Maximizing Innovation and Technology Commercialization of Federal Research Investments: Best Practices at Innovation and Economic Prosperity Universities

Abstract

Research universities and Federal Research Labs (FRL) are the cornerstone of American innovation. The country’s national competitiveness depends on these institutions to increasingly perform, translating research into the innovative products the country needs.

Understanding how to best facilitate translating research into the market is complex. Practitioners understand that research translation is both an art and a science, requiring a careful balancing act among research, its funding mechanisms, government, and industry. Critical to building on the successes of research translation is understanding gaps in the processes, incentives, and support systems, as well as opportunities for growth.

This study explored best practices in technology commercialization across public research universities designated by the Association of Public & Land Grant Universities as “Innovation & Economic Prosperity” universities, or “IEP universities.” When best practices are documented and understood, it results in more information shared, gaps filled, commercialization sped up, more companies formed, and research more rapidly benefiting society. In addition to helping solve the nation’s technical challenges, universities are relied upon by their regions for economic health and market diversification.