20 Sep Federal funding to drive Racine tech transfer initiative
The federal government will invest $125,000 to help create a technology transfer project in Racine County, the U.S. Department of Commerce announced on Monday.
The Racine County Economic Development Corporation and the Center for Advanced Technology and Innovation will organize the project, which will license donated intellecutal property to companies.
The Madison-based analog is the Wisconsin Alumni Research Foundation, which handles the legalities of the patent system and licensing for University of Wisconsin-Madison researchers, often in exchange for a stake in a technology start-up or part of the proceeds.
The Racine project is expected to create 1,500 jobs and nearly $19 million in private-sector investment in the next five years, officials said.
“This EDA investment will help southeast Wisconsin attract private sector investments and higher-skill, higher-wage jobs for local citizens,” said
Jon Dudas, the under-secretary for intellectual property at the U.S. Department of Commerce.
Dudas also directs the U.S. Patent and Trademark Office.
The project is intended to aid the regional economy’s shift from a manufacturing base to an information base.