News Summary
The University of South Florida (USF) has joined Embarc Collective’s University Partnership Program, aiming to enhance its revenue from intellectual property. This strategic collaboration focuses on leveraging USF’s research innovations, which have been underutilized. With a strong patent portfolio, the program will provide USF researchers and startups with essential resources such as mentorship and access to investors, ultimately benefitting the local economy and creating job opportunities for students.
Tampa, Florida – The University of South Florida (USF) has emerged as the first participant in Embarc Collective’s University Partnership Program, a significant step aimed at enhancing the university’s revenue from intellectual property (IP). This initiative comes as USF seeks to better capitalize on the innovations generated through its research activities, which have largely remained untapped.
The primary goal of the partnership is to dramatically increase the revenue associated with USF’s IP, which holds much potential given that a staggering 90% to 95% of IP produced by research universities typically sits idle. In recent years, USF has positioned itself among the top 20 public research institutions for new utility patent production, securing an impressive 82 patents in 2024 alone. Noteworthy inventions from USF include groundbreaking technologies such as fungi extracted from mangroves that help combat tuberculosis and AI systems designed to monitor the quality of refrigerated produce during shipping.
In 2021, USF recorded a total of 111 patents, received 187 disclosures, and entered into 98 licensing agreements representing various industry sectors spanning its campuses. As part of the University Partnership Program, USF researchers and entrepreneurs will have access to an array of vital resources including mentoring, a robust investor network, and support for transforming innovative research into market-ready products.
Embarc Collective plays an instrumental role in the Tampa Bay tech ecosystem, having facilitated over 1,200 high-paying tech jobs in just six years. With a focus on bridging the gap between academia and industry, the program seeks to enhance the talent pipeline while providing meaningful job opportunities for students skilled in various fields.
USF President Rhea Law underscored the necessity for universities to adapt and evolve in order to contribute more effectively to their communities and local economies. Embarc Collective’s launch of a Corporate Partnership Program in April further emphasizes this aim by creating connections between early-stage startups and established corporations and investors.
The initiative is also designed to create pathways for students’ expertise and IP to find their way into the market. Graduates from Embarc boast a remarkable 96% survival rate over five years, raising over $600 million in capital in the process. This success not only benefits the students involved but also strengthens the overall economic framework of the region.
Tim Holcomb, the CEO of Embarc Collective, noted that Tampa Bay is already recognized as one of the top 20 metro areas for tech professionals, further justifying the need for such initiatives. The program is structured as a two-way street, fostering opportunities for both university startups and students in exchange for a financial commitment. Embarc imposes a $249 monthly fee for participants, while scholarships are available for eligible students, making the program more accessible.
Moreover, through its collaboration with the Genspiration Foundation, USF will provide students with paid internship opportunities at growing companies, enabling practical, hands-on experience that aligns with their academic pursuits. Looking forward, Embarc Collective has ambitious plans for expansion, potentially partnering with additional local colleges and broadening its reach throughout the state.
Overall, the partnership between USF and Embarc Collective represents a critical evolution in how universities can leverage their research capabilities to benefit both their students and the surrounding community, while enhancing the economic landscape of the state of Florida.
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Additional Resources
- St. Pete Catalyst: Local Startup Hub Launches University Partnership Program
- Wikipedia: Intellectual Property
- St. Pete Catalyst: City & USF Partner for Student-Led Composting Business
- Google Search: University of South Florida
- Shiksha: IP University Partners with St. Petersburg University
- Google Scholar: Embarc Collective
- St. Pete Catalyst: Four Developers Bid on SPC Affordable Housing Site
- Encyclopedia Britannica: Startup
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