Research led by University of Michigan faculty members and researchers generated a record-breaking 615 new inventions during the 2023-24 fiscal year, a feat rarely achieved by any research commercialization office in the country.
Additionally, 28 startup companies were launched to support the commercialization of U-M research discoveries. These new companies are advancing technologies across an array of disciplines ranging from novel breath-diagnostic treatments to artificial-intelligence models designed to combat climate change to innovative solutions for improving election security.
Innovation Partnerships, the university’s central hub for research commercialization activity, recently announced its numbers for the fiscal year that ended June 30. These numbers provide key insights into the breadth and depth of U-M’s innovation ecosystem and will be highlighted at this year’s Celebrate Invention event Oct. 15.
U-M faculty members also had a strong year of industry collaboration. The Corporate Research Alliances team within Innovation Partnerships provided direct relationship and negotiation support for 104 new on-campus, corporate-sponsored research awards totaling $29.2 million, a significant contribution to the $178.6 million in new corporate research awards reported across the research enterprise.
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“At the University of Michigan, we are fortunate to be surrounded by incredibly talented individuals in our research community,” said Arthur Lupia, interim vice president for research and innovation.
“Our researchers and faculty consistently produce revolutionary work that stands out for its excellence. The committed team within Innovation Partnerships plays a key role in this success, by working tirelessly to bring the cutting-edge technologies and services developed here to the world outside our campus walls, making a tangible difference in people’s lives.”
Innovation Partnerships also reported 273 license and option agreements during the last fiscal year. U-M startups raised almost $515 million in capital fundraising and liquidity events in FY ’24 as they continued to advance their technologies for broad societal use.
In addition, Innovation Partnerships continued to expand its financial support of startups at U-M and beyond through the launch of the Michigan University Innovation Capital Fund and Consortium. Established by an award from the Michigan Strategic Fund and Michigan Economic Development Corp. through the Michigan Innovation Capital Fund, the MUICF is a pre-seed venture capital fund that invests in Michigan-based startups that have licensed a technology from one of the state’s public universities.
Innovation Partnerships also provided venture support to U-M innovators through the Accelerate Blue Fund, the evergreen venture fund managed by the team. In FY ’24, the AB Fund’s reach expanded, with nine new companies receiving investments, bringing the portfolio up to 21 U-M startups. Due to donor and U-M support, the AB Fund now oversees $15.6 million in assets.
“Our vision at the University of Michigan is to become the defining public university,” President Santa J. Ono said. “A critical component of this vision is advancing innovation and discovery into real world impact. By amplifying the impact of innovators and scholars through research commercialization, we are addressing the great challenges of our time.”
