The Office of Technology Transfer (OTT) performs multiple functions aimed at assisting scientific researchers and other members of the NSU community to commercialize their inventions and make a positive social impact.
For an academic organization such as NSU, technology transfer is defined as the process of disseminating innovation for the purpose of public benefit and revenue generation. The OTT is here to assist NSU inventors through any technology transfer associated challenges. With the University’s increased focus on innovation and research, the significance of the OTT has been further enhanced. Technology transfer is now a key component of the University’s efforts to establish itself as a premier research institution.
The contribution of technology transfer to the growth of universities throughout the nation and its influence on the economy since its initiation through the Bayh-Dole Act (1980) are noteworthy. The Act allows intellectual property derived from research conducted with federal government funds to be owned by universities in preference to the government. According to surveys conducted by the Association of University Technology Managers (AUTM) and the Biotechnology Innovation Organization (BIO), technology transfer from academic institutions generated 4.3 million jobs and contributed 1.3 trillion dollars to the US economy between 1996 and 2015.