Universities Are Vital To U.S. Innovation

U.S. universities are heavily invested in innovation and the commercialization of research results, according to a report from the Department of Commerce. The report, released last week by the agency’s Office of Innovation & Entrepreneurship, highlights the best examples of higher education efforts from a survey of 131 research universities and conversations with leaders of smaller colleges. It identifies five primary areas in which universities have created programs to support the innovation economy: student entrepreneurship, faculty entrepreneurship, technology transfer, industry collaboration, and engagement in regional economic development. For example, the University of Kansas’s RedTire initiative helps struggling regional businesses by linking them with graduate student or alumni mentors. And Cornell University trains faculty, staff, and students on intellectual property issues and their importance through “IP & Pizza” or “IP & Pasta” seminars. Commerce Secretary Penny Pritzker says, “The report provides an important look at higher education efforts to advance the innovation economy in communities nationwide.”