More than ever, academic technology transfer is driving economic development. The number of invention disclosures — a direct measure of institutional impact on innovation — has been on the rise the past five years, growing to 25,825 in 2016. 16,487 new U.S. patent applications were filed, a gain of 3 percent over the prior year, and 7,021 U.S. patents were issued, up 5 percent from last year. The 1,024 startups formed made a direct impact on local economies with more than 73 percent of these new businesses remaining in the institution’s home state. Consumers and businesses benefited from 800 new products.
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