For example, over 50 new companies have been started through MIT licenses since we reorganized our Technology Licensing Office in 1986. The research universities do receive some modest royalty income. Over the past five years, at MIT, net royalty income has averaged less than one-half of one percent of our total budget. The primary benefits to the universities, however, take other forms. They foster an entrepreneurial ferment on campus.
Faculty consider the practical implications of their research.
Students think about starting companies. Alumni and alumnae visit us to look for opportunities to combine their business experience with MIT's technology. Industrial colleagues meet with faculty every day. Our technology transfer interactions have increased the opportunities for graduate student employment and for faculty consulting in industry. Our interactions with industry bring real-world technology and management issues into our research laboratories and into our curricula.