Marketplace products are recognized by the public as a tangible outgrowth of its support of basic research. An example of the impact of university technology transfer on the marketplace is found in the biotechnology industry. The Cohen-Boyer patent licensed by Stanford University is used by all biotechnology companies. In addition, many of these companies were founded to develop university inventions, whether related to specific genes, monoclonal antibodies or potential drugs. Return to Index 18.
Universities are unique environments.
They are the cumulative product of decades of social investment. Their land and physical plant may have been granted or gifted by state governments or individuals. Their tremendous value to the public is exemplified by the fact that they are traditionally tax-exempt. Their activities are supported by a mix of state, federal and private investment. The pact between universities and the public demands accountability for use of resources which have been provided at public expense, and imposes an obligation upon universities to ensure that the public receives benefit for its investment.