On the heels of Baton Rouge Entrepreneurship Week, which wrapped up Friday, the Baton Rouge Area Chamber this morning released its annual entrepreneurship and innovation report that shows LSU saw significant growth in invention disclosures received, new patent applications filed and issued U.S. patents between 2012 and 2016.
The “LSU’s Innovation Engine: Technology Transfer and Commercialization” report says the number of invention disclosures at the university increased by 97% between 2012 and 2016, when 173 disclosures were recorded, up from 88 in 2012. Compared with the 14 SEC schools, LSU ranked No. 5 in the number of invention disclosures received in 2016, up from No. 7 in 2012.
An invention disclosure is the first—and by some measures the most important—step in commercializing innovation, according to the report, because a large pool of invention disclosures increases the possibility that a university will identify and commercialize a highly lucrative innovation.
LSU posted a 44% increase in new patent applications filed from 2012 to 2016, an 129% increase in issued U.S. patents and a 78% increase in licenses executed. Meanwhile, the university’s total research expenditures dropped by 3% and industry-sponsored research expenditures fell by 40%.
“LSU has shown significant progress since BRAC last researched its performance on innovation practices almost a decade ago,” says Adam Knapp, president and CEO of BRAC. “While the report shows there is still more work to do, the program is making strides and it should encourage the leadership at the university to invest and push toward the innovation goals outlined in LSU’s Strategic Plan 2025.”
Other key takeaways from the report:
- In 2012 LSU lagged behind the SEC peer average in almost every key technology transfer metric. By 2016, however, LSU had surpassed the SEC peer average.
- Between 2012 and 2016, LSU’s rate of improvement outpaced the SEC average in the categories of invention disclosures received, new patent applications filed, issued U.S. patents, and licenses executed.
- Between 2012 and 2016 LSU’s industry-sponsored research expenditures fell by 40%, while the SEC peer average increased by 21%.