For Immediate Release
September 16, 2011
Contacts: Neil Tickner, 301 405 4622 or firstname.lastname@example.org
University of Maryland Accelerates Pace of Innovation, Technology Transfer
COLLEGE PARK, Md. - On the day President Obama signed into law the America Invents Act, the University of Maryland continued to accelerate its efforts to move the fruits of its research to market. Maryland President Wallace D. Loh has made innovation, entrepreneurship, and technology transfer a pillar of his new administration.
At his inauguration this year, Loh committed more funds to the task, announcing the creation of a new Center for Innovation and Entrepreneurship. As envisioned, the center will increase twelve-fold the resources spent by the university to develop promising research, providing a "one-stop concierge service," coordinating "under one umbrella the many idea-generation and venture creation activities on campus," Loh explained.
Since 2002, University of Maryland research has spawned roughly 40 firms. The University has now embraced an ambitious goal of creating 100 new firms within a decade.
In April, 2011 the University of Maryland joined more than 130 other national research universities in signing a letter to the U.S. Secretary of Commerce expressing the university's intention to develop and enhance campus-based activities relating to entrepreneurship, technology commercialization, and economic development.
The University's new vice president for research, Patrick O'Shea, is developing an aggressive plan to build the school's regional, national and global research profile, with an emphasis on multidisciplinary, large-scale collaborations with industry and government. O'Shea promises greater rewards for faculty innovation, and new initiatives to encourage entrepreneurship, tech transfer and commercialization.
Among the University of Maryland's expanding efforts to spur technology transfer and economic development:
"We know the President of the United States and the Congress are jointly committed to job creation," says Pat O'Shea, vice president for Research at the University of Maryland. "Through programs such as these launched by the University of Maryland, we hope to couple our actions with new initiatives in Washington, including the patent reform act, continued investment in basic research, and new business support programs, such as the StartUp America program, to create new ventures and jobs from university engagement with the community."
"The 1862 Morrill Act, which created the university land grant system, was really the nation's first technology transfer law," notes Brian Darmody, assistant VP for research and economic development. "As we approach the 150th anniversary of the Morrill Act, and as we confront the challenges of economic stresses both internationally and domestically, it is incumbent to use our university research system resources wisely to promote job and venture creation."
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