If you have ever been inside an MRI scanner, had a vaccination, flown in an airplane powered by rocket fuel, or used the seatbelt in your car, then you have experienced the benefits of university research. Thousands of products used every day have sprung to life out of university research labs. But in recent years, when it comes to leadership in innovation, universities have ceded the limelight to the private sector. Although much university research is still potentially useful, it rarely sees the light of day beyond publication in a scientific journal. Most of the patents held in university patent portfolios never earn a cent in revenue. Only a tiny minority of researchers will ever run their own company and apply the technologies ...

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