IMPACT: A Proposal for Realizing the Economic Potential of University Research
The University of Southern California recently collaborated with thought leaders at other major research universities, as well as partners in industry and non-profit sectors to develop a proposal outlining a way for the federal government to accelerate the path to market for breakthrough innovation arising from academic research.
University research has formed the foundation for many of the most significant technological advancements and industry creation, including the internet and biotechnology. As such, universities play a crucial role in the innovation pipeline for the country. Unfortunately, many of these world-changing ideas face major financial and feasibility hurdles on the path from lab to market, and thus are left on the shelves of academe, waiting to be discovered.
IMPACT is a pilot initiative that would invest a small amount of federal funding to coax existing research results into the U.S. commercial marketplace through ten local demonstration sites. Funding would equal $2 million per year, per university, for five years. These local sites would nurture a culture of entrepreneurship within each university, create and enhance the innovation ecosystem around each university, and provide the resources necessary for researchers to effectively translate their ideas into societal impact. The three key components of each program would be: gap funding, community-building, and mentoring and education, though other aspects are welcome. The results would be measurable, reproducible, and scaleable.
Today, we have a great opportunity for economic and societal impact through ideas generated at major research universities.
Many leaders have contributed to this paper. If you are interested in sharing your thoughts, or contributing support for this proposal, please contact us.
ABOUT US
