Missouri University of Science and Technology set a new record for the most money generated from patent royalties on commercialized inventions and products. During the fiscal year that ended June 30, Missouri S&T brought in $540,396 in royalty income, more than double the amount received in 2013.
“The inventions and commercialization of products that resulted are a testament to the creativity of Missouri S&T faculty, post-docs and graduate students,” says Keith Strassner, technology transfer and economic development (TTED) director. “Not only are they working to solve real-world problems, but their efforts also have a significant impact on our campus and our state’s economy.”
Royalties paid to inventors and authors also set a record for Missouri S&T at $187,998. The portion of royalty funds that are returned to campus departments was $121,177, up nearly $25,000 over the previous year’s record-setting amount. Since the office’s founding in 2005, it has brought in $4.1 million in cumulative royalty funds.
“We have been pretty ambitious at meeting with faculty and encouraging them to pursue patents and licensing in addition to scholarly publication,” Strassner says. “We work with them to overcome legal hurdles that could delay publication. We’re here to help them do both if they want.”
During the past year, TTED received a record 47 invention disclosures, including five software disclosures, which is a new service TTED began providing last year. TTED filed 31 patent or copyright applications and had 14 issued patents and one registered copyright.
“Missouri S&T is ahead of our peers in terms of disclosures per million dollars of research expenditures,” Strassner says. Missouri S&T’s three-year average is 12.1 invention disclosures per $10 million in research expenditures. In comparison, Massachusetts Institute of Technology reports an average of 9.4 invention disclosures and Georgia Institute of Technology reports 6.2.
TTED serves as a focal point for technology commercialization, entrepreneurship, business development and economic development at Missouri S&T. Its mission is to grow Missouri’s economy by advancing technology commercialization, encouraging entrepreneurship and promoting business opportunities. Additional information about TTED can be found online at ecodevo.mst.edu.