Duke University is embarking on a new initiative to create more economic opportunities by commercializing the scientific research of its faculty and staff.
In a press release, the North Carolina-based institution announced that its Research Translation and Commercialization effort will work to “accelerate new discoveries and create new companies, therapies and products” starting July 1.
“The university of the next century doesn’t just educate and discover, it helps drive the American economy by bringing new innovations to the marketplace. We are investing Duke’s resources and building new partnerships with donors and investors to raise our research and our commercialization to new levels,” said Duke University President Vincent E. Price in the statement.
According to Duke, the new initiative will accompany the Duke Science & Technology fundraising campaign that was recently launched by the school to attract and recruit research faculty.
The Office of Research will now be turned into the Office of Research and Innovation that will include departments such as Research Administration, Scientific Integrity, Translation and Commercialization, and External Partnerships.
The restructuring comes as the result of a study conducted by Duke leaders, trustees, and research faculty to bring their ideas to life through licensing agreements and start ups. The university will also seek to channel its alumni network to acquire C-level leadership and to grow its list of possible investors for new companies.
“I’ve never worked on an initiative where there was as strong a consensus that this ought to be done and that it can be done,” said Williams.
“By accelerating our efforts to commercialize Duke’s research ideas, we are simultaneously making this a more attractive place for the best faculty and students to work, and helping North Carolina and the United States compete and thrive in the knowledge economy,” added Duke’s Associate Vice President for Research and Innovation George Truskey.