The University of Michigan (U.Mich.) recently released a report intended to serve as a roadmap for colleges and universities looking to learn best practices for bringing products of federal research out of the lab and into the marketplace. The report, called Maximizing Innovation and Technology Commercialization of Federal Research Investments, was produced by the University of Michigan with funding from the National Institute of Standards and Technology . It surveys commercialization practices at 59 Innovation and Economic Prosperity Universities, as designated by the Association of Public and Land-grant Universities. Findings include the following best practices (as drawn from the U.Mich. announcement):
- A university with a strong cultural emphasis on innovation has leadership that promotes its value both internally to the university and its faculty, as well as externally to the surrounding community.
- Strong technology ecosystems are dependent upon champions—experienced professionals with industry and commercialization backgrounds—assisting in the maturation of a technology through expert guidance and mentorship.
- Research career incentives are vital to motivate and reward new ideas, while resources provide the necessary environment for continued growth.
- Cross-organization collaborations are necessary throughout the process to foster ideas and improve outcomes.