OTL’s Contribution to Economic Development.
Historically, the mission of the Office of Technology Licensing has been to encourage innovation; enhance the Institute's research environment; manage, protect and commercialize the Institute's intellectual property; and provide service to the Georgia Tech community in all areas of intellectual property. Recently, however, there has been an increased focus on the commercialization function and its contribution to local and state economic development.
According to a recently published study by the Southern Growth Policies Board entitled “Innovation U: New University Roles in a Knowledge Economy,” Georgia Tech topped the list of universities considered by experts to be the best in the nation at contributing to state and local economic development. Specifically the report states “Georgia Tech has one of the more active and successful technology transfer programs in the nation, and one that is closely attuned to the economic development mission and entrepreneurial culture of the institution. In new licenses to start-ups in fiscal years 1998 and 1999 combined, [the Office of Technology Licensing] reported a total of 18, placing it in the 89th percentile in the total AUTM licensing survey sample….[The Office of Technology Licensing]ranks in the 94th percentile for total start-ups formed [via license agreements] and in the 95th percentile for in-state start-ups formed [via license agreements].”
Though not all Georgia Tech technologies are suited for start-up companies, the Office of Technology Licensing encourages and facilitates the formation of new companies based on Georgia Tech technologies when appropriate. Over the past decade OTL has licensed technologies that resulted in the formation of thirty-nine (39) companies, in twenty-seven (27) of those companies GTRC received equity as consideration for the license (see complete list of spinoffs on the enclosed insert).These companies represent the creation of hundreds of new jobs (many for Georgia Tech graduates) and millions of dollars of venture capital money. During this past fiscal year, three (3) newly formed companies were able to raise between them nineteen million dollars ($19 million) in equity financing.
The Office of Technology Licensing expects to continue its trend of leading economic development growth attributable to technology licensing. With recent increases in its professional staff and close collaboration with the recently formed VentureLabs, OTL is poised to accelerate its commercialization activities.
Kevin Wozniak, Associate Director.
