It's 2018 already. Wake up please in case you are still asleep. We can decant some freshly brewed coffee if you would like. Not a coffee person? Okay, that's fine. What would you like to prefer instead? We will wrap it up in a very short time. So, no worries.
27th September is the birthday and every year they celebrate it. The name of the company is google.com . You can search in the internet what that is in case if you don't know anything about the company. A couple of PhD students in Stanford University was working on their research project and later they founded the company called google.com. This company uses an algorithm which was patented by the university when those students were studying there. The university paid for the patent. After that, the university held the patent on that technology and gave license to Google.com to use under a multi year deal. $336 million at the end the university received. Did you know that a patent could render that much value? In pharmaceutical companies, it occasionally happens. What we are trying to showcase here is that the right nexus between industry and academia could bring a fortune for public and private universities. May be university officials need to take these things seriously. So many professors and students start companies based on some work they did in the university labs. That "some work" in the form of time, energy, money results in significant return on investment. In fancy business terms, those are called intellectual property. Intellectual property comes in so many different forms such as patents, copyrights, R&D data etc.
Did you know how many total patents Thomas Edison had? 2,332 patents!
Unless a right attitude is established, academic and industry professionals will always fall in the same old juggernauts widening the gap even further. This needs to be checked ASAP. These days, a lot of good research done in universities are not noticed properly by industry professionals. The total number of publications made from different departments in one university should lead to some value creation. In real scenario, less than 10% of those public funded research produces any return-on-investment. If it is done right, so much value could have been brought in the marketplace. From now on, please don't let those journal publications and conference presentations just sit and rot in the universities. In the end, the economists can add a little portion of that value in the GDP growth calculation. That will be cool!
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