BLOOMINGTON, Ind. -- The Indiana University Research and Technology Corp. was named Tech Transfer Unit of the Year by Global University Venturing, an analytics organization that tracks university startups and funds created to invest in university startups.
During the awards ceremony May 22 in London, the presenters noted the combination of IURTC's enviable record of starting and growing successful businesses, its reorganization and collaboration with the university's Office of the Vice President for Research, and the creation of the IU Philanthropic Venture Fund as key to earning the top spot.
"What an honor to receive this award and be nominated in the company of other great U.S. and international organizations like Johns Hopkins Technology Ventures and Oxford University Innovation," said Tony Armstrong, president and CEO of IURTC. "We knew, based on our past work commercializing the innovations of IU faculty, that the reorganization and the creation of the IU Philanthropic Venture Fund would be transformational. It's wonderful to see this forethought and collaboration recognized at an international level."
While technology transfer activities, such as applying for intellectual property protection, were run through IURTC for its first 20 years, in 2017, the organization worked with IU's Office of the Vice President for Research to establish the IU Innovation and Commercialization Office. This new office opened in July 2017 and operates within the Office of the Vice President for Research.
Following the reorganization, in February 2018, the IU Philanthropic Venture Fund was officially launched. The fund is evergreen and provides early-stage capital to establish and grow IU startups.
"The IURTC has really become more outward-facing, strategic, and capable of interacting with our partners in novel and innovative ways due to the reorganization," said Bill Stephan, IU vice president for engagement and chairman of the board of the IURTC. "Coupled with the new capital provided by the IU Philanthropic Venture Fund, we've been able to enhance our entrepreneurship activities among faculty, staff and students and accelerate the commercialization of IU discoveries."
About Indiana University Research and Technology Corp.
IURTC catalyzes entrepreneurial activities at Indiana University and provides support for IU innovation-based startup companies. It advises and connects IU startups to capital and commercialization partners, industry mentors and leadership talent. It also develops appropriate programming and startup space to accelerate company growth.
About Indiana University Innovation and Commercialization Office
Indiana University Innovation and Commercialization Office is tasked with the protection and commercialization of technology emanating from innovations by IU researchers. Since 1997, IU research has generated almost 3,000 inventions resulting in more than 4,500 global patent applications. These discoveries have generated more than $142 million in licensing and royalty income, including more than $115 million in funding for IU departments, labs and inventors.