between regional incubators, entrepreneur programs and the innovation centers
Difficulty connecting with entrepreneurs to integrate technology into their firms and bring the new technology-enabled products to market
VE uses best-practice metrics to assess technology transfer and commercialization programs. The most successful university technology transfer/commercialization programs adhere to these 11 best-practice principles:
University research and technology focus
Federal research laboratory linkages
Fostering regional economic development
Access to early stage capital
Existence of innovation centers
Linkages between incubators and R&D Parks
Relationships with corporations and foundations
Taking a long-term perspective
We invite you to explore how VE’s Technology Transfer Strategy can add vitality to your regional CED strategy, create sustainable growth and expand regional prosperity. Contact us.