Pitt innovators continued to demonstrate their passion for translating lab discoveries to solutions that make an impact on people’s lives at a record pace in fiscal year 2019. They matched last year’s record number of licenses and options executed at 162 and set a new record for discoveries disclosed to the Innovation Institute at 367.
Pitt innovators were issued 91 U.S. patents and formed 17 startup companies based on intellectual property developed at the University, reinforcing a strong recent performance for those metrics.
“These results reflect the ever-strengthening culture of innovation and entrepreneurship among Pitt faculty, students and staff,” said Evan Facher, director of Pitt’s Innovation Institute. “We have been able to put more resources at their disposal to accelerate their journey on the path to market because achieving impact through commercialization has been made a top priority by the University leadership.”
In the five years since the formation of the Innovation Institute, the activity of Pitt innovators has increased substantially across numerous metrics compared to the previous five year period as the result of increased funding and support. Invention disclosures, which are submitted to the Innovation Institute by faculty, staff and students when their research produces new discoveries with the potential for commercial translation, are up more than 25 percent in the most recent five year period; licensing transactions are up 11 percent, and issued patents are up 46 percent.
Significantly, startups formed in the 2015-2019 period are up nearly 130 percent over the previous comparable period.
In addition, the Institute for Entrepreneurial Excellence, the Innovation Institute’s affiliated organization serving small businesses throughout Western Pennsylvania, is expanding its impact. During the year, the IEE served 736 clients with nearly 7,000 hours of consulting services, which resulted in, 52 businesses started, $16,438,768 capital formation, $28,329,576 in sales increase and 433 jobs created.