10 Year Review - The University of Akron

eimbursed, 40% goes to the inventors and 10% to their research programs. Thus, as
we like to say, 50% is of direct benefit to the inventors. The remaining 50% is shared
with the department, college, and UARF.
We promoted inventions by recognizing inventors. We sponsored periodic receptions for
all inventors on campus and created an Inventors Wall of Fame displaying all patented
inventions with various colored stars indicating the range of licensing revenues
received. These efforts have been well-received by the faculty, and we have
experienced substantial growth in disclosures and patent applications.
We also experienced significant royalty revenue growth. Following the creation of
UARF, we approached a company that was successfully and legally using a UA
developed technology, but was not required to make payments reflecting the fair value
of the technology. We were able to upgrade the license and thus received a large onetime
payment which allowed for UARF to reward the inventors. This action generated
good will among the faculty and other stakeholders.
We spent considerable time with faculty inventors, seeking to understand the
technology opportunity and then developing a commercialization strategy. As a result,
we now have 61 technologies either licensed or optioned to license.
In our efforts to increase research funding, we specifically focused on industry-driven
research. We approached many companies to seek understanding of their challenges
and opportunities. UARF representatives asked, "What can we do for you?" One such
company was RPM International, a large holding company of several specialty coatings
and sealants companies (DAP®, Dayglow®, Rustoleum®). They were interested in
having experts help them source and exploit emerging technology. We formed a team
of UARF experts, primarily from retired industry personnel, to provide these innovation
services. The Research and Development managers of the RPM subsidiaries now have
their annual meeting at The University of Akron. We continue to report to them on our
innovation services, and in turn, learn about their challenges and opportunities. Our
team also meets periodically with subsidiaries at their locations. The effort with RPM
resulted in a joint venture startup company to develop a new product conceived in the
process. When UARF receives funds from sponsors and donors, the services are
typically performed by the University and other providers. Generally, UARF obtains an
equity interest in the new company.
As a result, we experienced overall research funding increases. There are 115 active
industry-sponsored research agreements and the number is increasing. The key to the
growth is the careful consideration of the challenges and needs of our individual
sponsors.
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