Last modified: Tuesday, September 21, 2004
IURTC, no longer IU ARTI, expects to set revenue record
BLOOMINGTON, Ind. -- It's expanding and setting records. Now, Indiana University's agent for science and technology transfer and business development has a new name -- the IU Research & Technology Corporation, or IURTC.
"We'd been considering a name change for quite some time," said IURTC CEO and President Mark Long. "We believe 'IURTC' represents our evolution into a driving force for economic development in the state of Indiana and also ties our organization more closely to Indiana University."
Formerly known as the IU Advanced Research & Technology Institute, or ARTI, IURTC's new name was announced by IU President Adam W. Herbert in his State of the University address last week.
Today, Long says he expects IURTC to set a new license revenue record for itself in FY 2004: $8.8 million. IURTC reported $5.4 million in license revenue the previous year.
According to a recent report by the Association of University Technology Managers, IURTC's FY 2003 performance in this area ranks it seventh among similar agents for 11 Big Ten universities, ahead of Purdue, Penn State, Northwestern and Ohio State. In that fiscal year, IURTC was responsible for forming four new businesses, which tied for third in the Big Ten ranking.
The technology managers' report also shows that IU ranked fifth in the Big Ten in license revenue per licenses executed in FY 2003. IURTC targets intellectual property that has a high use potential in the public domain and has value to both the public and the university.
"It's true that we are highly selective," Long said. "But we also believe there continues to be tremendous potential for us to uncover many new great inventions and patentable ideas. Indiana University employs researchers from around the globe who, through their work, produce increasing amounts of valuable intellectual property for the public good."
IURTC provides access to IU's technology expertise, expands Indiana's R&D and technology infrastructure, and creates collaborative environments to advance Indiana's technology future.
To speak with Mark Long, call 317-278-1901 or e-mail email@example.com.