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Milken Institute study finds Columbia number two university nationwide for technology transfer
A new study by the Milken Institute ranks Columbia University as number two in the country for commercializing science and technology emerging from university research labs. At the core of the Milken Institute’s ‘Concept to Commercialization: The Best Universities for Technology Transfer’ the Index uses key indicators of technology transfer, in order to compare public and private research universities’ success in fostering science - and technology - based economic development.
Expanding on Columbia’s high ranking, the Milken report highlighted Columbia’s “stellar performance across indicators”. The report’s analysis showcases Columbia Technology Ventures’ (CTV) prominence in getting these promising ideas out of the lab and into the market for the benefit of society. Each year, CTV manages more than 350 invention disclosures from faculty and graduate students across Columbia; executes over 100 license agreements within industry and over 20 new IP-backed start-ups. The revenues generated by these activities flow back to Columbia’s researcher capabilities, enabling an ongoing stream of new discoveries in the future.
The ‘Concept to Commercialization’ reports details how in doing so, CTV provides global benefits, creates significant returns for Columbia, and stimulates economic growth in the region. Emphasizing the tendency of regional economies to be the biggest beneficiaries of “knowledge spillover”, the report also recognizes that CTV's efforts have resulted in “hundreds of jobs in the greater New York City area.”
“We are pleased that Columbia’s efforts have been recognized by the Milken Institute report,” said Orin Herskowitz, Columbia’s Senior VP of Intellectual Property and Tech Transfer. “Inventions emerging from Columbia’s research labs have had a tremendous impact on society, whether via life-saving drugs for glaucoma, psoriasis, or cancer; medical devices such as heart valves and prosthetic shoulders; or technologies embedded in your DVD and BluRay players. We are particularly excited about the start-ups being created based on Columbia’s inventions, which have grown from roughly six per year back in 2008 to over 20 per year today. More and more of these start-ups are choosing to start and grow in the New York City region, collectively raising over $70M in venture financing in the past two years alone. Whether via licensing to industry, or as part of a start-up, it is incredibly rewarding to see those inventions make it to the market as effectively and efficiently as possible.”