News and Events > CU’s Technology Transfer Office Releases Report for the Fiscal Year Ending June 31, 2003

CU’s Technology Transfer Office Releases Report for the Fiscal Year Ending June 31, 2003

BOULDER, August 22, 2003 - The University of Colorado is clearly on the right trajectory for creating a world-class technology transfer operation. Early indications of positive improvement are evident in the recently released CU Technology Transfer Office (TTO) annual report, which shows technology transfer activity at CU is becoming an increasingly critical asset for the University and the Colorado economy. Today, CU's inventions are moving into the commercial sector faster than ever before and the pace of growth is expected to continue to increase.

University technology transfer is generally recognized as an important driver for a dynamic technology economy. This is particularly true in the bioscience industry. For example, the Governor's Office of Innovation and Technology's strategic plan for bolstering the biotechnology industry, called Colorado's Place in the Sun: An Action Plan to Grow Colorado's Bioscience Cluster, specified a number of actions that must occur for Colorado to garner the medical and economic benefits of this emerging industrial sector. One prevalent theme throughout the state biosciences plan is the role that research institutions must play in the development of robust biosciences economies. AS stated in the state biosciences action plan, the nation's preeminent bioscience regional economies such as Boston, San Diego, Seattle, the North Carolina Research Triangle and Washington D.C. have a history of ".engaged research organizations with active leadership across research, technology commercialization and industry partnerships."

"The role of technology transfer, which facilitates the transformation from laboratory result to commercial value, is the catalyst for many of these growing bioscience clusters," said David Allen, Associate Vice President for technology transfer for the CU System.

In the past 12 months, US patent applications increased considerably (from 46 to 62), twice as many companies were formed based on CU's intellectual property (from 3 to 6), and licensing transactions increased from 24 to 33. "If there were no technology transfer efforts to guide inventions from laboratory to marketplace - connecting the inventor to the appropriate industry leader - most of these inventions would be sitting idle," said CU president Elizabeth Hoffman.

The TTO annual report is framed from the perspective of the June 2002 Strategic Plan for the Technology Transfer Office. The activities and accomplishments of the full fiscal year after the report was releases are discussed. Overall, the strategic focus of 2002 is retained and incremental adjustments are suggested. Performance metrics are compared to aggressive goals posed in the 2002 strategic plan and targets are specified for the 2003/04 fiscal year. Accomplishments of the companies in the CU IP portfolio are discussed so readers can understand the impact that CU intellectual property has created at the level of licensee companies.

David Allen stated, "Many different communities are participating in the transformation of technology transfer at CU." "The TTO is striving to bring students and the business community into the technology commercialization process to help TTO staff and inventors." "The state of Colorado has some awesome entrepreneurial and technical resources and if technology transfer at CU is to really shine, we need to leverage those resources".

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