Commercialization Fund: IDPO Staff Enhancement

Technology developed at universities and teaching hospitals has been an engine for economic growth at those institutions that have the resources to identify, develop and market new technologies. According to the Association of University Technology Managers' 1999 survey, public benefits and economic impact from university inventions included: . Over 417 new products introduced in FY 1999 . At least 344 new companies were formed, 82% of them in the state of the academic institution that licensed the technology As a part of the Greater Lexington Area New Economy Plan, prepared at the request of Dr. Bill Brundge, UK has targeted growth in research and increased technology transfer to biotechnology and bioengineering-related businesses. To help achieve that goal, we plan to retain a marketing and business development specialist whose primary responsibility will be to market to locally-sited small businesses capable of developing biotechnology ~md bioengineering technologies developed at Kentucky's universities.