Summary
Louisiana State University has established the LSU LIFT Fund to facilitate technology transfer by providing bi-annual competitive funding for faculty-led innovations. The fund receives continued support through a portion of LSU’s future intellectual property licensing income. The initiative has already funded 15 projects in its first round, with additional programs supporting promising but initially unsuccessful applicants. Recently, an extra US$ 2 million was allocated to further strengthen the fund. These efforts aim to bridge the gap between academic research and technology commercialization, promoting practical applications of university innovations.
The LSU LIFT Fund
In January 2015, Louisiana State University (LSU) established the LSU LIFT (Leveraging Innovation for Technology Transfer) Fund, a programme offering bi-annual competitive funding to LSU faculty members to support the transfer of innovation from the laboratory to the market. The university’s Board of Supervisors further resolved to sustain the fund on an ongoing basis by allocating 5% of the university’s future IP licensing income to it.
Funding Rounds and Programme Scope
In Round 1 of funding, the programme attracted 47 applications, of which 15 grants were awarded, representing a total commitment of over US$ 500,000 in support of further commercialisation of innovation. Round 2 was in progress at the time of publication, with awardees expected to be announced at the beginning of 2015. In October 2014, the Research Park Corporation launched a US$ 250,000 LSU Re-LIFT programme to support applicants who had not secured funding in Round 1 but whose projects showed commercial promise.
LSU’s Board of Supervisors subsequently approved the addition of a further US$ 2M to the LIFT 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 LIFT 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”.
Broader Significance for Technology Transfer
Technology transfer initiatives of the kind represented by the LSU LIFT Fund address a persistent gap between basic research and development and the commercialisation of technology, providing financial and institutional support for activities such as further experimentation and prototyping that are necessary to move an innovation towards the market.
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.