Summary
Louisiana State University established the LIFT Fund to support the commercialization of faculty innovations, allocating a portion of IP licensing income to sustain the program. In its first round, the fund awarded over USD 500,000 to 15 projects, while a supplementary Re-LIFT2 program was introduced for promising but initially unfunded proposals. The LSU Board of Supervisors has now approved an additional USD 2 million for the LIFT2 Fund, reinforcing LSU’s commitment to transferring research into the marketplace. These initiatives aim to bridge the gap between research and commercialization by providing critical support for further development and prototyping.
Louisiana State University (LSU) has doubled its commitment to technology transfer and research commercialisation with an additional USD 2 mn allocation to the LSU LIFT Fund, the university’s flagship programme for moving faculty innovations from the laboratory to the market.
Background: The LSU LIFT Fund
In January 2014, LSU established the LSU LIFT (Leveraging Innovation for Technology Transfer) Fund to offer bi-annual competitive grants to faculty members. The objective was to bridge the gap between basic research and commercial application. Under the scheme, the Board agreed to channel 5 percent of the university’s future IP licensing income into the fund on an ongoing basis.
Round One Outcomes and Round Two Progress
In the first funding round, the programme attracted 47 applications, of which 15 grants were awarded, with total funding of over USD 500,000 directed towards further commercialisation of faculty innovations. Round two was under way at the time of this report, with awardees expected to be announced in January 2015. In October, the Research Park Corporation launched a USD 250,000 LSU Re-LIFT2 programme to assist applicants who had not secured funding in Round one but held promising projects.
New Investment Approved
The LSU Board of Supervisors subsequently approved the injection of an additional USD 2 mn into the LIFT2 Fund. LSU President and Chancellor F. King Alexander stated:
LSU faculty conduct research that has important impact on people’s lives. With the launch of the LIFT2 Fund and now the extended commitment to transfer research innovations into marketplace, LSU continues to demonstrate that our research can enhance the lives of people in Louisiana and the nation.
Significance for Technology Transfer
Technology transfer initiatives such as the LSU LIFT Fund address the long-standing gap between basic research and commercial deployment. By funding further experiments and prototyping, the programme provides the intermediate support that innovations require before they can attract private investment or licensing interest.
Disclaimer
This article is for general information and does not constitute legal advice. Readers should consult a qualified attorney before acting on any matter discussed here.