Recognizing the importance of exploiting the $4.5 billion spent on basic research at the universities, research institutions and research hospitals in the state, Governor Mitt Romney and the Massachusetts legislature created and funded the Massachusetts Technology Transfer Center in 2003.
The Center works closely with other programs also funded through the 2003 Economic Stimulus Bill, including the Massachusetts Technology Collaborative, the John Adams Innovation Institute, the Massachusetts Technology Development Corporation and the Trust Fund.
The Center provides services to support the work of the Commonwealth’s technology transfer offices with Massachusetts-based companies and investors.
The Center facilitates the activities of all technology transfer offices in the Commonwealth by providing services to support their work with Massachusetts-based companies and investors.
If an institution does not have a formal technology transfer office, the Center will assist with the validation of markets for new technologies and support the development of commercialization plans for these technologies. In addition, the Center can help these institutions identify consultants or companies that will undertake the licensing work.
- There shall be a Massachusetts Technology Transfer Center, hereinafter referred to as the Center, at the University of Massachusetts, that shall facilitate the transfer of technology from the commonwealth’s research institutions to the commonwealth’s industries, for productive use by such industries.
- The Center shall provide advice and assistance to public and private research institutions on strategies for technology transfer including, but not limited to, advice and assistance in the following areas:
- assessing the viability and value of developing technologies;
- defining and exploiting potential markets for such technologies;
- commercialization strategies;
- intellectual property issues, including licensing strategies; and
- business development.
- The board of trustees of the University of Massachusetts, in consultation with the director of business and technology, shall appoint an executive director of the center. The executive director shall devote his full time to the operation of the center and may be removed at the pleasure of the board of trustees. The executive director shall report annually to the department of business and technology on the number of technology transfer transactions or projects that have been consummated with the assistance of the center, the names and geographic locations of the recipient industries and the estimated number of new jobs created as a result of such transactions or projects.
- There shall be an advisory committee relative to the center consisting of the director of business and technology, or his designee, the director of science and technology within the department of business and technology and 7 members selected by the executive director of the center, with the approval of the board of trustees, 1 of whom shall be a representative from a technology industry, at least 1 such member shall be a representative from academia, at least 1 such member shall have experience in venture financing and at least 1 such member shall have experience in public administration. The appointed members of the committee may be removed by the executive director with or without cause, subject to the approval of the board of trustees, and shall serve without compensation, except that each member shall be entitled to reimbursement for actual and necessary expenses incurred in the performance of official duties. The advisory committee shall meet at least twice annually.