Founded on the premise that it is the role of the University to innovate to address the needs of society, Drexel University conducts use-inspired research that has led to an array of innovations, including bar codes and the use of ultrasound in biomedical imaging.
The role of the Office of Technology Commercialization at Drexel is to:
- Commercialize technologies created at Drexel for the public good
- Create and promote relationships between Drexel and its faculty with industry and the investment community
- Promote economic development at the local, regional and national levels
- Generate income to be shared with technology innovators and reinvest in the University’s educational and research programs
What We Do
The Office of Technology Commercialization fulfills many roles at Drexel. First, it manages the intellectual property that is created at the University. Second, it serves as a bridge between Drexel’s faculty, staff and students with the private sector. The staff work with Drexel researchers to identify new technologies that may have commercial potential, works with intellectual property counsel to secure patent or copyright protection and negotiates license agreements with industry, investors and entrepreneurs to bring those technologies to market. Much more detailed descriptions of this process may be found on the Technology Transfer Process page/Primer for Technology Commercialization at Drexel.
In addition, the Office:
- Negotiates Material Transfer Agreements
- Negotiates Confidentiality Agreements
- Negotiates Sponsored Research Agreements in conjunction with the Office of Research
Why We Do It
Universities have long been at the forefront of developing cutting edge technologies that have significant impact on society. Since the mid-1920’s, universities in the U.S. have sought to commercialize these discoveries so that industry might implement them in products and services that benefit society at large. With products as diverse as milk supplemented with vitamin D, recombinant DNA technology, MPEG compression and treatments for rheumatoid arthritis, the impact of university research is undeniable. In 1980, the Bayh-Dole Act was signed into law, and gave U.S. universities the right to commercialize the discoveries made with federal funding. Since its enactment, its impact has been undeniable, with the creation of more than 5000 new companies, thousands of products and billions of dollars in revenues for the companies that brought the technologies to market and the universities that created them.