In a unique collaboration among universities, Penn and Arizona State University have entered into a three-year partnership to assist each other in commercializing the technologies developed by their researchers.
According to a news release from ASU, the new relationship will allow the two universities to leverage each other's expertise in certain fields.
The partnership was especially attractive because of the complementary nature of their technologies.
For example, by bundling together an invention from the Penn Medical School faculty and another from ASU's drug therapy program, the universities hope the package will bring in greater licensing revenue than before.
Any income the agreement earns will be shared by both universities.
However, the two technology arms of the institutions, Arizona Technology Enterprises at ASU and the Center for Technology Transfer at Penn, will remain sole owners of their respective intellectual property.
This is not the first tech transfer alliance that ASU has joined. They already have partnerships in place with Dublin City University in Ireland and Tecnologico de Monterrey in Mexico.
Both organizations, AzTE and the CTT, believe the technologies developed by university faculty should be utilized for the good of the public.
"This latest collaboration with Penn, along with those established with partner universities in Mexico and Ireland, constitutes an alternative pathway to commercialization of university technology in the public interest," said AzTE managing director Augustine Cheng.
- Travis Winkler
