The University of Michigan reported 421 new inventions in fiscal year 2013. University of Michigan's Tech Transfer program reported 108 licenses and options with existing and new businesses in the same period of time. According to the University of Michigan News Service, interest in technology transfers among faculty is on the rise.
"It was another robust year of tech transfer activity," according to Ken Nisbet, associate vice president for research–technology transfer. "This is a reflection of the high quality of our research discoveries, the effectiveness of our tech transfer team and our productive relationships with our industry, venture and community partners."
The Michigan Daily pointed out that these technology transfers come in many different areas, from naval engineering to dentistry. The success of the technology licensed to business entities takes some time to determine, but some inventions that have come from the University of Michigan are already successful. One of these is FluMist, a nasal spray alternative to the traditional influenza vaccine, that arose from the Tech Transfer program.
The university brought in $14.4 million in licensing revenues in fiscal year 2013, demonstrating the financial as well as technological value of the inventions of faculty and researchers.