Article via Phoenix Business Journal
Licensing technologies and commercializing products and services can be a big moneymaker for universities.
Consider the University of Florida, where researchers have amassed more than $1 billion in royalties just from Gatorade after inventing the product more than 50 years ago.
What started as a simple solution to keep football players hydrated on the field turned into the official sports drink of the National Football League that put the Gators on the map.
That culture of invention is alive and well at Arizona’s three public universities — Arizona State University, University of Arizona and Northern Arizona University. While none of the three state universities have yet to make $1 billion on a licensing deal, they are on track to save lives and make the world a better place to live.
Arizona’s university system plays a critical role in Arizona’s economy and future growth, said Todd Sanders, CEO of the Greater Phoenix Chamber of Commerce.
“Our state universities are leading the way for innovation and promoting Arizona as a state where cutting-edge research happens, entrepreneurs flourish and our workforce meets the demands of business,” he said.
