Royalties from patents on commercialized inventions and products bring in hundreds of thousands of dollars in income every year for Missouri University of Science and Technology.
During the fiscal year that ended June 30, 2019, Missouri S&T earned a record $698,223 in royalty income, a 32 percent increase over the previous year, and the cumulative royalty amount crossed the $5 million mark in fiscal year 2019.
This year, faculty and students submitted 54 new invention disclosures – a new record high. Invention disclosures are confidential documents submitted to the university when an invention may have commercial value or has the potential to be patented.
“These great numbers are the result of the hard work and creativity of Missouri S&T faculty, students and the technology transfer office staff,” says Keith Strassner, assistant vice-provost for business and technology development and director of the office of technology transfer and economic development (TTED). “This year we had 26 U.S. and foreign patents issued as well.
“This record was supported by John Woodson, senior licensing and business associate, and Casey Gideon-Saladin, paralegal and office support specialist, both a part of TTED,” says Strassner. “Thanks to their support, these inventions and the commercialization of them will impact the world for many years.”
TTED also continues to work with private companies on sponsored research agreements that transfer university intellectual property rights directly to the corporate sponsor. In fiscal year 2019, S&T staff entered into 14 such agreements. Since a policy change in 2013, the university has entered into 46 corporate sponsored research agreements with a value of over $4 million.
TTED serves as a hub 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. Find additional information about TTED at ecodevo.mst.edu.