‘U.Va. Innovation’ to Foster new Ventures
U.Va. Innovation is a new University-wide initiative led by W. Mark Crowell, executive director of U.Va. Innovation and associate vice president for research, designed to enhance the activities of the University’s researchers and entrepreneurs and maximize the impact of innovative U.Va. discoveries on the global population and economy, by providing guidance and services supporting strategic partnerships, entrepreneurial networks, new ventures and technology commercialization.
“The new model for U.Va. Innovation accelerates successful technology commercialization, giving us the freedom to support projects that may not follow traditional paths and the flexibility to conduct successful partnerships with leading industry and other organizations,” said Crowell.
As part of the new model, U.Va. and the Patent Foundation, which will begin operating as the University of Virginia Licensing & Ventures Group. As its new name suggests, the Licensing & Ventures Group will emphasize the commercialization of University technologies through licenses with industry and other entities and through start-up companies, a mission Crowell said reflects the University’s vision for innovation.
U.Va. has also introduced a new formula for distributing income resulting from inventions and other projects that generate commercial revenue. The new formula addresses issues raised by more than 400 University researchers who participated in a survey conducted last spring, Straightiff said, by providing distributions based on a flat scale and including distributions to departments.
“U.Va. researchers and entrepreneurs have responded with high enthusiasm to this new structure as constituting an important shift for the institution in terms of promoting innovation and enterprise at every level of the University,” Crowell said, adding, “There’s never been a better time for members of the U.Va. community to get involved.”
