Due to the early stage development of university technologies, the option of starting a new company, among others, must be considered. Start-up companies provide exciting opportunities for the faculty. This allows bringing discoveries from laboratories to the market. It provides relevant industry experience to the faculty. It also represents a potential for significant economic reward to faculty, university and shareholders. In addition, it creates business and employment opportunities for the local community. However, these are high risk ventures; about one in ten will be successful. These ventures are challenging to finance especially in the last three years. Most investors would not be interested funding a new venture without professional management. Often complex negations are required between different institutions with very diverse expectations and needs. In addition, there are real and perceived individual and institutional conflicts of interest which must be managed effectively.
Research shows that majority of funding for taking research from laboratory to market comes from three funding sources: corporations, federal government and angel investors. We focus on these organizations for our commercial activities.
Drexel has a portfolio of 350 patents. These patents cover broad technology areas; 37% Health Sciences, 21% Biomedical & Biotechnology, 15% Materials, 12% IT/Electrical 9% Chemistry and 6% Mechanical Engineering.
Numerous companies with Drexel technology have been started within the last three years. In spite of poor economic conditions several companies have been recently funded. This is a very positive development because early stage funding is very tight, and venture capital funding also has been reduced significantly in the last three years.
Technology commercialization, especially with the addition of the College of Medicine, represents a significant opportunity at Drexel. The healthcare area is growing rapidly with synergies between College of Engineering and College of Medicine. To fully capture these opportunities requires an adventurous mind set on the part of inventors and administrators and willingness to negotiate deals which will provide possibilities for all stakeholders to win. In addition, Drexels technology commercialization activities play an important role in the economic development of the Philadelphia region.
If you are interested in commercializing Drexel University's Intellectual Property, please contact us.