The Biotechnology Industry Organization (BIO) released a report on the significant economic impact of university and nonprofit institution patent licensing on the U.S. economy between 1996 and 2012. According to The Economic Contribution of University/Nonprofit Inventions in the United States: 1996-2010, the economic impact data related to patent licensing from university and nonprofit institutions indicated:
- The impact on U.S. gross industry output is as much as $836 billion;
- The impact on U.S. gross domestic product is as much as $388 billion;
- University and nonprofit licensing supported as many as 3 million jobs;
- and, In 2010 alone, academic and nonprofit research institutions spun out approximately 651 new companies.
