Press Release
College creates Office of Technology Development
Functions of MCW Office of Technology Development transferred and scope expanded
Oct. 1, 2007 World issue - The Medical College of Wisconsin has created a new Office of Technology Development (OTD), which will oversee the College's technology transfer process, including patenting, marketing and licensing of new technologies.
The new office, which will be imbedded within the College, will have greater flexibility in negotiating contracts with business and industry as it incorporates and expands on the activities formerly handled by the MCW Research Foundation, a not-for-profit subsidiary of the College, which will end operations.
The OTD will be led by Joseph Hill, PhD, who has been named Vice President.
"As part of our restructuring of technology transfer, we will financially support additional research on new technologies discovered at the College" said T. Michael Bolger, JD, MCW President and CEO. "We also want to promote a culture of academic entrepreneurship in which Medical College faculty, postdoctoral fellows and students think broadly about their research, not only how they can successfully compete for grants and space in peer-reviewed journals, but also in the broader marketplace for ideas for new drugs, diagnostic tests and medical devices."
The Medical College is one of a growing number of academic institutions, including Harvard University, Cornell University and the University of Texas, that have recognized the broader goal of technology development.
"The ability to patent and license the technology is necessary but not sufficient," Dr. Hill said. "Technology transfer activities must be woven into the fabric of the academic research institution."
In FY 2007-08, the Office of Technology Development will fund "proof-of-concept" research projects - whose objective is to examine one or more practical applications of the underlying fundamental discovery. These data will increase the likelihood that the technology will attract the needed commercial partners.
Dr. Hill added that as a separate organization, the MCW Research Foundation was unable to negotiate research collaborations with industry on behalf of the Medical College. The OTD will be able conduct these negotiations.
"Through the creation of the Office of Technology Development, the College recognizes that the scope of activities within this office is broader than previously perceived when the Foundation was established 30 years ago," said Dr. Hill. "Technology transfer activities need to be imbedded within the College and be part of the research enterprise. We need to be aligned with the strengths of the institution and cognizant of the emerging programs in order to better leverage the interest and support of the business sector."
Over the past three years, the technology transfer process through the Research Foundation has increased technology marketing and licensing activities.
More than 200 new invention disclosures were filed by more than 300 faculty members in 32 College departments and divisions. A total of 550 companies were contacted, resulting in the transfer of 15 technologies into the commercial sector; 11 more agreements are being negotiated. During the same time period, the College also helped launch eight new start-up companies.
This core activity will continue under the umbrella of the OTD.