Many of us who have the distinct pleasure to live and work in New York’s entrepreneurial ecosystem and/or Silicon Alley have no inkling of the staggering role its local academic institutions play in the realm of innovation, licensing, and start-up formation. I can tell you that until approximately six years ago I had no idea of the sheer scale of it all. It is certainly true that the majority of this output is in the realm of health sciences/biotech, but much is being done to stimulate entrepreneurship from engineering, computer science departments, the undergraduate ranks and the business schools. (More on this in subsequent posts).
Just look at these hard numbers:
Annual Research Funds: $1872 million
Annual Inventions: 643
Annual New Licenses and Options: 193
Total Active Revenue Generating Agreements: 566
Annual Gross Licensing Revenue: $509 million
Annual Number of Start-up Companies: 20
Number of Start-up Companies to Date: 188
Source: New York Academic Consortium (NYAC)
For Part Twenty in in this Series, click here