The University of Minnesota recently announced it has signed a license agreement for an ecommerce framework that will enable the university to transfer technologies to startups.
The framework, called Commerce and Search for Technology Transfer, enables technology transfer offices to make their technologies available for licensing online. The service offers an online, searchable database that can be accessed by startups and entrepreneurs looking to acquire license agreements for new technologies.
According to the University of Minnesota, the service enables universities and other research institutions to adopt a new approach to moving their technologies to the market. Many technologies are suitable for business but are not developed to a market-ready point by universities. The service, according to the university, enables technologies to be advertised as attractive opportunities for startup businesses.
Rick Huebesch, technology manager for the university's Office of Technology Commercialization, said the service's adoption is a "great story for the university's OTC." According to Huebesch, CaSTT will be used "to market and license" the university's research technologies in a way that also helps local startup companies.