University Technology Transfer and Economic Development: Proposed Cooperative Economic Development Agreements Under the Bayh Dole Act

Technology transfer enables private industry and academia to make practical use of advanced research, development, and technical expertise. Indeed, universities are a rich source of science and technology that can support local government and business development as well as economic growth. Thus, it is essential for research universities to transfer their wisdom to the public for its use and benefit. Today, universities operate in an economic climate that requires both capital and knowledge; takes advantage of government technology initiatives (namely the Bayh- Dole Act);\u27 and serves as a catalyst for the creation of a large number of new, incubated companies. In fact, one way to take advantage of the dynamics of the New Economy and its ability to increase the quality of living at the local government level is to encourage universities to have a seedbed effect on their local economies. This Article proposes that Congress amend the Bayh-Dole Act to provide guidance on how universities can enter into newly proposed Cooperative Economic Development Agreements (CEDAs) patterned after the Stevenson-Wydler Act\u27s Cooperative Research and Development Agreements (CRADAs)