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The economic impact of licensed commercialized inventions originating in university research

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  • Roessner, David
  • Bond, Jennifer
  • Okubo, Sumiye
  • Planting, Mark
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    Abstract

    The purpose of this article is to estimate quantitatively the contribution that university licensing makes to the national U.S. economy. As regions and nations face increased economic problems, they seek ways to augment opportunities for economic growth and to identify areas where public funding can be cut. It is now well-recognized that the research university can be a significant engine of economic growth and job creation. University research and research-related activities contribute in many important ways to modern economies: notably through increased productivity of applied R&D in industry due to university-developed new knowledge and technical know-how; provision of highly valued human capital embodied in faculty and students; development of equipment and instrumentation used by industry in production and research; and creation of concepts and prototypes for new products and processes, which may have some unexpected and large social and economic impacts. Yet clear documentation of the proportional contributions these make to economic growth remains elusive. This article provides detailed estimates of the economic impact on the U.S. national economy of one core university activity – licensing of university inventions to industry.

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    Bibliographic Info

    Article provided by Elsevier in its journal Research Policy.

    Volume (Year): 42 (2013)
    Issue (Month): 1 ()
    Pages: 23-34

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    Handle: RePEc:eee:respol:v:42:y:2013:i:1:p:23-34

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    Web page: http://www.elsevier.com/locate/respol

    Related research

    Keywords: University research; Economic impact; Technology commercialization;

    References

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    1. Nelson, Richard R, 1986. "Institutions Supporting Technical Advance in Industry," American Economic Review, American Economic Association, vol. 76(2), pages 186-89, May.
    2. Mowery, David C. & Nelson, Richard R. & Sampat, Bhaven N. & Ziedonis, Arvids A., 2001. "The growth of patenting and licensing by U.S. universities: an assessment of the effects of the Bayh-Dole act of 1980," Research Policy, Elsevier, vol. 30(1), pages 99-119, January.
    3. Vincett, P.S., 2010. "The economic impacts of academic spin-off companies, and their implications for public policy," Research Policy, Elsevier, vol. 39(6), pages 736-747, July.
    4. Joshua Drucker & Harvey Goldstein, 2007. "Assessing the Regional Economic Development Impacts of Universities: A Review of Current Approaches," International Regional Science Review, , vol. 30(1), pages 20-46, January.
    5. Alvin K. Klevorick & Richard C. Levin & Richard R. Nelson & Sidney G. Winter, 1993. "On the Sources and Significance of Interindustry Differences in Technological Opportunities," Cowles Foundation Discussion Papers 1052, Cowles Foundation for Research in Economics, Yale University.
    6. Feller, Irwin & Ailes, Catherine P. & Roessner, J. David, 2002. "Impacts of research universities on technological innovation in industry: evidence from engineering research centers," Research Policy, Elsevier, vol. 31(3), pages 457-474, March.
    7. Salter, Ammon J. & Martin, Ben R., 2001. "The economic benefits of publicly funded basic research: a critical review," Research Policy, Elsevier, vol. 30(3), pages 509-532, March.
    8. Mansfield, Edwin, 1998. "Academic research and industrial innovation: An update of empirical findings1," Research Policy, Elsevier, vol. 26(7-8), pages 773-776, April.
    9. Mansfield, Edwin, 1991. "Academic research and industrial innovation," Research Policy, Elsevier, vol. 20(1), pages 1-12, February.
    10. Rosenberg, Nathan & Nelson, Richard R., 1994. "American universities and technical advance in industry," Research Policy, Elsevier, vol. 23(3), pages 323-348, May.
    11. Jerry G. Thursby & Marie C. Thursby, 2007. "University licensing," Oxford Review of Economic Policy, Oxford University Press, vol. 23(4), pages 620-639, Winter.
    12. Arundel, Anthony & Bordoy, Catalina, 2008. "Developing internationally comparable indicators for the commercialization of publicly-funded research," MERIT Working Papers 075, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
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